Spokane7
68°
May 31, 2011 in Idaho
Kootenai County property values continue slide
Kootenai County property values continued a four-year slide in 2011, with the total assessed value dropping almost $900 million, or 7 percent, from the 2010 level.
The county’s assessed value dropped $2.1 billion in 2010, $1.2 billion in 2009 and $720 million in 2008, said Assessor Mike McDowell.
McDowell attributed the decline to market stabilization following a big run-up from 2005 to 2007. The county’s net taxable value jumped 65 percent in that two-year period, rising from $10 billion to $16.5 billion before beginning to drop.
“We did have a bit of a bubble,” McDowell said. “Now we’re seeing a leveling off. If we had experienced normal market conditions … we would maybe be very close to the number we’re at.”
On Tuesday, the county mailed out 87,760 assessment notices to property owners. The net taxable value for 2011 is about $11.6 billion, down from $12.5 billion in 2010. The 2011 assessments are based on analysis of 2,697 sales that occurred in 2010, McDowell said.
Homeowners will also see a decrease in the maximum homeowner’s exemption they can claim, from $101,153 in 2010 to $92,040 in 2011. The homeowner’s exemption allows the taxable value to be reduced by 50 percent of the value of land and buildings, up to a maximum amount. The exemption rises and falls with the Idaho State Tax Commission’s housing price index.
For example, if a property owner’s land and buildings are assessed at $300,000, the homeowner’s exemption would subtract $92,040. That property owner would then be taxed on the remaining $207,960.
McDowell wants to remind property owners that the property taxes everyone pays depend on how much revenue is requested by taxing districts in property tax-funded budgets. Property tax bills can go up even if net taxable values go down depending on the budgets that are set, he said.
“We want to encourage property owners to look at the budget hearing dates on the assessment notices and to get involved in those budget setting hearings,” McDowell said in a news release.
Two Fernwood residents dead after Monday accident 
oneanddone on May 31 at 6:41 p.m.
This precipitous decline is primarily due the corrupt abuse of the public trust by the Idaho legislature. In everything they do they mold law and policy to benefit themselves and contributors. There is no worse state gov’t.
misjustice on May 31 at 7:24 p.m.
From the article: “McDowell wants to remind property owners that the property taxes everyone pays depend on how much revenue is requested by taxing districts in property tax-funded budgets. Property tax bills can go up even if net taxable values go down depending on the budgets that are set, he said.”
Huh? So property taxes are based on how much revenue is requested, not on value of the property???? REALLY? That seems wrong, on so many levels…bills can go up even if values go down…seems like a license to STEAL!!!!
hawken on May 31 at 7:41 p.m.
Misjudgment:
It’s no different than when far left liberals, such as you, want to increase federal taxes across the board, based upon the short fall of tax revenues. You are a very confused, liberal left, woman.
Hopefully, your husband can help you think through these issues. Have you consulted with him?
DickAdams on May 31 at 7:50 p.m.
MisJ, As astute as you are, I`m surprised you did not know that. The city of Spokane always increases your real estate tax regardless of the assessed value. Its figured on the grand total of all real estate tax revenue from the presiding year the city receives. The thief’s than add 1% as provided by Washington state law. If the total revenue is down then the mill rate kicks in so the crooks even charge people (without a tax exemption) what ever it takes to receive at least 1% over the total amount from the year previous. Mary Verner loves to hoodwink the public with the 1% BS, some of us might pay a very high percent. My real estate taxes have increased every year for more than 2 decades. One year my increased was 50%. FACT!!
DickAdams on May 31 at 7:59 p.m.
Because of hawkens post, I have an addendum. The fat cats in the city of Spokane, you know, the million dollar condos, many owners received a ten year real extate tax exemption. The rest of us without a exemption pay a little bit more so the freebies the fat cats receive, like, police, fire, streets, schools etc, are paid for by the rest of us. That ain`t liberal, its the political pimps who enacted the state law in the first place. Republican Jim West pushed for it. BTW, a city is not required to issue tax exemptions. The ship of fools on the city council pass out the exemptions. Heck, Verner has one of her staff that contacts all the fat cats and explains how they can receive a tax exemption.
idahocity on May 31 at 10:10 p.m.
one time not too long ago citizens could actually own property without paying yearly rental fees to our feudal lords. is there such a thing as private property?
monkeyman on May 31 at 11:03 p.m.
@ idahocity on May 31 at 10:10 p.m.
…you might consider a move to somewhere in the deep Amazon. Just make sure to check with the realtor that there are no roads, schools, fire, police, or any number of similar useless things that might require your contribution in the form of taxes.
Oh, and make sure there is no tribal/local king either… otherwise he might tax you anyway.