NORTH Idaho Real Estate Pro

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Will your Idaho Property Tax Assessments drop?.... Not necessarily

If assessed home values drop, will property your taxes do the same?

Uncle SamYou should be receiving your new "Property Valuation Notices" in the mail very soon.

I know that everyone is hoping their tax assessed value will be reduced on these valuations.  Unfortunately, whether your home value goes up or down, your property taxes won't necessarily follow suit.

"Taxes are not tied directly to home values, despite what a lot of people think," said Alan Dornfest, property tax policy supervisor for the Idaho State Tax Commission.

According to him, "Your Taxes are based on the budgets of taxing districts." and  "If cities, counties, and other taxing districts budget the same amount from property tax from one year to the next, but property values go down, the levy rate goes up automatically to compensate."

For most taxing districts, budgets aren't set until August or early September, so final property tax amounts won't be certain until then.

Dornfest said property values are determined by county assessors as of January 1 of each year, so whatever happens to the real estate market later in the year has no impact until the following year's assessment. While property values have plummeted in some parts of Idaho during 2009, Dornfest said, they've actually risen in others.

The Tax Commission oversees Idaho's property tax system, which is administered by the counties. For more information on property assessments and taxes, visit the Property Tax section of the Tax Commission's Web site at tax.idaho.gov.

 

Please contact me with any of your Real Estate / Relocation / Referral needs:

Coeur d'Alene, Idaho - City by the Lake

Pam Jank, Realtor, GRI, CRS, ABR, RRS, PPS
Previews Property Specialist
Your North Idaho Real Estate Pro
FREE MLS Listings Search at:
Web:  Coeur d'Alene Idaho Homes for Sale
email to:pamjank@hotmail.com
Phone:  208-661-2282
Fax:  208-772-628 Toll Free:  800-829-2555 EXT.1275
COLDWELL BANKER SCHNEIDMILLER REALTY
435 W. Hanley Avenue
Coeur d'Alene, ID  838315


CONTACT INFO:

Pam Jank, CRS, GRI, ABR, CNE, RRS, Realtor(c)Pam Jank, CRS, GRI, ABR, CNE, RRS, Realtor(c)
Your North Idaho Real Estate Pro
www.SellingNorthIdaho.com - Your Free Local MLS Property Search Link
208-661-2282 or Toll Free 800-829-2555 ext. 1275
Coldwell Banker Schneidmiller Realty
1924 Northwest Blvd, Coeur d'Alene ID 83814
 

 

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 Lake Coeur d'Alene

Comment balloon 3 commentsPam Jank • May 26 2009 08:56PM

Comments

Hi Pam, Thanks for the info. You 'gotta love taxes. By the way, check out my newest listing on my blog. I've got the absolute finest waterfront home in North Idaho listed. I would love to work with you.
Posted by Kent Anderson, from Schweitzer to the Lake (Coldwell Banker Realty-Schweitzer Mountain, Sandpoint, Idaho) over 9 years ago

It sure doesn't make much sense, the way Idaho's property tax system works. Thanks for a clear explanation of how it's computed.

Posted by Janna Scharf, Coeur d'Alene Idaho Real Estate Expert (Keller Williams Realty Coeur d'Alene) over 9 years ago

Pam, well this takes the wind out of my sails.  We could all use a break on our taxes right now. Especially with property values going down... however the county does need to survive.

Posted by Tim Jank (Jank & Associates) over 9 years ago

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