Great News for Idaho Real Estate Owners!
The 2014 homeowner’s property tax exemption will increase from $81,000 for 2013 to $83,920 for the year 2014. Idaho homeowners get a little bigger break in 2014, thanks to recovering real estate prices. Which means a little less money to pay out of our household budgets on property taxes.
Since 1980, Idaho has allowed homeowners to exempt 50 percent of the assessed value of their properties, up to the maximum exemption. The maximum exemption topped out at more than $104,000 in 2009, bus has fallen with the crash of the housing market ever since.
The increase for 2014 marks the first year the maximum exemption has risen since 2009.