Troy, Idaho Property Taxes
The median property tax rate in Troy, Idaho is 0.51%, slightly higher than the state median of 0.50% but below the national median of 0.99%. With a median home value of $397,197 in Troy, the typical annual property tax bill amounts to $2,125, which is lower than the national median of $2,690. Property taxes in Troy 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 Troy'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 Troy 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
Troy, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.51%
Estimate Property Tax Bill
$2,026
Ownwell’s Troy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Troy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Troy 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 Troy, Idaho
Property taxes in Troy, Idaho, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Troy is 0.51%, which is lower than both the Idaho state median and the U.S. national median of 0.99%. Local government entities within Troy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Troy 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 Troy's effective property tax rate to other counties in Idaho and the national median. For comparison, the 83871 zip code has both the highest and lowest median property tax rate of 0.51%. Understanding how these cities compare with Troy 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 Troy Tax Rate
0.51%
Average Latah County Tax Rate
0.67%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Troy, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83871 | 0.41% | 0.45% | 0.51% | 0.60% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Troy, Idaho
In Troy, 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 Assessor 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 Troy, 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 Troy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Troy is $2,125 in the 83871 zip code, which is also the lowest median tax bill.
Average Troy Assessed Value
$397,197
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 Troy, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83871 | $199,604 | $301,971 | $397,197 | $509,848 | $617,856 |
Source: Ownwell
Property Tax Bills Across Troy, Idaho
In Troy, located in Latah County, ID, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Factors considered in this calculation include the home's market value, any applicable exemptions, and the local tax rate. For instance, the median home price in Troy is $397,197. Homeowners in Troy can expect property tax bills to vary significantly, with the 25th percentile at $1,441 and the 75th percentile at $2,863. The 90th percentile sees even higher bills, averaging around $3,676. Compared to the national median property tax rate of 0.99%, Troy's rates reflect the specific economic conditions and funding requirements of the local area. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly affecting the quality of life for homeowners in Troy.
Average Troy Tax Bill
$2,125
Average Latah County Tax Bill
$2,676
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Troy, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83871 | $827 | $1,441 | $2,125 | $2,863 | $3,676 |
Source: Ownwell