Property Tax in Madison County, Idaho

Property Tax in Madison County

A calculator and field guide for Rexburg-area homeowners — and for anyone considering a move to Madison County — including Idaho's 100% assessment ratio, the $125,000 Homestead Exemption (Idaho Code §63-602G — lesser of $125K or 50% of MV), the HB 292 of 2023 Homeowner Property Tax Relief Account (state-funded ~$200-500/yr automatic credit, made permanent at $50M/yr by HB 304 of 2025), the parallel School District Facilities Fund ($50M/yr state payment of eligible school bond debt), the Property Tax Reduction (Circuit Breaker §63-705) for 65+/widowed/disabled with HHI ≤ $39,130 ($250-$1,500 refundable), and the $1,500 Veterans Property Tax Reduction (NOT full — Idaho is NOT a categorical full-vet state).

Madison County operates under Idaho's 100% assessment ratio + $125,000 Homestead Exemption system (Idaho Code §63-602G). Owner-occupied primary residences receive an exemption equal to $125,000 OR 50% of market value, whichever is LESSER, applied as a reduction in taxable value. Madison's combined mill levy is approximately 10.72 mills per $1,000 of taxable value, producing typical homestead effective rates around 0.64%. HB 292 of 2023 adds a state-funded credit (~$200-500 typical) automatically on the December tax bill.

How the bill is built

Idaho is a 100% AR state — the assessor sets market value with no AR reduction. For owner-occupied homesteads, subtract $125,000 OR 50% of MV (whichever is lesser) to get taxable value. A $400K homestead: TV = $275K. A $200K homestead: TV = $100K (50% cap). Tax = TV × combined mill levy / 1000. State credits (HB 292, PTR Circuit Breaker, Veterans Reduction) apply to the bill after calculation. Bills issue in November, half due Dec 20 and half June 20.

HB 292 of 2023 was Idaho's response to the 2020-2022 housing boom. Two state-funded mechanisms apply automatically to homesteads: the Homeowner Property Tax Relief Account (~$200-500 December bill credit) and the School District Facilities Fund (state pays eligible school bond debt). HB 304 of 2025 made both permanent at $100M/year combined.

Idaho is NOT a full-vet-exemption state. The Veterans Property Tax Reduction (Idaho Code §63-701) caps at $1,500/year for 100% P&T or IU disabled vets — no income limit, but the ceiling means high-bill Boise/CDA homestead owners still pay the difference. Stack with the $125K Homestead Exemption + HB 292 credit for compounded benefit.

Madison County rate breakdown (combined mill levy per $1,000 of taxable value (100% AR; FMV − $125K Homestead Exemption); HB 292 Homeowner Tax Relief Credit ~$200-500 applied post-bill, Rexburg district)

Taxing entity	Rate
Madison County combined mill levy (county + city + school district + highway district + library district); typical Rexburg residential tax code area, post 100% AR + $125K Homestead Exemption	10.7200
Combined total	10.7200

Data record updated April 27, 2026. This is an editorial update date, not a tax year or a guarantee that every figure has been independently verified.

Sources and scope: Check rates and parcel details with Madison County Assessor. Figures may refer to different source years; a county-seat rate does not apply to every address. How we use data and estimates.

Note: Madison County is dominated by Brigham Young University-Idaho (BYU-Idaho, ~36,000 students) — the second-largest US private university by undergraduate enrollment after BYU’s main Provo, Utah campus. The university transformed from Ricks College (a 2-year community college since 1888) into a 4-year university in 2001 by Church of Jesus Christ of Latter-day Saints decision. BYU-Idaho operates a year-round 3-track system (students attend any 2 of 3 semesters) which dramatically expands enrollment capacity. Rexburg (~37,000) is essentially a college town — BYU-Idaho students account for ~50% of Rexburg’s population during the school year.

Note: Madison County has unusual demographics — the youngest median age of any Idaho county (~22) due to BYU-Idaho’s student population, and one of the highest LDS (Latter-day Saint / Mormon) population percentages in the United States (~85%+ LDS, the highest concentration outside Utah County, UT). Marriage rates are very high (most BYU-Idaho students marry during or shortly after college), divorce rates very low, and birth rates substantially above national average. Madison County’s 0.64% effective rate reflects Rexburg-area mill levies around 10.72/$1,000 applied to a $310,000 median home with $125K Homestead Exemption.

