New Exemption Benefits Homeowners Sooner
Property owners in Ada County help support a myriad of services. You’ll notice line items on you annual assessment for emergency medical, ACHD, College of Western Idaho, mosquito abatement.
On your primary residence you are eligible for a “homeowner exemption” for your property taxes. According to the county assessor this “allows 50% percent of the value of your home including up to one acre of land to be exempted, or up to $100,000 worth of exemption; whichever is less.”
You do not get an exemption on property taxes for any investment properties (like rentals) you may own.
Until recently, if one purchased a home that had previously been a rental, the new buyer didn’t receive the exemption if they closed after April 15. The new owner couldn’t apply for the exemption until the following year.
But here’s what happened in the 2020 legislative session:
“If the property purchased did not previously have a homeowners exemption and it is purchased after April 15th the new owner can still apply for and receive the exemption for the remainder of the year after the application has been accepted by the county. If the property purchased did not previously have a homeowners exemption and it is purchased after April 15th the new owner can still apply for and receive the exemption for the remainder of the year after the application has been accepted by the county.”
Click here for the Boise Regional Realtors complete update.
Give us a call at 208.917.3330 if you would like any info on real estate-related topics. The Pettitt Group has nearly 20 years experience helping buyers and sellers in the Treasure Valley.
Posted by Andrea Pettitt on
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