Jerome, Idaho Property Taxes
The median property tax rate in Jerome, ID is 0.54%, which is slightly above the Idaho state median of 0.50% but below the national median of 0.99%. With the median home value in Jerome, the typical annual property tax bill reaches $77,769, significantly surpassing the national median of $2,690. Property taxes in Jerome are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Jerome'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 Jerome 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
Jerome, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.54%
Estimate Property Tax Bill
$77,606
Ownwell’s Jerome Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Jerome with just two data points. By entering your property's estimated assessed value, the calculator utilizes the median tax rate in Jerome to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more granular data, localized information is available by scrolling down. Your property’s assessed value is the amount assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Jerome, Idaho
Property taxes in Jerome, Idaho, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Jerome is 0.54%, lower than both the Idaho state median and the U.S. national median of 0.99%. Local government entities within Jerome set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jerome 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 Jerome's effective property tax rate to other counties in Idaho and the national median. For comparison, the zip code 83338 has both the highest and lowest median property tax rate of 0.54%. Understanding how these cities compare with Jerome provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Jerome Tax Rate
0.54%
Average Lincoln County Tax Rate
0.65%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jerome, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83338 | 0.54% | 0.54% | 0.54% | 0.54% | 0.54% |
Source: Ownwell
Property Tax Assessment Values Across Jerome, Idaho
In Jerome, 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 Lincoln 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. Assessment notices in Jerome 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 Jerome helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 83338, with a tax bill of $77,769, which is also the lowest median tax bill in the area.
Average Jerome Assessed Value
$14,371,450
Average Lincoln County Assessed Value
$107,940
Average Idaho Assessed Value
$374,698
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Jerome, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83338 | $14,371,450 | $14,371,450 | $14,371,450 | $14,371,450 | $14,371,450 |
Source: Ownwell
Property Tax Bills Across Jerome, Idaho
In Jerome, Lincoln County, ID, property tax bills are calculated based on the assessed value of the property, which is determined by the county assessor. The assessed value is typically a percentage of the property's market value, reflecting its worth in the current real estate market. Local tax rates, known as mill rates, are then applied to this assessed value to determine the tax bill. Factors such as property improvements, location, and market trends can influence the assessed value. For homeowners in Jerome, the impact of property taxes can be significant. With a median home price of $14,371,450, the tax bill at various percentiles, such as the 25th, 75th, and 90th, consistently stands at $77,769. This uniformity suggests a stable tax environment, yet the high tax bill can be a considerable financial burden compared to the national median property tax rate of 0.99%. Homeowners must budget accordingly to manage these expenses, which contribute to local services and infrastructure.
Average Jerome Tax Bill
$77,769
Average Lincoln County Tax Bill
$780
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Jerome, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83338 | $77,769 | $77,769 | $77,769 | $77,769 | $77,769 |
Source: Ownwell