Harvard, Idaho Property Taxes
The median property tax rate in Harvard, Idaho is 0.50%, which matches the state median but is notably lower than the national median of 0.99%. With a median home value of $325,290 in Harvard, the typical annual property tax bill is around $1,579, significantly less than the national median of $2,690. Property taxes in Harvard are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Harvard'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 Harvard or elsewhere in Latah County, grasping the local property tax system can benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Harvard, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$1,626
Ownwell’s Harvard Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Harvard with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Harvard 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 Harvard, Idaho
Property taxes in Harvard, Idaho, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Harvard is 0.50%, which is lower than both the Idaho state median and the U.S. national median of 0.99%. Local government entities within Harvard set these rates annually, and they can vary significantly across different neighborhoods. Each year, Harvard 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 Harvard's effective property tax rate to other counties in Idaho and the national median. For comparison, the 83834 zip code has both the highest and lowest median property tax rate of 0.50%. Understanding how these cities compare with Harvard 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 Harvard Tax Rate
0.50%
Average Latah County Tax Rate
0.67%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Harvard, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83834 | 0.32% | 0.43% | 0.50% | 0.76% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Harvard, Idaho
In Harvard, 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 Harvard, 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 Harvard helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1,579 in the 83834 zip code, while the lowest median tax bill is also $1,579 in the same zip code.
Average Harvard Assessed Value
$325,290
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 Harvard, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83834 | $30,675 | $186,482 | $325,290 | $437,340 | $575,905 |
Source: Ownwell
Property Tax Bills Across Harvard, Idaho
In Harvard, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county and is typically a percentage of the home's market value. For instance, with a median home price of $325,290, the assessed value will play a crucial role in determining the tax bill. Various factors such as property size, location, and improvements can influence this assessed value. Homeowners in Harvard can expect their property tax bills to vary significantly. For example, the 25th percentile tax bill is $756, while at the 75th percentile, it rises to $2,393. Those in the 90th percentile face even higher bills, around $3,280. These figures highlight the range of property tax burdens across different homes in the area. Compared to the national median property tax rate of 0.99%, Harvard's property tax bills can be relatively moderate or quite substantial, depending on the specific property. This variability underscores the importance of understanding how local assessments and valuations impact individual tax obligations.
Average Harvard Tax Bill
$1,579
Average Latah County Tax Bill
$2,676
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Harvard, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83834 | $133 | $756 | $1,579 | $2,393 | $3,280 |
Source: Ownwell