Raise your hand if you like saving money! You can’t miss this little chunk of cash callled “The Homeowners Exemption”. You may be eligible to save money on your property taxes if you do the following: purchase a house, live in it (sorry landlords)… and fill out a form. Pretty simple really.
Here are the requirements:
1- Own and occupy the property as your primary dwelling before April 15th and apply for the exemption by April 15th of the year you are applying with the county assessor’s office.
2- You only have to apply once and it stays with the property as long as you continue to both own and occupy it.
3- Upon change of ownership, the new owner must apply for a new exemption. You are only allowed to claim one Idaho property at a time as your primary residence.
The exemption allows for 50% of the value of your home and up to one acre of land to be exempted, up to the maximum amount ($89,580 for 2015).
You purchase your home for $155,000, for simplicitys sake lets use a 1% tax . This means you would pay $1,550 in taxes annually.
However, with the exemption this would be $775.
For a $300,000 home you would pay taxes on $179,160 at the 50% rate and on the remaining $120,840 the full 100% rate.
Without the exemption the taxes would be $3,000. With the exemption the taxes would be $2,104.20
I really want to insert some comment about this being so easy a caveman can do it here, but perhaps that’s too much. So without further adieu, just call your local County Assessor and fill out that form.