Onaway, Idaho Property Taxes
The median property tax rate in Onaway, Idaho is 0.37%, significantly lower than both the national median of 0.99% and the Idaho state median of 0.50%. With a median home value of $178,087, the typical annual property tax bill in Onaway is $629, which is well below the national median of $2,690. Property taxes in Onaway are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Onaway'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 Onaway or another part of Latah County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Onaway, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.37%
Estimate Property Tax Bill
$659
$611
Ownwell’s Onaway Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Onaway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Onaway to provide an estimated property tax bill. This valuable tool offers insight into potential tax liabilities. For those interested in neighborhood-level trends, further localized information is available below. Your property’s assessed value is the value assigned by Latah County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Onaway, Idaho
Property taxes in Onaway, Idaho, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Onaway is 0.72%, which is significantly higher than both the Idaho state median of 0.69% and the U.S. national median of 0.99%. Local government entities within Onaway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Onaway 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 Onaway's effective property tax rate to other counties in Idaho and the national median. For comparison, the zip code 83843 has the highest median property tax rate of 0.81%, while zip code 83832 has the lowest median tax rate of 0.64%. Understanding how these cities compare with Onaway 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 Onaway Tax Rate
0.37%
Average Latah County Tax Rate
0.67%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Onaway, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83855 | 0.32% | 0.32% | 0.37% | 0.56% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Onaway, Idaho
In Onaway, 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 county's 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 Onaway, 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 Onaway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Onaway, the highest and lowest median tax bills are both $629 in the zip code 83855, reflecting the region's consistent property tax landscape.
Average Onaway Assessed Value
$178,087
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 Onaway, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83855 | $57,200 | $106,816 | $178,087 | $237,069 | $417,421 |
Source: Ownwell
Property Tax Bills Across Onaway, Idaho
In Onaway, 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. This assessed value is a percentage of the property's market value. Homeowners in Onaway can expect their tax bills to vary significantly depending on the assessed value of their property. For example, the median home price in Onaway is $178,087, with tax bills ranging from $480 at the 25th percentile to $1,943 at the 90th percentile. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Onaway’s property tax rates can be seen as relatively moderate. Homeowners in the area with the highest median tax bill pay around $629, which is notably lower than many other regions. Understanding these factors can help homeowners better anticipate their annual property tax obligations and plan their finances accordingly.
Average Onaway Tax Bill
$629
Average Latah County Tax Bill
$2,676
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Onaway, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83855 | $184 | $480 | $629 | $1,078 | $1,943 |
Source: Ownwell