Cottonwood, Idaho Property Taxes
The median property tax rate in Cottonwood, ID is 0.51%, slightly higher than the Idaho state median of 0.50% but lower than the national median of 0.99%. With a median home value of $399,644, the typical annual property tax bill in Cottonwood reaches $2,048, which is below the national median of $2,690. Property taxes in Cottonwood are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cottonwood'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 Cottonwood 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
Cottonwood, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.51%
Estimate Property Tax Bill
$2,038
$1,891
Ownwell’s Cottonwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cottonwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cottonwood 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 Cottonwood, Idaho
Property taxes in Cottonwood, Idaho, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cottonwood is 0.51%, significantly lower than the U.S. national median of 0.99%. Local government entities within Cottonwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cottonwood 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. Understanding how Cottonwood's effective property tax rate compares to other areas provides valuable insights into the varying tax landscape across Lewis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cottonwood Tax Rate
0.51%
Average Lewis County Tax Rate
0.83%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cottonwood, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83522 | 0.51% | 0.51% | 0.51% | 0.51% | 0.51% |
Source: Ownwell
Property Tax Assessment Values Across Cottonwood, Idaho
In Cottonwood, 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 Lewis 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. 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 Cottonwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Cottonwood are both $2048, found in the 83522 zip code.
Average Cottonwood Assessed Value
$399,644
Average Lewis County Assessed Value
$168,051
Average Idaho Assessed Value
$374,698
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cottonwood, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83522 | $399,644 | $399,644 | $399,644 | $399,644 | $399,644 |
Source: Ownwell
Property Tax Bills Across Cottonwood, Idaho
In Cottonwood, located in Lewis County, ID, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Cottonwood is $399,644, and the property tax rate is applied to this assessed value to determine the tax bill. Factors such as property improvements, market conditions, and assessment practices can influence the assessed value of a home. Homeowners in Cottonwood can expect a median property tax bill of $2,048, which remains consistent across various percentiles, indicating a uniform tax rate application in the area. This uniformity simplifies the calculation process for homeowners, making it easier to predict annual expenses. Compared to the national median property tax rate of 0.99%, Cottonwood's rate results in a similar tax bill, providing a relatively predictable financial obligation for homeowners. Understanding these factors can help homeowners better anticipate and manage their property tax responsibilities, ensuring they are prepared for annual tax payments.
Average Cottonwood Tax Bill
$2,048
Average Lewis County Tax Bill
$1,222
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Cottonwood, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83522 | $2,048 | $2,048 | $2,048 | $2,048 | $2,048 |
Source: Ownwell