Ada County Property Taxes Going Up
According to the Assessor's office, homeowners/property owners in Ada County will be getting their property tax assessments this week. The assessment notice is a snapshot of your property's value as of January 1, 2021.
It looks like the move by the legislature will not offset the expected increases in property taxes due to the escalating real estate market. Ada County Assessor Robert McQuade is hopeful that county residents have been following the news of significant price increases for Ada County properties and are already in tune with local market conditions.
McQuade cautions property owners to be ready for large value increases. "In this red-hot market, it has been very difficult to keep up with value increases," McQuade said in a media release.
What is the median assessed value in Ada County?
The median 2021 assessed value in Ada County is $399,100. The median percent increase is 26%. This means half of all properties in the county are assessed more than $399,100 and the other half are assessed at a lower amount. The median assessment increase is 26% - meaning half of the properties' increases are below that, and half are above.
"We estimate the January 1st fair market value based on actual sales activity, as required by state law," said McQuade. "Until local authorities complete their budgets and determine the tax levies needed to fund those budgets, it is extremely difficult to know how property tax charges will be affected."
What about Levies?
Levies are established after local governments and taxing entities (such as schools, cities, fire districts, and ACHD) set and approve their budgets. State law caps budget increases to 3% per year, plus a component for growth. Assessor McQuade points out, "Generally, the higher values climb, the more downward pressure is put on levies, so I'm hopeful levies will decrease in response to these rapid value increases." He also recommends property owners refer to the Assessor's website, particularly a feature under "News and Information" that discusses the indirect relationship between value and property tax. PROPERTY VALUE AND PROPERTY TAX (id.gov)
Will The Homeowners Exemption Make A Difference
The Homeowner's Exemption in Idaho recently increased from $100,000 to $125,000 and exempts the first $125,000 in value (or 50% of the property's value, whichever is less) from taxation. Assessor McQuade reminds property owners this exemption is not automatic – homeowners must submit an application and can only receive the exemption on their primary residence. So if you rent your property you cannot receive the exemption.
Avenue of Appeal?
Assessor McQuade encourages property owners to contact their county appraiser if they feel their property has been mis-assessed, and reminds them "every property owner has an appeal right." If you cannot come to an agreement with your county appraiser, appeal forms are available on-site at both the Assessor's Office and the Ada County Commissioners' Office, and online. The deadline to file an appeal of your property's assessment is Monday, June 28.
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