Ultimate Valley County Real Property Tax Guide for 2024

Guide Overview

Learn how Valley County imposes its real property taxes with this detailed guide. If you are thinking about moving there or just planning to invest in the county’s real estate, you’ll learn whether Valley County property tax laws work for you or you’d rather hunt for another location.

Average Property Tax Rate in Valley County

Based on latest data from the US Census Bureau

Valley County Property Taxes Range

Valley County Property Taxes Range

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Based on latest data from the US Census Bureau

You May Be Charged an Unfair Property Tax Amount

Perhaps you’re unaware that a property tax levy sometimes is more than it should be due to an unfair valuation. Not surprising though when assumed similar properties in neighborhoods are assigned the same fair market value predicated upon only a few — again presupposed — comparable properties’ appraised values. Also there’s the human factor, i.e. mistakes are predestined. Still there’s a way to protest the fairness of your tax levy and have it decreased when it’s an overstatement of tax.

Check for duplicate remittances that turn up particularly if you’ve recently taken out a second loan. Don’t fail to analyze your tax assessment with care. Each taxpayer’s assessment is available to the public on the web. Contrast the appraised value with comparable community real property, notably just sold. Then consider any real estate market trends both increasing or dropping.

If you feel there’s been an overassessment of your tax bill, don’t hold off. In case you don’t know whether a challenge is a waste of time or not, leave it to professionals to weigh whether to protest. There are protest companies all set to carry on your challenge that only charge on a percentage of any tax savings. More information on this later in the guide.

What Is a Tax Protest Procedure?

When you believe that your property tax value assessment is excessive, you have the right to contest the value. Your protest needs to be submitted in the county where the property is situated.

You can locate the required appeal process and the documents on the county’s website or at the county tax office. Read through the process carefully before filling out the forms. If you leave out mandatory information or forget a submission deadline, your appeal might be dismissed or sent back to you for completion.

The county will send you a notification of the tax assessment and how much time you have to file your protest. If you miss that time window, you may give up your right to protest the valuation.

Ask for a duplicate of the valuation and data that was part of the county’s calculations. The protest may depend on this. If the assessor made mistakes, like contrasting your property with the wrong properties, you’ll have strong reasons to protest.

If you submit a complete package with validating proof, the county may decide without making you go through a formal appeal. Otherwise, you’ll be required to attend a review board and submit your appeal in detail. You’re going to be required to demonstrate that the tax valuation given to your property is inadequate. High property tax rates and robust property value appreciation in your community are not legitimate reasons to protest.

If you still don’t agree with the county’s judgement, you are given an option to appeal to a state board or panel. In case of litigation, you better solicit for service of one of the best property tax attorneys in Valley County ID.

Any property owner can question a real property tax valuation. Prior to doing so, consider carefully what the assessment actually does to your yearly tax payment. Figure out how much your actual real estate tax payment will be with the increase and any exemptions you qualify for. Reasonable real estate worth appreciation will not boost your yearly payment sufficiently to make a protest worthwhile.

How to Get Your Taxes Reduced for Free?

Usually experts doing these appeals charge a fee on a ”depending upon” basis. Such an agreement means the service charge you incur won’t exceed a percentage of any tax reduction. In the case of no savings, you don’t owe anything!

Incentivized to discover ways to save in taxes, real estate tax consultancy companies completely examine your assessment and are equipped for potential litigation. Protest companies are frequently hired to focus on many available exemptions proven to be exceptionally complicated and litigious.

Under protest, two methods are typically employed for re-calculating proposed appraised values. A re-evaluation often incorporates either a “sales comparison” or an “unequal appraisal” study. While both done in one district, sales comparisons rely on present-day sale prices while unequal appraisals concentrate on similar properties’ appraised values differences.

As a rule, a sales comparison methodology is the pick of boutique firms. Often it’s a complete assessment of the client’s real estate. As a thorough re-examination carried out by an appraiser licensed by the state, its conclusions are widely irrefutable. It cannot be passed over short of carrying out a new complete assessment re-examination. This process projects a subject property’s fair market worth using present comparable sales results from other alike properties in the surroundings.

The unequal appraisal process is used to expose probable tax savings even if appraised values don’t exceed current market values. Locally they first group similar properties of relatively equal assessed value together. These candidates’ tax assessments are then compared. Significant variances, (such as properties’ bills are higher by at least 10% of the representative median level) are tagged for more study. Clients are frequently charged a percentage applied to any tax decreases, so they aren’t charged any out-of-pocket cost nor any fee at all without realizing some tax cutback.

Look for a firm that works best for you in the directory of the best property tax protest companies in Valley County ID.

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How Does Valley County Real Estate Tax Work?

Given rights by the state, municipal governments control real estate taxation. Usually, the taxes are received under a single billing from the county. Collections are then disbursed to related entities as predetermined. There are three main phases in taxing property, i.e., setting mill rates, appraising property market values, and collecting tax revenues.

