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Be sure to file by April 15 for your $100K property tax exemption
It's that time of year again when we remind our clients who purchased a home in the past year to make sure they have applied to receive their Kootenai County Homeowners Property Tax Exemption.
April 15th isn't just the deadline to file your tax returns with the IRS, it's also the deadline with the county for application to have up to $100,000 deducted from the county tax assessor's value of your residence. Your deduction will be 1/2 of your home's value, up to a maximum of $100,000.
Folks, that's $100,000 that you don't have to pay property tax on!
Here's how it works:
If your home's assessed value is $190,000.00 you will pay property taxes on half of the assessed value, or $95,000.00. If your home's value is $375,000.00 you will deduct the maximum exemption of $100,000 and pay taxes on $275,000.
If your home is newly constructed and no one has ever lived in the home prior to you, the April 15th deadline doesn't apply.
In this case you must apply for the homeowner's exemption within 30 days of being notified by the Assessor that the home has been appraised. Otherwise, the homeowners exemption will take affect the following tax year.
Once you have ... more
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