Note: The Teton Dam disaster of June 5, 1976 — when the newly-built earthen Teton Dam (in adjacent Fremont and Madison counties) catastrophically failed during initial reservoir filling — killed 11 people and destroyed Sugar City and significant portions of Rexburg. The dam failure released ~80 billion gallons of water in 4 hours, creating a flood wave that reached Rexburg by 7am. ~25,000 cattle drowned, ~25,000 acres of farmland flooded, and damage in 2024 dollars totaled ~$1 billion. The Teton Dam disaster is widely considered one of the worst US dam failures of the 20th century; a memorial park in Rexburg commemorates the disaster, and the failure led to substantial reform of US Bureau of Reclamation dam safety practices.

Deductions and exemptions for 2026

Idaho homeowner relief operates through four mechanisms: the $125,000 Homestead Exemption (applies automatically to all primary residences), HB 292's Homeowner Tax Relief Credit (state-funded, ~$200-500 automatic), the Property Tax Reduction Program / Circuit Breaker (income-tested, $250-$1,500 for 65+/widowed/disabled), and the Veterans Property Tax Reduction (up to $1,500 for 100% disabled vets, no income limit). Idaho is NOT a full-vet-exemption state — the $1,500 ceiling matters for high-bill homesteads.

Homestead Exemption (Idaho Code §63-602G)

Reduces taxable value by the LESSER of $125,000 OR 50% of market value, for owner-occupied primary residences. Examples: $400K home → $125K exemption (cap), TV = $275K. $200K home → $100K exemption (50% cap), TV = $100K. Apply with County Assessor; the homestead must be owner-occupied as primary dwelling on January 1 (or before April 15 if purchased after; later filings prorate). One-time application — auto-renews unless ownership or residency changes. Raised from $100K to $125K effective Jan 1, 2022 (HB 389 of 2021).

HB 292 of 2023 Homeowner Property Tax Relief Account

State-funded direct credit applied automatically to the December tax bill on all homestead-exempted properties — no application required. Typical reduction $200-500/year. HB 304 of 2025 made the funding permanent at $50M/year, plus another $50M/year to a parallel School District Facilities Fund that pays eligible school bond debt (reducing the school levy portion for all property owners with eligible bonds). The credit was Idaho's response to the 2020-2022 housing boom that drove Treasure Valley and Coeur d'Alene home values up 80-100%.

Property Tax Reduction Program (Circuit Breaker, Idaho Code §63-705)

Refundable credit of $250-$1,500 for homeowners 65+ OR widowed OR disabled OR blind OR former POW/hostage with 2025 income (after medical expenses) ≤ $39,130 for 2026 tax year. Home value cap: market value ≤ 200% of county median assessed value. Apply with County Assessor or Idaho State Tax Commission between Jan 1 and Apr 15; annual application required. New online portal at the Tax Commission since 2024. A separate Property Tax Deferral program (income limit ~$61,674) lets seniors defer with a state lien repaid at sale.

Veterans Property Tax Reduction (Idaho Code §63-701 et seq.)

Up to $1,500 maximum tax credit for veterans with 100% service-connected disability OR 100% individual unemployability rating. NO income limit. Apply by April 15 with County Assessor or Idaho State Tax Commission; submit VA disability rating letter + DD-214. P&T disabled: one-time application, auto-renews. Non-P&T 100% disabled / IU: annual application required. Stacks with Homestead Exemption + HB 292 credit — a 100% disabled vet in Boise can bring a typical ~$3,800 bill down to ~$1,800-2,100.

Appealing your assessment

Assessment notices are mailed in early June. Contact the County Assessor's office immediately to request informal review; if unsatisfied, file formal appeal with the County Board of Equalization no later than the FOURTH MONDAY OF JUNE (Idaho Code §63-501A). The BOE meets July-August. Appeal further to the Idaho Board of Tax Appeals within 30 days, then District Court. Idaho's tight ~3-week appeal window catches many homeowners off guard — assessment notices arrive early June and BOE deadline is fourth Monday of June.

Cities and towns in Madison County

This guide lists 4 selected communities in or associated with Madison County. It is not a complete municipal directory. Local taxing districts can differ between communities and individual addresses.

Data: US Census Bureau, 2020 Decennial Census. Populations rounded. Cities marked as "split" straddle a county border — the portion inside Madison County is subject to Madison County's tax rolls, while the portion outside is subject to the adjacent county's.

City or town	Type	Population (2020)
Rexburg County seat	city	37,000
Sugar City	city	1,700
Teton	city	700
Hibbard	Census-designated place	600

About city-level property tax rates: The rate breakdown and calculator on this page use a representative district around Rexburg. Other cities in Madison County may pay into different school districts, city rates, and special districts — so their combined rates can differ, sometimes substantially. Always verify the specific rates for your address with the Madison County Assessor before relying on any estimate.

