Idaho Home Owners to Get Larger Tax Break
BOISE, Idaho (AP) — Idaho homeowners will get a little bigger break on their property taxes this year, thanks to recovering real-estate prices. The Idaho State Tax Commission announced Tuesday the maximum homeowner’s exemption for 2014 will increase to $83,920, from $81,000 this year.
Since 1980, Idaho has allowed homeowners to exempt 50 percent of the assessed value of their properties, up to the maximum exemption. In 2006, a year when the real-estate bubble was helping drive housing valuations through the roof, the Idaho Legislature boosted the exemption — and tied it to the Idaho House Price Index.
The maximum exemption peaked at more than $104,000 in 2009, but has since fallen with the crash of the housing market. The increase for 2014 marks the first year the maximum exemption has risen since then.