Malta, Idaho Property Taxes
The median property tax rate in Malta, Idaho is 0.56%, slightly higher than both the national median of 0.99% and the Idaho state median of 0.50%. With the median home value in Malta at $166,985, the typical annual property tax bill reaches $940, which is significantly lower than the national median of $2,690. Property taxes in Malta are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Malta'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 Malta 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
Malta, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$935
$868
Ownwell’s Malta Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Malta with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Malta 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 Malta, Idaho
Property taxes in Malta, Idaho, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Malta is 0.56%, which is lower than both the Idaho state median and the U.S. national median of 0.99%. Local government entities within Malta set these rates annually, and they can vary significantly across different neighborhoods. Each year, Malta 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 Malta's effective property tax rate to other counties in Idaho and the national median. For comparison, the zip code 83342 has both the highest and lowest median property tax rate of 0.56%. Understanding how these cities compare with Malta provides valuable insights into the varying tax landscape across Oneida County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Malta Tax Rate
0.56%
Average Oneida County Tax Rate
0.65%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Malta, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83342 | 0.46% | 0.52% | 0.56% | 0.62% | 0.67% |
Source: Ownwell
Property Tax Assessment Values Across Malta, Idaho
In Malta, 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 Oneida 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 Malta, 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 Malta is $166,985, with tax bills ranging from $781 at the 25th percentile to $2,338 at the 90th percentile. The highest and lowest median tax bills are both $940, found in zip code 83342. 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 Malta helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Malta Assessed Value
$166,985
Average Oneida County Assessed Value
$194,076
Average Idaho Assessed Value
$374,698
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Malta, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83342 | $95,567 | $161,448 | $166,985 | $201,889 | $389,485 |
Source: Ownwell
Property Tax Bills Across Malta, Idaho
In Malta, located in Oneida County, ID, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is typically a percentage of the market value, reflecting the home's worth in the current real estate market. Once the assessed value is established, the tax rate, also known as the mill rate, is applied. This rate is set by local taxing authorities and can vary year to year. For homeowners in Malta, the median home price stands at $166,985. The tax bill for properties at the 25th percentile is approximately $781, while homes at the 75th percentile face a tax bill around $1,066. At the 90th percentile, the tax bill can reach up to $2,338. These figures illustrate the range of property tax burdens that homeowners might experience, depending on their property's assessed value. Compared to the national median property tax rate of 0.99%, Malta's rates offer a snapshot of the local tax landscape, impacting homeowners' annual financial planning.
Average Malta Tax Bill
$940
Average Oneida County Tax Bill
$1,237
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Malta, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83342 | $408 | $781 | $940 | $1,066 | $2,338 |
Source: Ownwell