Winchester, Idaho Property Taxes
The median property tax rate in Winchester, Idaho is 0.95%, slightly lower than the national median of 0.99% but significantly higher than the Idaho state median of 0.50%. With the median home value in Winchester at $130,134, the typical annual property tax bill reaches $1,403, which is below the national median of $2,690. Property taxes in Winchester are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Winchester'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 Winchester 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
Winchester, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$1,236
$1,147
Ownwell’s Winchester Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Winchester with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Winchester 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 Winchester, Idaho
Property taxes in Winchester, Idaho, are essential for funding critical local services, including public schools, road maintenance, and emergency services. The median tax rate in Winchester is 0.95%, which is slightly below the U.S. national median of 0.99%. Local government entities within Winchester set these rates annually, and they can vary significantly across different neighborhoods. Each year, Winchester 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 Winchester's effective property tax rate to other counties in Idaho and the national median. For comparison, 83555 has both the highest and lowest median property tax rate in the region at 0.95%. Understanding how these cities compare with Winchester 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 Winchester Tax Rate
0.95%
Average Lewis County Tax Rate
0.83%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Winchester, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83555 | 0.67% | 0.79% | 0.95% | 1.79% | 2.03% |
Source: Ownwell
Property Tax Assessment Values Across Winchester, Idaho
In Winchester, 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. In Winchester, 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 Winchester 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 83555, with a median tax bill of $1,403.
Average Winchester Assessed Value
$130,134
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 Winchester, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83555 | $39,359 | $81,750 | $130,134 | $199,044 | $325,423 |
Source: Ownwell
Property Tax Bills Across Winchester, Idaho
In Winchester, Lewis County, ID, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the home's market value. Various factors, such as property size, location, and improvements, influence this valuation. For example, if a home has a market value of $130,134, the tax bill at the 25th percentile is around $877, while at the 75th percentile, it rises to $2054. At the 90th percentile, homeowners might see tax bills as high as $3034. These tax bills are crucial for homeowners as they directly impact annual housing costs. Winchester's property tax rate can be compared to the national median property tax rate of 0.99%, providing a benchmark for understanding local tax burdens. For those in the 83555 zip code, the median tax bill is $1403. Homeowners must stay informed about these factors to manage their finances effectively and anticipate potential changes in their property tax obligations.
Average Winchester Tax Bill
$1,403
Average Lewis County Tax Bill
$1,222
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Winchester, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83555 | $531 | $877 | $1,403 | $2,054 | $3,034 |
Source: Ownwell