Levies are a function of two variables, the budgets of the taxing districts and the total value of taxable property within that taxing district. Budgets are approved by the elected board members of a given district. Values for purposes of property taxes are determined by the Assessor’s Office.
For example: If a taxing district approved a budget of $300,000.00 and the assigned total value of the taxable property within that district is $10,000,000.00 then the resulting levy would be 0.03000. In theory then, by multiplying the value of each individual property by 0.03000 you would arrive at $300,000.00.
Because individual properties lie within an area covered by more than one taxing district the levy used to calculate taxes for that property would be the combined levies of the taxing districts within that area. For example, a home in Idaho Falls might include the county, the City of Idaho Falls, School District #91, Lincoln Cemetery, Flood Control District, and Ambulance. Other properties will have other combinations depending upon their location.
To determine the taxes of an individual property one must first identify the applicable taxing districts or the Tax Code Area of the property (properties of similar combinations of taxing districts are grouped into tax code areas). The corresponding levy is then multiplied by the value of a given property to arrive at the tax for that property. It should be noted that other factors affect the amount of tax you pay. These factors include but, are not limited to library, landfill and hauling fees which are added to the property taxes. Homeowner’s exemptions also affect the amount of tax assessed.
A home is valued at $160,000.00. The tax code area is 002-0002. The (2013) levy for that area is .012965257. The resulting tax would be $2,074.44. Landfill and library charges of $42.00 and $52.00 respectively would likely apply. The amount would be less if it had a homeowner’s exemption.