Home appraisers out inspecting properties

We recently attended a conference of Idaho assessors and 41 counties were represented out of the 44 in the state.

Also in attendance were members of the Idaho State Tax Commission, Idaho Department of Parks and Recreation, various assessor chief deputies and a deputy Attorney General assigned to the Idaho Tax Commission.

In the conference we talked about new laws that affect our office and laws to be proposed to the next legislative session. We also discussed any problems or unusual situations facing any assessors.

As you probably know, there was a significant change to the personal property tax law this year which exempted the first $100,000 in value for a business and any future purchases of $3,000 or less. This obviously helps businesses to lessen their tax burden. The other side of that coin is that every exemption, and Idaho has a lot, does shift the tax burden to other classes of properties. The general best guess is that next year the legislators might increase that exemption but no one knows for sure what will happen.

There was also news about the improvement in the real estate market. Overall, property values in Idaho increased by 3 percent last year according to the Idaho Tax Commission’s records.

The homeowner’s exemption will also increase by 3.6 percent next year which is another indication of an improving market. The growing market is a double-edged sword in that everyone’s equity in their property will probably increase but the assessed values may also increase, which does not necessarily increase taxes. Property taxes are a net result of all taxing entities budgets, as well as increased assessments.

This is the time of the year when our residential, commercial and mobile home appraisers are out inspecting properties in one-fifth of the county, as prescribed by law in the revaluation process. You may see appraisers on your property and they are just checking for additions, new structures and depreciation. We do not enter any homes for interior improvements. Please welcome these employees and allow them to do their job.

Our goal is to be of service to you, keep you informed and follow the law in Idaho.

Thank you for the opportunity to serve.