Silverton, Idaho Property Taxes
The median property tax rate in Silverton, Idaho is 0.36%, significantly lower than both the national median of 0.99% and the Idaho state median of 0.50%. With the median home value in Silverton at $218,735, the typical annual property tax bill amounts to $878, well below the national median of $2,690. Property taxes in Silverton 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 Silverton'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 Silverton or another part of Shoshone County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Silverton, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.36%
Estimate Property Tax Bill
$787
Ownwell’s Silverton Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Silverton with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Silverton to provide an estimated property tax bill. This valuable tool aids in understanding potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is determined by the county for property tax purposes, considering any applicable exemptions.
Property Tax Rates Across Silverton, Idaho
Property taxes in Silverton, Idaho, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Silverton is 0.36%, which is significantly lower than both the Idaho state median and the U.S. national median of 0.99%. Local government entities within Silverton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Silverton 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 Silverton's effective property tax rate to other counties in Idaho and the national median. For comparison, the highest median property tax rate in Idaho is found in some areas, while other regions have the lowest median tax rates. Understanding how these cities compare with Silverton 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 Silverton Tax Rate
0.36%
Average Shoshone County Tax Rate
0.56%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Silverton, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83867 | 0.31% | 0.32% | 0.36% | 0.65% | 0.69% |
Source: Ownwell
Property Tax Assessment Values Across Silverton, Idaho
In Silverton, 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 Assessor 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 Silverton, 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 Silverton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Silverton is 83867, with a median tax bill of $878.
Average Silverton Assessed Value
$218,735
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 Silverton, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83867 | $24,762 | $134,013 | $218,735 | $288,766 | $366,771 |
Source: Ownwell
Property Tax Bills Across Silverton, Idaho
In Silverton, located in Shoshone County, ID, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and represents a percentage of the property's market value. For homeowners in Silverton, the median home price is $218,735. Property taxes are then levied based on this assessed value and the local tax rate. Various factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. For instance, tax bills in Silverton can range from $558 at the 25th percentile to $1,264 at the 75th percentile, with the 90th percentile reaching up to $1,741. The median tax bill in the area is $878, which is significantly lower than the national median property tax rate of 0.99%. These property taxes impact homeowners by contributing to local services such as schools, infrastructure, and emergency services, thus directly affecting the quality of life and community resources available.
Average Silverton Tax Bill
$878
Average Shoshone County Tax Bill
$991
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Silverton, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83867 | $180 | $558 | $878 | $1,264 | $1,741 |
Source: Ownwell