In the past week Idaho home owners have been receiving their 2022 Property Tax bills. The first payment is due by December 20th or the first business day to follow. If you have a mortgage on your home it is likely that these taxes are paid by your lender from funds collected each month and held in escrow, just waiting for bills like taxes and insurance, to come due.

The mortgage company makes two payments on your behalf. One in December and one in June, satisfying the taxes due from the previous years assessment. By the time the bill arrives the opportunity to appeal the charges have past. This time comes in June. The first Monday of June we mailed the current assessment on our property. This should include a homeowner's exemption, if this is your primary residence. If not, please reach out to me for information on claiming your Idaho exemption.

Your assessed value is set by an appraiser from the county assessor's office. You can expect a visit from a county appraiser (different from a loan appraiser) at least once within a five-year period. The other four year they use information from similar property sales and inspections to estimate the current market value of your home and property. Due to multiple factors including but not limited to the rise in home prices, inflation and impact fees, most homeowner's saw a significant increase in property value when receiving their June assessment. This is the time to contest the value by following the instructions included with your statement.

Over the next few months each of the entities that receive benefit from your property taxes turn in their budgets and a levy amount is assigned. For example: if is determined that the need of the College of Southern Idaho requires all property owners to pay a .0047 levy and your home is assessed at $200,000 then the portion of your property tax that is going to CSI will be $94.00. (All amounts are for example only.) The levy varies year to year and is calculated this way: the taxing district's levy (budget) divided by the assessed value of all taxable parcels in the district equals the tax (levy) rate for the district. 

It is not hard to be confused by the timing of the assessment and billing. Even more confusing if you have bought your home that year. I have found county treasurers helpful and available. If you have questions I would be happy to meet with you. If I can't answer your questions we will find someone who can. 

When coupled with the cost of utilities and insurance, Idaho offers an affordable lifestyle.

Posted by Shellien Gilliland on
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