Shoshone, Idaho Property Taxes
The median property tax rate in Shoshone, ID is 0.64%, 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 Shoshone at $110,830, the typical annual property tax bill amounts to $691, well below the national median of $2,690. Property taxes in Shoshone are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Shoshone'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 Shoshone 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
Shoshone, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$709
$658
Ownwell’s Shoshone Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Shoshone with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Shoshone to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in examining trends at a neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Shoshone, Idaho
Property taxes in Shoshone, Idaho, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Shoshone is 0.64%, which is lower than the U.S. national median of 0.99%. Local government entities within Shoshone set these rates annually, and they can vary significantly across different neighborhoods. Each year, Shoshone 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 Shoshone's effective property tax rate to other areas in Idaho and the national median. For comparison, the zip code 83352 has both the highest and lowest median property tax rate of 0.64%. Understanding how these areas compare with Shoshone 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 Shoshone Tax Rate
0.64%
Average Lincoln County Tax Rate
0.65%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Shoshone, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83352 | 0.38% | 0.45% | 0.64% | 0.91% | 2.05% |
Source: Ownwell
Property Tax Assessment Values Across Shoshone, Idaho
In Shoshone, 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 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 Shoshone, 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 Shoshone helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $691, found in the 83352 zip code.
Average Shoshone Assessed Value
$110,830
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 Shoshone, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83352 | $3,760 | $26,170 | $110,830 | $209,710 | $321,774 |
Source: Ownwell
Property Tax Bills Across Shoshone, Idaho
In Shoshone, property tax bills are calculated based on the assessed value of a property, which is determined by the Lincoln County Assessor. The assessed value is a percentage of the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. For example, the median home price in Shoshone is $110,830. Homeowners in Shoshone experience a range of property tax bills. At the lower end, the 25th percentile tax bill is $316, while the 75th percentile tax bill is $1,239. The 90th percentile tax bill can go up to $2,033. The highest and lowest median tax bills in the area are both $691, which is below the national median property tax rate of 0.99%. These tax bills significantly impact homeowners, influencing their overall cost of living and financial planning. Lower property tax bills can make homeownership more affordable, while higher bills may necessitate careful budgeting.
Average Shoshone Tax Bill
$691
Average Lincoln County Tax Bill
$780
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Shoshone, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83352 | $133 | $316 | $691 | $1,239 | $2,033 |
Source: Ownwell