Homeowner's exemption sees increase

by Jerry Clemons
| March 17, 2015 7:00 AM

Now is the time of the year when we are busy studying the sales from last year to set the 2015 assessments.

We are seeing the market improving and values in most categories are going up somewhat. Other properties will have corrections done to their assessments that could also raise values. Keep in mind that even if values go up the amount of property taxes also depends on whether the budgets of all taxing districts go up, stay the same or go down. We need to encourage all budget decision makers to hold expenses down as much as possible and still provide the services that are important to people.

A bright note is that the homeowner’s exemption is going up from $89,320 to $89,580 if you are getting the highest amount possible. That exemption is based on a housing index calculated by the Idaho Tax Commission and when it goes up, that means that values of property are going up. Everyone wants their property value to increase if they are wanting to sell and want it lowered if they are not selling. Our job, however, is to set assessments correctly for everyone whether they are up or down.

All other Idaho property exemptions are still in place and remember that values for timber and agricultural exemptions are set by the state on a per acre or crop basis.

The income limit for the property tax reduction exemption (also known as the circuit breaker) has risen to $29,100 per year so more people can qualify.

Our overriding goal is to keep assessed values as low as possible and still pass the ratio studies conducted by the Idaho Tax Commission. Our office is in compliance with all the rules and regulations of that agency and has been since I took office in 2007.

You can go to the county website and then the assessor’s office to find forms and other helpful information. You can also go to the county GIS website to find maps and many other items of interest. I believe that all county departments have information on the county website.

Thanks to all Bonner county citizens for the right to serve you.