Princeton, Idaho Property Taxes
The median property tax rate in Princeton, Idaho is 0.50%, which aligns with the state median but is notably lower than the national median of 0.99%. With a median home value of $385,345 in Princeton, the typical annual property tax bill amounts to $1,922, significantly less than the national median of $2,690. Property taxes in Princeton are calculated based on the tax assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Princeton'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 Princeton or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Princeton, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$1,927
$1,788
Ownwell’s Princeton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Princeton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Princeton 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 Princeton, Idaho
Property taxes in Princeton, Idaho, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Princeton is 0.50%, significantly lower than both the Idaho state median and the U.S. national median of 0.99%. Local government entities within Princeton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Princeton 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 Princeton's effective property tax rate to other areas in Idaho and the national median. For comparison, the zip code 83857 has the highest median property tax rate of 0.50%, while the same zip code also has the lowest median tax rate of 0.50%. Understanding how these areas compare with Princeton 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 Princeton 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 Princeton, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83857 | 0.33% | 0.42% | 0.50% | 0.55% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Princeton, Idaho
In Princeton, 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 Princeton, 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 Princeton 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 83857, with a median tax bill of $1,922, compared to the national median property tax rate of 0.99%.
Average Princeton Assessed Value
$385,345
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 Princeton, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83857 | $169,482 | $270,662 | $385,345 | $532,224 | $643,455 |
Source: Ownwell
Property Tax Bills Across Princeton, Idaho
In Princeton, located in Latah County, ID, property tax bills are determined based on the assessed value of your home and the local tax rate. The median home price in Princeton is $385,345. Property taxes in this region are calculated by multiplying the assessed value of the property by the local tax rate. Homeowners in Princeton experience a range of tax bills, with the 25th percentile at $1,172 and the 75th percentile reaching $2,829, while the 90th percentile can go up to $3,577. These tax bills are influenced by various factors, including property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Princeton’s property tax rate reflects the local economic conditions and public service funding needs. For homeowners, understanding these factors is crucial as property taxes can significantly impact annual financial planning and the overall cost of homeownership.
Average Princeton Tax Bill
$1,922
Average Latah County Tax Bill
$2,676
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Princeton, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83857 | $615 | $1,172 | $1,922 | $2,829 | $3,577 |
Source: Ownwell