Medimont, Idaho Property Taxes
The median property tax rate in Medimont, ID is 0.30%, significantly lower than both the national median of 0.99% and the Idaho state median of 0.50%. With a median home value of $355,287 in Medimont, the typical annual property tax bill amounts to $981, which is well below the national median of $2,690. Property taxes in Medimont are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Medimont's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Medimont or another part of Kootenai County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Medimont, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.3%
Estimate Property Tax Bill
$1,066
$989
Ownwell’s Medimont Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Medimont with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Medimont to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Medimont, Idaho
Property taxes in Medimont, Idaho, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Medimont is 0.30%, significantly lower than both the Idaho state median and the U.S. national median of 0.99%. Local government entities within Medimont set these rates annually, and they can vary significantly across different neighborhoods. Each year, Medimont 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 Medimont's effective property tax rate to other counties in Idaho and the national median. For comparison, the highest median property tax rate in Kootenai County is found in zip code 83814 at 0.60%, while the lowest median tax rate is in zip code 83858 at 0.20%. Understanding how these areas compare with Medimont provides valuable insights into the varying tax landscape across Kootenai County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Medimont Tax Rate
0.30%
Average Kootenai County Tax Rate
0.32%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Medimont, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83842 | 0.16% | 0.25% | 0.30% | 0.44% | 0.50% |
Source: Ownwell
Property Tax Assessment Values Across Medimont, Idaho
In Medimont, 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 Kootenai County 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 Medimont, 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 Medimont helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 83842, both at $981.
Average Medimont Assessed Value
$355,287
Average Kootenai County Assessed Value
$537,335
Average Idaho Assessed Value
$374,698
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Medimont, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83842 | $34,272 | $143,433 | $355,287 | $461,900 | $701,231 |
Source: Ownwell
Property Tax Bills Across Medimont, Idaho
In Medimont, property tax bills are calculated based on the assessed value of a home, which is determined by the Kootenai County assessor. The assessed value is typically a percentage of the market value of the property. Homeowners in Medimont experience a range of property tax bills, influenced by factors such as property size, location, and improvements. For instance, the median home price in Medimont is $355,287. Property tax bills can vary significantly, with the 25th percentile tax bill at $474 and the 75th percentile at $1,577. At the higher end, the 90th percentile tax bill reaches $2,120. The highest and lowest median tax bills in the area both stand at $981, indicating a relatively uniform tax rate across different properties. These property taxes fund essential public services such as schools, emergency services, and infrastructure maintenance. For homeowners, understanding these factors is crucial for financial planning and assessing the long-term affordability of their property. Compared to the national median property tax rate of 0.99%, Medimont's rates reflect the region's specific economic and developmental landscape.
Average Medimont Tax Bill
$981
Average Kootenai County Tax Bill
$1,799
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Medimont, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83842 | $126 | $474 | $981 | $1,577 | $2,120 |
Source: Ownwell