Janna Rankin Scharf, PMN, SFR, GRI, CLHMS - Coeur d'Alene Idaho Homes For Sale
Property owners in Kootenai County, Idaho are looking at a reduction in the amount of the exemption they will receive in 2012 on their primary residence of $8,066.
The Idaho Tax Commission has calculated the 2012 maximum exemption at $83,974, down from last year's maximum of $92,040. The exemption on taxable value applies to 50% of the home's assessed value, and up to one acre of land.
Under state law, the Tax Commission adjusts the exemption amount each years based on the Idaho Housing Price Index.
The lowering of the maximum exemption will increase net taxable value for homeowners whose property valuations exceed the maximum.