Property Tax

Meridian Property Taxes

If you plan to purchase a property in Meridian and move in with your family, you'll want to review the property taxes in the city. The average home value in Ada County is $219,900 with an annual property tax rate of $1,659 and an average effective property tax rate of 0.75%. The county is currently ranked as the 12th highest in the state of Idaho.

Check out our original blog post at https://meridianidhouses.com/.

Idaho Property Taxes

Taxes for residential real estate in the state of Idaho are fairly low compared to other states in the country. The average homeowner in the state pays $1,322 annually in property taxes which is $800 lower than the national average. A key factor in this relatively low rate is the homeowners’ exception rule which exempts half the value of an owner-occupied primary home with a limit of up to $100,000. If you plan to purchase a rental property in the city or plan to rent out part of your home, you need to consider that you won't be eligible for this exemption. Payment of property taxes can be done in two installments, the first on the 20th of every December and the second on the 20th of June. 

Check out our original blog post at https://meridianidhouses.com/.

How Taxes are Calculated

Property Taxes in Idaho is one of the primary sources of funding for the local government. These taxes are used to fund various public programs including roads, parks, schools, law enforcement, infrastructure projects, long-term investments, and more.

Taxes in the state vary depending on the local market value of each community. These are generated by assessors in each county. Determining the market value is typically based on various factors including sales price information, size, location, and other key features.

If you plan to buy or sell a property you'll want it properly assessed with the appropriate exemptions applied. An excellent example of an exemption is the owner-occupied primary residence. This exemption equates to 50% of the property's value and land acreage. As of 2019, this exemption is capped at $100,000. These do not apply however if you have a tenant living in your home.

Check out our original blog post at https://meridianidhouses.com/.