Richfield, Idaho Property Taxes
The median property tax rate in Richfield, Idaho is 0.80%, which is lower than the national median of 0.99% but higher than the Idaho state median of 0.50%. With the median home value in Richfield at $104,560, the typical annual property tax bill amounts to $813, which is below the national median of $2,690. Property taxes in Richfield 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 Richfield'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 Richfield 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
Richfield, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$836
Ownwell’s Richfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Richfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Richfield 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 Richfield, Idaho
Property taxes in Richfield, Idaho, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Richfield is 0.80%, lower than both the Idaho state median and the U.S. national median of 0.99%. Local government entities within Richfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Richfield 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 Richfield's effective property tax rate to other areas in Idaho and the national median. For comparison, the zip code 83349 has both the highest and lowest median property tax rate of 0.80%. Understanding how these cities compare with Richfield 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 Richfield Tax Rate
0.80%
Average Lincoln County Tax Rate
0.65%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Richfield, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83349 | 0.52% | 0.58% | 0.80% | 1.23% | 2.14% |
Source: Ownwell
Property Tax Assessment Values Across Richfield, Idaho
In Richfield, 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. In Richfield, 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. The median home price in Richfield is $104,560, with tax bills ranging from $457 at the 25th percentile to $2,055 at the 90th percentile. The highest and lowest median tax bill in the area are both $813 in the 83349 zip code. 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 Richfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Richfield Assessed Value
$104,560
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 Richfield, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83349 | $5,185 | $32,500 | $104,560 | $194,448 | $286,845 |
Source: Ownwell
Property Tax Bills Across Richfield, Idaho
In Richfield, Lincoln County, ID, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. This value is then multiplied by the local property tax rate to determine the annual tax bill. For example, with a median home price of $104,560, homeowners can expect varying tax bills depending on their property's assessed value and the specific tax rate applied. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. For instance, the 25th percentile tax bill is around $457, while the 75th percentile reaches $1,426, and the 90th percentile can go up to $2,055. These variations significantly impact homeowners, as higher tax bills can affect affordability and overall financial planning. Comparatively, the national median property tax rate is 0.99%, making it essential for Richfield residents to understand their local tax obligations and how they stack up against broader trends.
Average Richfield Tax Bill
$813
Average Lincoln County Tax Bill
$780
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Richfield, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83349 | $152 | $457 | $813 | $1,426 | $2,055 |
Source: Ownwell