As you look at your Assessment Notice you may be surprised at your property’s value increase. As you’ve no doubt heard, Ada County real estate is increasing in value faster than almost any other county in the United States.
Why are assessed values so high again this year?
- High demand driven by growth, in-migration, and cash-buyers
- Low inventory, where demand exceeds supply
- High construction costs
What will this mean for property tax charges?
Your property tax charges will likely be affected but we do not know the extent and won’t for several months. That’s because, taxing Districts – such as the city in which you live, (Boise, Meridian, Kuna, Garden City, Eagle, Star) along with other taxing entities like Ada County, ACHD, schools and fire districts, to name a few, will set their budgets later this year.
Property Tax Relief: Homestead Exemption (aka Homeowner’s Exemption, or HOE)
Who qualifies?
To qualify, applicants must own, occupy, and use the residence as their primary dwelling. There are no income or age restrictions to qualify for the Homestead Exemption, but the exemption is only extended to one’s primary residence.
What is the deadline to apply for the Homestead Exemption?
An application for HOE can be submitted as soon as the owner has moved into the home as a primary dwelling. The statutory deadline to file an application is within the current calendar year. HOEs cannot be granted retroactively for prior years. To qualify, an owner must complete and submit an application to the Assessor’s Office. The exemption stays in place as long as you continue to meet qualifications. The HOE is lost if you move, no longer occupy the home as your primary residence, or sell the property. The value of the Homestead Exemption was recently increased to $125,000 or 50% of your property’s value (including up to one acre of land), whichever is less.
To learn more about property tax relief for next year: https://adacounty.id.gov/assessor/assessor-information/