Osburn, Idaho Property Taxes
The median property tax rate in Osburn, ID is 0.48%, which is notably lower than both the national median of 0.99% and the Idaho state median of 0.50%. With a median home value of $177,916 in Osburn, the typical annual property tax bill amounts to $980, significantly below the national median of $2,690. Property taxes in Osburn are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Osburn's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Osburn or another part of Shoshone County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Osburn, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$854
Ownwell’s Osburn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Osburn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Osburn 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 Osburn, Idaho
Property taxes in Osburn, Idaho, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Osburn is 0.48%, which is lower than the U.S. national median of 0.99%. Local government entities within Osburn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Osburn 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 Osburn's effective property tax rate to other areas in Idaho and the national median. For comparison, the zip code 83849 has both the highest and lowest median property tax rate of 0.48%. Understanding how these areas compare with Osburn 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 Osburn Tax Rate
0.48%
Average Shoshone County Tax Rate
0.56%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Osburn, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83849 | 0.30% | 0.41% | 0.48% | 0.68% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Osburn, Idaho
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Osburn, Idaho. 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. In Osburn, 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. For instance, the median home price in Osburn is $177,916, with the 25th percentile tax bill at $489 and the 75th percentile tax bill at $1,598. The highest and lowest median tax bills are both $980 in the 83849 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Osburn Assessed Value
$177,916
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 Osburn, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83849 | $30,845 | $74,900 | $177,916 | $285,696 | $362,212 |
Source: Ownwell
Property Tax Bills Across Osburn, Idaho
In Osburn, located in Shoshone County, Idaho, property tax bills are calculated based on the assessed value of a home. This value is determined by the county assessor and reflects the market value of the property. The local tax rate is then applied to this assessed value to calculate the annual property tax bill. For example, with a median home price of $177,916, homeowners can expect their tax bills to vary significantly. The 25th percentile tax bill is around $489, while those in the 75th percentile see bills closer to $1,598. At the higher end, the 90th percentile tax bill can reach up to $2,230. These property taxes fund essential public services such as schools, emergency services, and infrastructure. Compared to the national median property tax rate of 0.99%, homeowners in Osburn might find their tax rates relatively manageable, but the impact on individual finances can vary. High property taxes can affect a homeowner's budget, influencing decisions such as home improvements or even the feasibility of remaining in their current home.
Average Osburn Tax Bill
$980
Average Shoshone County Tax Bill
$991
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Osburn, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83849 | $134 | $489 | $980 | $1,598 | $2,230 |
Source: Ownwell