Twin Falls city tax rates expected to be the lowest in eight years
TWIN FALLS, Idaho (KMVT/KSVT) -The city of Twin Falls is currently reviewing the 2021 fiscal year budget, which would reduce the city tax rate to the lowest it has been in eight years.
According to City Manager Travis Rothweiler, decreasing the city tax rate has been one the city’s fundamental goals since early this year. Unknowingly, they did not plan for the COVID-19 pandemic, which brought with it a one year property tax relief program created by the Idaho governor. This tax relief program will drop city tax rates even further then they had initially planned.
“With all the process that are in play right now, the average citizen in the median valued home in Twin Falls is looking at about $75 to $77 annual decrease in property taxes, assuming that their house went up this year,” Rothweiler said.
With this reduction, KMVT reached out to Western Magic Valley Realtors at the Parade of Homes to get their perspective on the current home buying market. The president said out-of-state buyers are noticing these tax rate reductions.
“Everyone is quite shocked at how competitive we are,” said the president of Western Magic Valley Realtors Jordan Beard. “And it really affects their bottom line especially for retirees who are watching the budget.”
The city manager describes Twin Falls as growing explosively, and the Realtors said there are more home buyers then there are homes available for purchase.
“Our market is on fire,” Beard said. “We have got extremely low inventory, and the builders are doing the best they can to keep up, but it is defiantly a hot market.”
Things are still a work in progress, and numbers with the city budget are expected to change. The Twin Falls City Council would like to hear public input on next year’s budget, which can done on at the city website. The city manager also said the city is extremely mindful of where Twin Falls sits in the local economy. Things like water, sewage and sanitation rates will not increase.
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