Ada County Property Tax Insanity
We are living in a land of confusion. That is the only phrase that described the current state of property tax escalation. The Ada County assessor's office reports that homeowners in Ada County can expect a whopping twenty-five percent increase in their tax statement this year. The rise in valuations rivals the stock market and Bitcoin.
Ada County Assessor Robert McQuade told Channel 7 that the hot housing market is causing a record increase in property taxes. He says the last big spike was during the early 2000s, which convey a rise between thirteen and fourteen percent of home values.
Will a twenty-five percent assessment increase mean you'll pay an additional twenty-five percent in property taxes this year? McQuade answered that question to Channel 7. "A 25% increase in value is not going to translate into a 25% increase in your taxes; that could just not happen," McQuade said.
If you disagree with the amount of the assessment you do have the option to appeal by calling the assessor's office.
Property taxes will continue to be the number one issue regardless of party affiliation. The lack of movement to limit their growth will be a central talking point during the upcoming primary season.
The legislature ended its session Wednesday night, passing an increase in the homeowner's exemption from $100,000 to $125,000. Most agree that will not come close to offsetting the ever-expanding property taxes in Idaho. Idahoans will consider this session a big disappointment when they see and have to pay this year's property tax.
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