Idaho homeowners receive a partial tax exemption on their primary dwelling and up to one acre of land.  The law exempts 50% of the assessed value from taxes.  The exemption cannot be more than the maximum home exemption value each year.

It’s important as a tax payer and a home owner to know what your homeowner exemption is.  The Idaho Tax Commission has set the new 2012 exemption amount to $83,974 reducing it from the previous exemption of $92,040 in 2011.  This is based on changes in the Idaho House Price Index calculated by the Federal Housing Finance Agency and is tied by law.  It is because of falling home prices in 2010 and part of 2011.

Basically if your market value of your home is under $167,948 there is no change in the amount of homeowner exemption for you.  If your market value is more than that, it may be worth it to make sure the property is assessed at the true market value.  If you think the assessed value is more than the market value of your property on January 1, 2012, you can file an appeal with the county commissioners (contact the county clerk) by June 25, 2012 (fourth Monday in June).

Ada County:

200 West Front Street Boise, ID 83702 Phone: (208) 287-6840 Fax: (208) 287-6849

Canyon County:

County Courthouse Caldwell, ID 83605-3542 Phone: (208) 454-7557 Fax: (208) 454-6689

Additional links:

http://tax.idaho.gov/n-feed.cfm?idd=250

http://tax.idaho.gov/i-1051.cfm

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