Overview of Idaho Taxes
Taxes on real estate in Idaho are relatively low in comparison to the rest of the country. The typical homeowner in the Gem State pays $1,912 annually in property taxes, around $1,300 less than the national median.
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To calculate the exact amount of property tax you will owe requires your property's assessed value and the property tax rates based on your property's address. Please note that we can only estimate your property tax based on median property taxes in your area. There are typically multiple rates in a given area, because your state, county, local schools and emergency responders each receive funding partly through these taxes. In our calculator, we take your home value and multiply that by your county's effective property tax rate. This is equal to the median property tax paid as a percentage of the median home value in your county.
Idaho Property Taxes
One reason for the state’s relatively low property taxes is the homeowners exemption. This exempts half the value of owner-occupied primary residences from property taxes, up to a limit of $125,000.
A financial advisor can help you understand how homeownership fits into your overall financial goals. SmartAsset’s free tool matches you with vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
How Idaho Property Taxes Work
Property taxes in Idaho are the primary source of funding for local services such as schools, parks, roads and law enforcement. You can pay taxes in two installments: The first is due on December 20, and the second must be paid by June 20.
Taxes are based on the full market value of property, which is determined each year by an assessor in each county. In determining market value for a home, the assessor typically uses sales price data for recently sold homes that are comparable in terms of size, location, condition and other distinctive features.
Once market value has been determined, exemptions are applied. The largest exemption in Idaho is the homeowners exemption. You can claim it on an owner-occupied primary residence, and it’s equal to 50% of the value of the house and one acre of land. The exemption is capped at $125,000.
For example, if you own and live in a home with a market value of $150,000, your assessed value is $150,000. Your homeowners exemption would be $75,000 (half the value of the home), which means your tax rate will be applied to a total value of $75,000.
If you’re looking to refinance your home or relocate to the Gem State, take a look at our Idaho mortgage guide to learn all about the essentials, like mortgage rates and getting a mortgage in Idaho.
Idaho Property Tax Rates
Since local governments in Idaho can levy taxes at a number of different levels, tax rates vary between counties, cities, school districts and other tax districts. Generally, tax rates within cities are higher than those in rural areas.
The effective tax rate is the median annual property tax payment as a percentage of median home value. This is useful for comparing rates between counties and with other states. The table below shows the effective rate for some of the counties in Idaho, as well as county-specific median real estate tax payments and median home values.
Looking to calculate your potential monthly mortgage payment? Check out our mortgage calculator.
Ada County
With a population of more than 535,000, Ada County is the most populous county in Idaho. The effective property tax rate here is just 0.44%, despite the median home value being above $540,000. If you have questions about how property taxes can affect your overall financial plans, a financial advisor in Boise can help you out.
Canyon County
Canyon County is in western Idaho, directly west of the city of Boise. Its effective property tax rate is 0.47%. This is the product of the county's $1,943 median property tax payment and $413,100 median home value.
Kootenai County
Located in the Idaho panhandle, Kootenai County has a 0.36% effective property tax rate. This rate also compares favorably to state and national medians, which currently stand at 0.43% and 0.89%, respectively. The county has a median home value of $577,600 but a median annual tax payment of only $2,051.
Keep in mind, however, that the effective property tax rate incorporates all exemptions. This most notably includes the homeowners exemption, which can reach as high as $125,000.
The homeowners exemption only applies to primary residences, though. So if you're looking to buy a second home or a vacation home on Lake Coeur d’Alene, you will not qualify and can therefore expect to pay higher rates.
Bonneville County
Bonneville County contains the city of Idaho Falls and is the most populous county in eastern Idaho. The typical Bonneville County homeowner pays $1,830 annually in property taxes. That's less than the statewide media, and nearly $1,400 below the national average.
Bannock County
The effective property tax rate in Bannock County is 0.52%. At that rate, a homeowner with a home worth $300,000 would pay $1,560 annually in property taxes. That amount will vary greatly between rural areas and cities, however.
Twin Falls County
Twin Falls County is in southern Idaho, along the Nevada border. The county’s effective tax rate is 0.55%, above the statewide median. The median home value in the county is $386,100, while the typical real estate tax payment is $2,134 per year.
