Property Tax Notices Are In The Mail

November 18th, 2008 categories: Uncategorized

Idaho Property Tax notices for 2008 are in the mail.

Taxes are due in December 20 and can be paid in full or you have the option to pay the first half on December 20th and the second half on June 20.

Late Charges:

Your tax payment must be postmarked no later than the due date or a 2% late fee will be charged. Interest on delinquent fees plus late fees begins on January 1st and is charged at a rate of 1% per month.

Home Owner Exemptions:

If the property is your primary residence you are eligible for a Home Owners Exemption. Application must be filed before April 15th to get the exemption for the current year. The exemption is applied to the property improvements and up to one acre of land. The schedule of exemptions is as follow.

2007 - 50% of the value of your home and up to one acre of land with a maximum exemption of $89,325.

2008 and 2009 - percentage reduction is unchanged (50%), but the exemption maximum will raise to $100,938.

Circuit Breaker:

An additional tax exemption, called the Circuit Breaker, is also available to those who qualify.
Criteria for qualification, in addition to income requirements include:

1. Age
2. Marital status
3. Military service
4. Family status
5. Disabilities

What is a HOMESTEAD exemption?

Although not actually a property tax exemption, the Homestead Exemption is often confused with the Home Owner Exemption. The Homestead Act provisions protect Idaho resident’s homes from creditors or a judgment. The exemption amount is the value of the property, including improvements, or $50,000, which ever is less.

It is not necessary file for this exemption. A home that is a primary residence is automatically protected.