Wallace, Idaho Property Taxes
The median property tax rate in Wallace, ID is 0.63%, which is lower than the national median of 0.99% but higher than the Idaho state median of 0.50%. With a median home value of $139,616, the typical annual property tax bill in Wallace reaches $731, significantly below the national median of $2,690. Property taxes in Wallace are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as the primary residence and agricultural exemptions. Understanding Wallace'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 Wallace 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
Wallace, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$880
$816
Ownwell’s Wallace Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wallace with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wallace 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 Wallace, Idaho
Property taxes in Wallace, Idaho, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wallace is 0.63%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Wallace set these rates annually, and they can vary across different neighborhoods. Each year, Wallace 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 Wallace's effective property tax rate to other areas in Idaho and the national median. For comparison, the zip code 83873 has the highest median property tax rate of 0.63%, while the same zip code also has the lowest median tax rate of 0.63%. Understanding how these areas compare with Wallace 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 Wallace Tax Rate
0.63%
Average Shoshone County Tax Rate
0.56%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wallace, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83873 | 0.32% | 0.50% | 0.63% | 0.99% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Wallace, Idaho
In Wallace, 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. In Wallace, 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 Wallace helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Wallace are both $731.00, located in zip code 83873.
Average Wallace Assessed Value
$139,616
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 Wallace, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83873 | $4,067 | $20,625 | $139,616 | $264,124 | $412,194 |
Source: Ownwell
Property Tax Bills Across Wallace, Idaho
In Wallace, located in Shoshone County, ID, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. The local tax rate is applied to this assessed value to calculate the annual property tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. For instance, the median home price in Wallace is $139,616. Depending on the assessed value and applicable rates, homeowners in the 25th percentile might see tax bills as low as $108, while those in the 90th percentile could face bills up to $2,737. Comparatively, the median property tax rate in Wallace is significantly lower than the national median of 0.99%, making homeownership more affordable. However, the highest and lowest median tax bills in the area are both $731, highlighting a relatively narrow range in tax burdens across different properties.
Average Wallace Tax Bill
$731
Average Shoshone County Tax Bill
$991
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Wallace, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83873 | $30 | $108 | $731 | $1,695 | $2,737 |
Source: Ownwell