The Idaho Tax Commission has just released the numbers for the 2013 homeowner’s exemption.
The maximum homeowner’s exemption for 2013 will be $81,000 that’s almost $3,000 less than this year.
“So if you have a house, let’s say $162,000, 50% of your value is exempt from taxation, so anything under $162,000 you’re going to receive 50% off the value, up to a maximum of $81,000” said Bonneville County Assessor Blake Mueller.
“So that means if you had a $500,000 home, well 50% of that would be $250,000 that would be too high so you only get the $81,000 taken off the $500,000 and you’d be taxed on $419,000” said Alan Dornfest, property tax policy supervisor for the Tax Commission.
Idaho’s homeowner 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 initiative, but now the exemption is based on economic conditions statewide.
“So one thing to keep in mind is it’s not necessarily reflective of Idaho Falls or Boise or anywhere else specific in Idaho, it’s
reflective of a representation of the overall state” continued Dornfest.
Between now and December of 2013 the county assessor has to go out and reestablish the value of each property, this determines how the change in the homeowners exemption will take effect.
Bonneville county assessor Blake Mueller says he does not expect the 2013 homeowner’s exemption taxes to affect tax payers very much, if at all, due to value of homes as well as new businesses in the area.