Accorded by state law, the government of your city, public schools, and thousands of various special districts are empowered to estimate real estate market value, set tax rates, and levy the tax. Authorized as legal governmental entities, they’re administered by elected officials or appointed officers. Such districts, for example public schools and hospitals, represent a specific territory, i.e. a county, township, school district, et al.

A city’s property tax provisions should not violate Idaho statutory rules and regulations. All property not falling under exemptions must be taxed equally and uniformly on one present market value basis. Appropriate communication of any rate hike is also a requisite.

Within those limits, the city sets tax levies. Left to the county, however, are appraising real estate, sending out levies, performing collections, carrying out compliance, and resolving complaints.

Valley County performs property appraisals for cities and special governmental units. Again, the state has enacted statutory rules and regulations which county real estate appraisers are obliged to maintain. This is to guarantee property appraisals are mostly completed consistently. This is a likely area to study for estimation inconsistency and human error.

With many versions, there are three basic appraisal methodologies for evaluating real property’s value. A Sales Comparison is based on contrasting average sale prices of similar properties in the area. An Income Method for commercial real estate weighs the expected rental income to estimate current fair market worth. A Cost Approach as well is primarily a commercial real estate value calculation method which adds the land value to the outlay for replacing the building.

An appraiser from the county typically reassesses real estate market value once in three years or sooner. It’s taken times the set tax rate i.e. the total of all applicable governmental taxing-empowered districts’ rates. They range from the county to city, school district, and more special purpose entities such as sewage treatment plants, water parks, and property maintenance facilities.

Who and How Determines Valley County Property Tax Rates?

According to the state’s constitution, property appraisals are made by counties only. These evaluations have to be recorded with no regard for revenue consequences.

Under the state code, reappraisals must occur periodically. Typically, appraisers lump together all like properties located in the same neighborhood and collectively apply the same estimation strategies. Without individual property inspections, unique property characteristics, possibly affecting property’s market value, are overlooked.

In the beginning, when new properties were built, appraisers compiled descriptive tax rolls. The rolls held a depiction of all properties by address. They were classified based upon various factors, e.g. size, use, and construction type. Property age and location were also factors allowing appraisers to group properties and collectively attach evaluated market values. Now, without a new checkup, utilizing often stale, possibly inaccurate data — with only recent property sales numbers being current — appraisers have to rely upon those collectively affixed estimated market worth.

To ensure some degree of even-handed market value estimating, Idaho has installed this process statewide. While this sweeping operation reigns in an otherwise crushing assignment, it also results in error-prone evaluation answers. Often this is a fertile place to find protest material!

The city and every other in-county governmental taxing entity can now calculate required tax rates since market value totals have been established. When added together, the property tax burden all taxpayers support is created. This is largely a budgetary exercise with district managers first estimating annual spending expectations. After which it’s a matter of determining what combined tax rate is required to meet that budget. In theory, estimated total tax revenues equal planned expenditures.

Counties, municipalities, school districts, special purpose districts, like sewage treatment stations et al, make up hundreds such governmental entities in Idaho. Every entity establishes its independent tax rate. Virtually all the sub-county entities have arrangements for the county to bill and collect their tax.

Generally this budgetary and tax rate-setting process is complemented by public hearings assembled to debate budget spending and tax questions. County residents may legally request a public vote when planned tax hikes top established ceilings.

The city has to adhere to provisions of the Idaho Constitution in setting tax rates. Actually, tax rates can’t be increased before the general public is first informed of that intent. Then a formal meeting regarding any planned tax increase must be convened.

If Valley County property tax rates have been too costly for you and now you have delinquent property tax payments, a possible solution is getting a quick property tax loan from lenders in Valley County ID to save your property from a potential foreclosure.

What Are Valley County Real Estate Taxes Used For?

Money from property tax payments is the lynchpin of local neighborhood budgets. Apart from Valley County and districts such as hospitals, numerous special districts such as water and sewer treatment plants, as well as transportation and safety services, depend on tax dollars.

The number and magnitude of these public services relying on real estate taxes can’t be overstated. Again, real property taxes are the single largest way your city pays for them, including over half of all district school funding. Not only for the county and cities, but down to special-purpose units as well, such as water treatment plants and athletic parks, with all reliant on the real property tax.

A major chunk of real estate tax payments goes to district schools. Another big chunk is required for municipal and other governmental employees’ salaries and benefits. Financing policing has become one more popular question in the public safety arena. Street construction and maintenance, streetlights, sidewalks, and mass transit — all turn to real property taxes. Another expense is water and sanitation plants, as well as garbage removal. Finally, there are recreation amenities, such as picnic areas, and swimming pools. No revelation that with all these services, it’s a big tax bill!

How Are Property Taxes Handled at Closing in Valley County?

Property tax remittances are usually sent off in advance for the full year. Then who pays property taxes at closing when it takes place mid-year? Real property ownership switches from the seller to the new owner upon closing. And so does the liability for remitting real estate levies. From that point of exchange, purchasers pay back sellers on a proportional basis.

Traditionally, it’s not a proportional tax remittance paid directly to sellers, however. Instead mortgage companies, closing lawyers, or escrow companies will include the prorated tax with the rest of purchaser payment responsibilities on settlement.