Salmon, Idaho Property Taxes
The median property tax rate in Salmon, ID is 0.34%, significantly lower than both the national median of 0.99% and the Idaho state median of 0.50%. With the median home value in Salmon at $239,895, the typical annual property tax bill is $746, well below the national median of $2,690. Property taxes in Salmon 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 Salmon’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 Salmon 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
Salmon, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.34%
Estimate Property Tax Bill
$816
Ownwell’s Salmon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Salmon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Salmon 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 Salmon, Idaho
Property taxes in Salmon, Idaho, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Salmon is 0.34%, significantly lower than both the Idaho state median and the U.S. national median of 0.99%. Local government entities within Salmon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Salmon 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 Salmon's effective property tax rate to other counties in Idaho and the national median. For comparison, the highest median property tax rate in Idaho is significantly higher than Salmon's, while the lowest median tax rate in the state is also higher than Salmon's 0.34%. Understanding how these cities compare with Salmon provides valuable insights into the varying tax landscape across Lemhi County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Salmon Tax Rate
0.34%
Average Lemhi County Tax Rate
0.34%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Salmon, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83467 | 0.19% | 0.23% | 0.34% | 0.58% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Salmon, Idaho
In Salmon, 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 Lemhi 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 Salmon, 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 Salmon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Salmon, the median home price is $239,895, with the 25th percentile tax bill at $297 and the 75th percentile tax bill at $1,202. The zip code 83467 has the highest and lowest median tax bill at $746.
Average Salmon Assessed Value
$239,895
Average Lemhi County Assessed Value
$240,870
Average Idaho Assessed Value
$374,698
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Salmon, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83467 | $23,638 | $96,586 | $239,895 | $354,159 | $501,624 |
Source: Ownwell
Property Tax Bills Across Salmon, Idaho
In Salmon, located in Lemhi County, ID, property tax bills are calculated based on the assessed value of a property, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Various factors influence the assessed value, including the property's market value, location, and any improvements or changes made to the property. For homeowners in Salmon, property tax bills can vary significantly. The 25th percentile tax bill is around $297, while the 75th percentile reaches up to $1202. The highest tax bills, in the 90th percentile, can be as much as $1750. These figures indicate a range of property tax burdens depending on the value and specifics of each property. When compared to the national median property tax rate of 0.99%, Salmon's property taxes reflect the local economic conditions and property values. Homeowners must budget for these taxes, as they directly impact annual housing costs and financial planning.
Average Salmon Tax Bill
$746
Average Lemhi County Tax Bill
$733
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Salmon, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83467 | $104 | $297 | $746 | $1,202 | $1,750 |
Source: Ownwell