Frequently asked questions

When are Idaho property taxes due?

Bills are issued in November by the county treasurer. Most counties allow split-payment: first half due December 20, second half due June 20. Late payments accrue 1% per month + 2% penalty. Most homeowners pay through escrow. The HB 292 credit applies automatically to the December bill if your homestead exemption is on file with the County Assessor.

How does Idaho's $125,000 Homestead Exemption work?

The exemption (Idaho Code §63-602G) reduces taxable value by the LESSER of $125,000 OR 50% of market value. A $400K home: $125K exempt, TV = $275K. A $200K home: $100K exempt (50% cap), TV = $100K. Apply once with the County Assessor — auto-renews unless ownership or residency changes. Idaho is a 100% AR state, so the exemption directly reduces taxable value (no AR layer).

What is HB 292 of 2023?

HB 292 was Idaho's response to the 2020-2022 housing boom. It created two state-funded mechanisms: a Homeowner Property Tax Relief Account (~$200-500 automatic credit on the December bill for all homestead-exempted properties) and a School District Facilities Fund (state pays eligible school bond debt, reducing the school levy for all owners with eligible bonds). HB 304 of 2025 made both permanent at $100M/year combined. No application required.

How does the Property Tax Reduction (Circuit Breaker) work?

Refundable credit of $250-$1,500 for homeowners 65+ OR widowed OR disabled OR blind OR former POW with 2025 income (after medical expenses) ≤ $39,130 for 2026. Home value cap: market value ≤ 200% of county median assessed value. Apply with County Assessor or Idaho State Tax Commission between Jan 1 and Apr 15; annual application required. Sliding scale by income — lowest-income filers get the full $1,500.

Why isn't Idaho a full-vet-exemption state?

The Veterans Property Tax Reduction (Idaho Code §63-701) is a $1,500 maximum credit, not a full exemption. A 100% disabled veteran in Boise with a typical ~$3,800 bill still owes ~$2,300 after the credit; in lower-bill rural counties (Bingham ~$1,500), the $1,500 credit approximates full exemption. The benefit has NO income limit (unlike the senior PTR Circuit Breaker), and stacks with the $125K Homestead Exemption + HB 292 credit. Apply by April 15.

About Madison County

Beyond the property tax — a few things you might not know about the place.

Weird fact

Rexburg, Idaho regularly ranks as one of the safest US cities by violent crime rate — frequently #1 or #2 nationally for cities with population over 25,000. The 2023 FBI Uniform Crime Report listed Rexburg with 0 reported homicides, 1 reported robbery, and 8 reported aggravated assaults — for a violent crime rate of approximately 24 per 100,000 residents (compared to a US national average of approximately 380 per 100,000). The unusually low crime rate is attributed to the heavy LDS population, BYU-Idaho’s strict honor code (requiring no alcohol, no premarital sexual activity, no recreational drugs), and the city’s tight-knit family-oriented culture. Rexburg also has one of the highest US average household sizes (~3.7 people per household, compared to a US average of ~2.5).

Hometown hero

Vardis Fisher

The American novelist Vardis Fisher (1895-1968) — born in Annis, Idaho (just south of Rexburg) and raised in the rural Madison/Fremont county area — was one of the most prolific 20th-century American Western novelists, publishing 36 novels and 8 non-fiction works across his career. Fisher’s most famous works include "Children of God" (1939, a sympathetic 769-page novel about Mormon history that won the Harper Prize), the autobiographical "Tetralogy of Vridar Hunter" (Fisher’s alter-ego, depicting growing up Mormon in early-20th-century Idaho), and "Mountain Man" (1965, the basis for the 1972 Robert Redford film "Jeremiah Johnson"). Fisher was a controversial figure — left BYU and Mormon Church as a young man, became increasingly critical of organized religion, and eventually settled into a self-described "philosophical naturalism." Fisher is buried in Hagerman, Idaho.

Biggest annual event

Rexburg Idaho International Folk Dance Festival

Held annually for 1 week in late July at Rexburg since 1986, the Rexburg International Folk Dance Festival features ~10 international folk dance teams from around the world (recent participants from Bulgaria, Mexico, Indonesia, India, Israel, Spain, etc.) performing nightly at the Madison High School auditorium and in downtown Rexburg open-air shows. The festival draws ~30,000 attendees over the week and is one of the largest international folk dance events in the western United States. Rexburg also hosts the Rexburg Tabernacle Orchestra Concerts (year-round) and the BYU-Idaho Center events drawing concert and theatrical performances.

Property Tax in Madison County