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A Tax Break Is Coming For Idaho Homeowners
Twin Falls, Idaho ( KMVT-TV / KTWT-TV ) 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 the maximum homeowner's exemption for 2014 will increase.
Since 1980, Idaho has allowed homeowners to exempt 50% of the assessed value of their properties, up to the maximum exemption.
Realtor Stan Tobiason believes this is an exciting moment if you're looking to buy.
"It's something neat that Idaho does, the homeowners exemption tax break. This year it has been increased to $83,920 up from $81,000. What that is, it's a nice incentive to give people to buy homes,” said Realtor Stan Tobiason, Gem State Reality.
In 2006, a year when the real-estate bubble was helping drive housing values through the roof.
The lawmakers boosted the exemption - and tied it to the Idaho house price index.
"It's a really nice incentive to help people get involved in buying a home. This tax exemption is only for primary residents that live in that house. It's not for rental properties, its solely to encourage people to buy single family residences,” said Tobiason.
The increase for 2014 marks the first year the maximum exemption has risen in five years.
A sign Tobiason says, that the housing market is improving in the gem state.
For the latest home listings go to, www.kmvt.com/features/real-estate