Some Idaho homeowners may have to pay higher property taxes next year. The Idaho Tax Commission says the biggest homeowner tax exemption Idaho landowners can git in 2010 will be $101,153, down by more than $3,300 from this year.
Alan Dornfest, Property Tax Policy Supervisor for the Tax Commission says the new numbers reflect the current state of the real estate market and won’t be felt until next year.
Alan Dornfest, Property Tax Policy Supervisor, comments
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The impact of the exemption on property taxes will depend on how much 2010 property values change.
Dornfest continues
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Idaho provides a partial property tax exemption to qualified homeowners for their primary dwelling and up to one acre of land. Idaho law exempts 50 percent of the assessed value set each year based on the Idaho Housing Price Index. That index is published by the Federal Housing Finance Agency.
Idaho’s homeowner’s exemption began in 1980, with a maximum of $10,000. It remained at that level until 1983, when it was raised to $50,000 by voter intiative. The 2006 Idaho Legislature raised the exemption to $75,000 and tied future numbers to the Housing Price Index.
