Did All Twin Falls Property Tax Payers Get Money Back This Year?

We don’t all keep up with what goes on in the Idaho Legislative Sessions. Some people may not know something good happened in Idaho during the legislative session that passed House Bill 292.

Property taxes have struck people across the country. While the increase in property value is great if you want to sell your home, people living in their homes were hit with big increases in taxes due to that value. Idaho legislators made a plan to help its residents with some of that burden.

Did All Property Tax Payers Get a Refund Check?

After the bill was signed, money came back to Idaho property taxpayers. Most times, correspondence from the assessor’s office gets filed away to ignore until a discrepancy arises. So, residents were pleasantly surprised to get a check from escrow accounts in February.

The law’s first year could provide up to $355 million in property tax relief. In the second and third years, the law could provide about $110 million to reduce property taxes for homeowners, roughly $100 million to reduce property taxes for all property tax taxpayers, and about $100 million could be distributed to school districts based on average daily attendance.

The school district facilities fund will get some, and there will be help for property owners in 2024 with what is called a circuit breaker. The Property Tax Reduction (Circuit Breaker) for 2024 has some rules, but there are people in Twin Falls County who will qualify and benefit.

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Know how the 1040 got its name? For every $50 you earn, you get 10, they get 40.