Bonners Ferry, Washington Property Taxes
The median property tax rate in Bonners Ferry, WA is 0.75%, notably lower than both the national median of 0.99% and the Washington state median of 0.88%. With a median home value of $462,400 in Bonners Ferry, the typical annual property tax bill amounts to $3,458, surpassing the national median of $2,690. Property taxes in Bonners Ferry are determined 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. Gaining a comprehensive understanding of Bonners Ferry's property tax system, exploring available exemptions, and identifying potential reductions can lead to considerable annual savings. Whether you reside in Bonners Ferry or another part of Franklin County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bonners Ferry, Washington Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$3,468
$3,218
Ownwell’s Bonners Ferry Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bonners Ferry with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bonners Ferry 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 Bonners Ferry, Washington
Property taxes in Bonners Ferry, Washington, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bonners Ferry is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Bonners Ferry set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bonners Ferry 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 Bonners Ferry's effective property tax rate to other regions in Washington and the national median. For comparison, the zip code 83805 has both the highest and lowest median property tax rate of 0.75%, indicating a uniform rate within this locality. Understanding how these cities compare with Bonners Ferry provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bonners Ferry Tax Rate
0.75%
Average Franklin County Tax Rate
0.71%
Average Washington Tax Rate
0.88%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bonners Ferry, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83805 | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Bonners Ferry, Washington
In Bonners Ferry, Washington, 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 Franklin 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 Bonners Ferry, 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 Bonners Ferry helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $3,458, found in zip code 83805.
Property Tax Assessment Values Across Bonners Ferry, Washington
Source: Ownwell
$79,000
$400,800
$722,600
Average Bonners Ferry Assessed Value
$462,400
Average Franklin County Assessed Value
$384,600
Average Washington Assessed Value
$482,000
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bonners Ferry, Washington
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83805 | $462,400 | $462,400 | $462,400 | $462,400 | $462,400 |
Source: Ownwell
Property Tax Bills Across Bonners Ferry, Washington
In Bonners Ferry, located in Franklin County, WA, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the property's market value. For example, a home with a median market price of $462,400 will have its assessed value calculated to determine the tax bill. The property tax rate in Franklin County is then applied to this assessed value to calculate the annual tax bill. For homeowners in Bonners Ferry, the median tax bill is $3,458, which is notably higher than the national median property tax rate of 0.99%. This rate reflects the local government's need to fund public services such as schools, infrastructure, and emergency services. Higher property taxes can affect homeowners by increasing the annual cost of homeownership, making it crucial for potential buyers to consider these costs when purchasing a home. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Bonners Ferry Tax Bill
$3,458
Average Franklin County Tax Bill
$2,758
Average Washington Tax Bill
$4,284
Average United States Tax Bill
$2,690
Property Tax Bills Across Bonners Ferry, Washington
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83805 | $3,458 | $3,458 | $3,458 | $3,458 | $3,458 |
Source: Ownwell