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Facts & Figures - Idaho

Property taxes for the state of Idaho.

If you’re a native of The Gem State, you might already know that property taxes are applied to homes, farms, businesses, industries, warehouses, offices, and most privately owned real property and personal property (e.g. machinery, equipment, farm tools, and office furniture).

Property is taxed at 100% its fair market value and a general property tax is applied locally, which is limited to 1% of the property’s market value. Counties levy taxes on residential properties for schools, cities, counties, law enforcement, highways, and so on.

Half of these property taxes must be paid by December 20 while the remaining other is due June 20. If you need additional assistance with your payments, increments of no less than $25 can be paid but you should first check with the county treasurer.

Just like other states, property tax in Idaho can be calculated by multiplying the average tax rate by the property tax, deducting exemptions. The tax rate is basically the sum of all taxing districts in one area.

Your primary residence is eligible for an exemption of 50% of the home’s assessed value, which has a maximum of $100,938. Also, in 2006 the Property Tax Reduction (i.e. Circuit Breaker) program reduces all qualified homeowners the chance to reduce property tax on their home and up to one acre of land. The amount of the reduction is based on the income amount of the previous calendar year. The maximum exemption you can earn is $1,200, but some fees associated with irrigation, solid waste, etc. cannot be waived in some counties.

To qualify for this exemption, you must meet the following requirements:

  • If you own and live in your primary residence.
  • If your household income was $28,000 or less after deductions
    o Medical expenses not covered by insurance
    o Business and farm loss
    o Capital gains
  • If you fit in one or more of the following categories:
    o Age 65 or older
    o Widow(er), any age
    o Blind
    o Fatherless or motherless child younger than 18
    o Former POW
    o Veteran with a minimum of 10% disability related to service; or are receiving VA pension for a disability unrelated to service

Learn more about the Property Tax Reduction here.

This link will serve as a great introduction for all tax purposes, if you’re a new resident of Idaho.

Here, you’ll find information about other taxes as well such as income tax and sales and use tax.

Idaho State Tax Commission

 

 



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