Idaho Property Tax 101

September 10, 2020

Idaho property taxes are very different than the neighboring states. First of all, property taxes in Idaho are also paid in arrears.  That means we don’t pay your property taxes for the current year until December 20th of that same year and then, you will only pay the first half of the year. It’s a bit confusing. Taxes are collected and paid twice a year. Similar in most states, if you are getting a mortgage, when you receive your tax bill from the assessor’s office, you don’t need to pay it. Your lender will be rolling your estimated taxes into your monthly bill, so your lender will use the funds in your escrow account to pay your property taxes on your behalf. Here’s the timeline for taxes in Idaho:

  1. January 1st is the date used to determine your property assessment value by the county assessor
  2. May is the month assessed value’s are mailed out to homeowners
  3. June is the month you have to appeal your assessed value- if you wish to do so
  4. November is the month your tax bill is mailed to you
  5. December 20th the 1st half of your current year taxes are due
  6. June 20th (of the next year), the 2nd half of the previous years taxes are due.
How is the assessed value determined?

Idaho is a non-disclosure state. This means that sales prices are not a matter of public record, and you do not have to provide your sales price to the assessors office. They’ll ask but you do not need to divulge that information if you don’t want to. Assessments, for the most part, are usually lower than true market values of properties. However if you purchase a new construction property, the closer the assessed value is to true market value. This is because the assessor can see what a builder is selling properties for, just like the general public can.

Another great thing about Idaho is the Home Owner’s Exemption. If you will be occupying the home, you will receive a property tax credit. The homeowners exemption, is equal to 50% of the value of our primary residence (and land) or $100,000,whichever is less. You can request this form from the assessors office or any local title company. As soon as you close and record on your home, it is recommended to quickly take to the assessors office (in the courthouse) to file this. You must do so within a certin number of days so it’s best to get it done as soon as you close so you don’t forget. Remember, you do not need to tell them what you paid for it. If so, your taxes will likely increase 🙂 Here’s more information on the Homeowners Exemptionhttps://tax.idaho.gov/i-1051.cfm

This was a lot of information. Please let me know if you have any questions at all!

Laurel Jonas
Engel & Völkers Coeur d’Alene
Cell: +1 208-758-9000

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