Genesee, Latah County, Idaho Property Taxes
The median property tax rate in Genesee, Idaho is 0.76%, lower than the national median of 0.99% but higher than the Idaho state median of 0.50%. With the median home value in Genesee at $363,076, the typical annual property tax bill reaches $2,822, slightly above the national median of $2,690. Property taxes in Genesee are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Genesee's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Genesee 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
Genesee, Latah County, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$2,759
$2,561
Ownwell’s Genesee Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Genesee with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Genesee 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 Genesee, Latah County, Idaho
Property taxes in Genesee, Idaho, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Genesee is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within Genesee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Genesee 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 Genesee's effective property tax rate to other counties in Idaho and the national median. For comparison, the zip code 83832 has the highest and lowest median property tax rate of 0.76%. Understanding how these cities compare with Genesee provides valuable insights into the varying tax landscape across Latah County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Genesee Tax Rate
0.76%
Average Latah County Tax Rate
0.67%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Genesee, Latah County, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83832 | 0.58% | 0.67% | 0.76% | 0.85% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Genesee, Latah County, Idaho
In Genesee, 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 Latah 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 Genesee, 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 Genesee helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 83832, with a median bill of $2822.
Property Tax Assessment Values Across Genesee, Latah County, Idaho
Source: Ownwell
$73,904
$294,104
$514,304
Average Genesee Assessed Value
$363,076
Average Latah County Assessed Value
$393,996
Average Idaho Assessed Value
$374,698
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Genesee, Latah County, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83832 | $126,420 | $269,878 | $363,076 | $453,244 | $558,970 |
Source: Ownwell
Property Tax Bills Across Genesee, Latah County, Idaho
In Genesee, Latah County, ID, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. They consider factors such as the property's location, size, and condition to establish its assessed value. This value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Genesee, the median home price is $363,076, with tax bills varying significantly. The 25th percentile tax bill is $1,738, while the 75th percentile reaches $3,772, and the 90th percentile can go up to $4,870. These figures highlight the range of tax obligations depending on property assessments and local rates. Compared to the national median property tax rate of 0.99%, Genesee's rates can result in varying financial impacts on homeowners. Understanding these factors is crucial for homeowners to budget effectively and anticipate their annual property tax responsibilities.
Average Genesee Tax Bill
$2,822
Average Latah County Tax Bill
$2,676
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Genesee, Latah County, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83832 | $889 | $1,738 | $2,822 | $3,772 | $4,870 |
Source: Ownwell