Understanding Your Tax Assessment Notice
There’s often some confusion about property tax assessments.
Here’s some information that will (hopefully) clear up that confusion.
Assessed Value
- Idaho law requires your home to be assessed at 100% of market value as of the 1st of every year.
- Assessed values are based upon closed transactions from the last year they were analyzed.
- Assessed values are not solely based upon the purchase price; they are based upon comparable sales.
Property Taxes
- The assessor determines the assessed value; not the amount of property taxes.
- The amount of property tax is based upon the budgets and levy rates of the various taxing districts that can levy a tax on your home.
- Taxing districts have the ability to increase levy rates in order to meet budget requirements.
- You can use the Tax Estimator feature on the Idaho State Tax Commission website to estimate your 2012 property tax.
Homeowner’s Exemption
- The maximum homeowner’s exemption this year is $83,974, which is based upon the House Price Index published by the FHFA (Federal Housing Finance Agency).
- The homeowner’s exemption applies only to owner-occupied residences.
Assessment Appeals
- Homeowners who don’t like their assessed value can appeal their assessment to the Idaho Board of Equalization.
For more information, visit www.AdaCountyAssessor.org
Source: Ada County Assessor’s Office
June 28th, 2012 Posted in Inside Real Estate
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