Homeowner Tax Exemption To Decrease For 2012
Updated On: Jun 05 2012 01:12:19 AM CDT
The taxable value of area homes will jump again next year, as the homeowner's tax exemption is decreased.
In 2011, a maximum $92,040 was deducted from the total assessed value of Idaho homes. The remaining value is the amount on which homeowners were taxed last tax season.
Next year, the tax exemption drops to just over $83,000. That means less of a tax break on eastern Idaho homeowners come April 15, 2013.
Bonneville County assessor Blake Mueller said the state tax commission will watch markets around the state and apply it to a formula to determine the exemption.
"They will see from our county as well as the other 43 counties what house prices are doing and they'll apply that formula," said Bonneville County assessor Blake Mueller.
Real estate property value tax exemptions began in the 1980s and included only a portion of the value of a house itself. Later, the exemption increased to include land value. The amount of money exempted has decreased from $100,000 downward over the past several years.
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