Twin Falls, Idaho Property Taxes
The median property tax rate in Twin Falls, ID is 0.58%, which is lower than the national median of 0.99% but higher than the Idaho state median of 0.50%. With a median home value of $421,386 in Twin Falls, the typical annual property tax bill amounts to $2,413, falling below the national median of $2,690. Property taxes in Twin Falls are calculated based on the tax assessed value, which is generally lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Twin Falls' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Twin Falls or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Twin Falls, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$2,444
Ownwell’s Twin Falls Property Tax Bill Calculator provides homeowners, real estate investors, and potential buyers with an easy way to estimate their annual property taxes in Twin Falls using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Twin Falls to estimate your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more granular insights, scroll down to explore trends at the neighborhood level. Your property’s assessed value is determined by the county for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Twin Falls, Idaho
Property taxes in Twin Falls, Idaho, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Twin Falls is 0.58%, which is lower than the U.S. national median of 0.99%. Local government entities within Twin Falls set these rates annually, and they can vary significantly across different neighborhoods. Each year, Twin Falls estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Twin Falls's effective property tax rate to other regions and the national median. For comparison, the 83301 zip code has both the highest and lowest median property tax rate of 0.58%. Understanding how these areas compare with Twin Falls provides valuable insights into the varying tax landscape across Jerome County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Twin Falls Tax Rate
0.58%
Average Jerome County Tax Rate
0.79%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Twin Falls, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83301 | 0.52% | 0.54% | 0.58% | 0.61% | 0.84% |
Source: Ownwell
Property Tax Assessment Values Across Twin Falls, Idaho
In Twin Falls, Idaho, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the local appraisal district for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Twin Falls, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Twin Falls helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $2413, found in the 83301 zip code.
Average Twin Falls Assessed Value
$421,386
Average Jerome County Assessed Value
$180,486
Average Idaho Assessed Value
$374,698
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Twin Falls, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83301 | $217,824 | $328,253 | $421,386 | $502,762 | $556,669 |
Source: Ownwell
Property Tax Bills Across Twin Falls, Idaho
In Twin Falls, located in Jerome County, ID, property tax bills are calculated based on the assessed value of a property, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. In Twin Falls, the median home price is $421,386, which serves as a basis for calculating property taxes. Several factors influence the final tax bill, including property size, location, and condition. For instance, the tax bill at the 25th percentile is $1,729, while at the 75th percentile, it rises to $3,217, and at the 90th percentile, it reaches $4,635. This variation reflects differences in property values and specific characteristics. Homeowners in Twin Falls face a median tax bill of $2,413, which is relatively modest compared to the national median property tax rate of 0.99%. Understanding these factors and how they influence property taxes can help homeowners better anticipate their annual financial obligations.
Average Twin Falls Tax Bill
$2,413
Average Jerome County Tax Bill
$1,457
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Twin Falls, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83301 | $1,096 | $1,729 | $2,413 | $3,217 | $4,635 |
Source: Ownwell