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Will economic conditions impact property taxes in Twin Falls?

The city manager’s recommended budget gets presented to city council July 5
(KMVT)
Published: May. 19, 2022 at 5:38 PM MDT
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TWIN FALLS, Idaho (KMVT/KSVT) — With the uncertainty of today’s economy, putting together a budget for the next fiscal year isn’t an easy task.

With the growth of Twin Falls, there are even more hoops to jump through.

With rising home values and wages going up, this makes Twin Falls City Manager Travis Rothweiler’s job at keeping a balanced budget, which is mandatory, a little bit tougher.

The first thing many people think of is, “how are my property taxes going to be impacted?” With an increase in value of residential property, the tax rate will go down, but that doesn’t mean taxes won’t go up.

“I don’t want to sit here and tell you that residential property payers aren’t going to pay any more in property taxes, it’s going to be on a case by case basis, and really how much their property has appreciated in the eyes of the county assessor,” said Rothweiler.

Currently, there is a homeowner’s exemption up to $125,000, but Rothweiler believes this exemption should be indexed and not flat.

“Having a flat homeowner’s exemption of $125,000 does not represent the median home values, so the legislature really needs to spend some time fixing that part of the equation,” Rothweiler said

The median home value in Twin Falls now about $380,000 after being just $200,000 in early 2019, according to Zillow.

Twin Falls also has $8.5 million in American Rescue Plan funds to use in one-off situations.

“We’re going to have a council and citizen committee that will be created by the council later this summer, go through and determine the best way to spend those resources,” said Rothweiler.

The next fiscal year doesn’t start until October, so there is plenty of time for adjustments and public comment on where funds should be allocated.

The City Manager’s recommended budget gets presented to city council on July 5, 2022.

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