September 28, 2010 in Idaho

Idaho homeowners exemptions to decrease

Associated Press
 

BOISE — Many Idaho homeowners will be getting a smaller tax break on their primary residences come 2011, but it doesn’t necessarily mean their property tax bills will go up.

Due to the moribund housing market and falling values, the maximum homeowner’s exemption next year will decrease to $92,040, from $101,153 this year.

The Idaho State Tax Commission’s Alan Dornfest said today, “The decrease reflects the recent state of the housing market.”

The law exempts 50 percent of the assessed value from taxation, but the exemption can’t exceed a maximum value that changes each year based on the Idaho Housing Price Index.

So how will this affect individuals?

Because property tax levy rates change annually, impact on taxpayers’ bills will vary depending on local government budgets and changes in the value of other classes of property, including commercial.

© Copyright 2010 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Get stories like this in a free daily email


Please keep it civil. Don't post comments that are obscene, defamatory, threatening, off-topic, an infringement of copyright or an invasion of privacy. Read our forum standards and community guidelines.

You must be logged in to post comments. Please log in here or click the comment box below for options.

comments powered by Disqus