Fernwood, Idaho Property Taxes
The median property tax rate in Fernwood, ID is 0.40%, considerably lower than both the national median of 0.99% and the Idaho state median of 0.50%. With the median home value in Fernwood, the typical annual property tax bill reaches $931, significantly below the national median of $2,690. Property taxes in Fernwood 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 Fernwood'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 Fernwood 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
Fernwood, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$872
Ownwell’s Fernwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fernwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fernwood 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 Fernwood, Idaho
Property taxes in Fernwood, Idaho, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Fernwood is 0.40%, which is significantly lower than both the Idaho state median and the U.S. national median of 0.99%. Local government entities within Fernwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fernwood 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 Fernwood's effective property tax rate to other areas in Idaho and the national median. For comparison, the zip code 83830 has both the highest and lowest median property tax rate of 0.40%. Understanding how these areas compare with Fernwood provides valuable insights into the varying tax landscape across Shoshone County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fernwood Tax Rate
0.40%
Average Shoshone County Tax Rate
0.56%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fernwood, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83830 | 0.25% | 0.33% | 0.40% | 0.54% | 0.54% |
Source: Ownwell
Property Tax Assessment Values Across Fernwood, Idaho
In Fernwood, 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 Shoshone 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. 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 Fernwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in Fernwood is $931 in the 83830 zip code, while the lowest is also $931 in the same zip code.
Average Fernwood Assessed Value
$217,976
Average Shoshone County Assessed Value
$166,384
Average Idaho Assessed Value
$374,698
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fernwood, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83830 | $37,849 | $97,957 | $217,976 | $405,250 | $611,067 |
Source: Ownwell
Property Tax Bills Across Fernwood, Idaho
In Fernwood, located in Shoshone County, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of the market value. The local tax rate is applied to this assessed value to determine the annual tax bill. For example, the median home price in Fernwood is $217,976. Homeowners in the 25th percentile pay around $588 in property taxes, while those in the 75th percentile pay about $1,681. At the 90th percentile, the tax bill can reach up to $2,830. Several factors influence the property tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. These taxes fund essential community services such as public schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Fernwood's rates provide a relatively affordable option for homeowners. The highest and lowest median tax bills in the area are both $931, reflecting a consistent tax environment within the zip code 83830.
Average Fernwood Tax Bill
$931
Average Shoshone County Tax Bill
$991
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Fernwood, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83830 | $374 | $588 | $931 | $1,681 | $2,830 |
Source: Ownwell