Rexburg, Madison County, Idaho Property Taxes
The median property tax rate in Rexburg, ID is 0.56%, slightly higher than the Idaho state median of 0.50% but still below the national median of 0.99%. With the median home value in Rexburg at $318,333, the typical annual property tax bill reaches $1,989, which is significantly lower than the national median of $2,690. Property taxes in Rexburg are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Rexburg'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 Rexburg or another part of Madison County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Rexburg, Madison County, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$1,783
$1,654
Ownwell’s Rexburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rexburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rexburg 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 Rexburg, Madison County, Idaho
Property taxes in Rexburg, Idaho, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rexburg is 0.56%, which is below the U.S. national median of 0.99%. Local government entities within Rexburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rexburg 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 Rexburg's effective property tax rate to other counties in Idaho and the national median. For comparison, the 83440 zip code has the highest median property tax rate of 0.56%, while the same zip code also has the lowest median tax rate of 0.56%. Understanding how these cities compare with Rexburg provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rexburg Tax Rate
0.56%
Average Madison County Tax Rate
0.54%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rexburg, Madison County, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83440 | 0.36% | 0.46% | 0.56% | 0.82% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Rexburg, Madison County, Idaho
In Rexburg, 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 Madison 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 Rexburg, 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 Rexburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in Rexburg is $1989 in the 83440 zip code, which is significantly above the national median property tax rate of 0.99%.
Property Tax Assessment Values Across Rexburg, Madison County, Idaho
Source: Ownwell
$264,650
$345,209
$425,768
Average Rexburg Assessed Value
$318,333
Average Madison County Assessed Value
$317,091
Average Idaho Assessed Value
$374,698
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rexburg, Madison County, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83440 | $55,577 | $214,898 | $318,333 | $411,438 | $507,533 |
Source: Ownwell
Property Tax Bills Across Rexburg, Madison County, Idaho
In Rexburg, property tax bills are calculated based on the assessed value of a home, which is determined by the Madison County Assessor's Office. The assessed value is a percentage of the market value of the property. Factors such as the size of the property, location, and any improvements or renovations made to the home are considered in this assessment. Once the assessed value is determined, the local tax rate is applied to calculate the annual tax bill. For homeowners in Rexburg, the median home price is $318,333. The tax bill can vary significantly, with the 25th percentile at $1,338 and the 75th percentile at $2,686. The highest median tax bill in the area is $1,989, which is consistent across all zip codes in Madison County. This variation in tax bills can impact homeowners' budgets, influencing decisions on property investments and home improvements. Compared to the national median property tax rate of 0.99%, Rexburg's property tax rates provide a relatively moderate financial burden on homeowners.
Average Rexburg Tax Bill
$1,989
Average Madison County Tax Bill
$1,903
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Rexburg, Madison County, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83440 | $738 | $1,338 | $1,989 | $2,686 | $3,494 |
Source: Ownwell