Don't Miss the Deadline to File Your $100,000 Property Tax Exemption!

By
Real Estate Agent with Keller Williams Realty Coeur d'Alene AB37665

Don't miss the April 15th deadline to file for
your Kootenai County Homeowners 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.

 

Kootenai county Homeowners Tax ExemptionHere'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 $275,000.00 you will deduct the maximum exemption of $100,000 and pay taxes on $175,000.

 

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 filed for the exemption, you don't have to refile as long as you own the home and occupy it as your primary residence.  The exception could be if you place your property into a trust.  If that's the case, check with the county.  

 

Here are some frequently asked questions:

 

WHAT IS THE HOMEOWNER'S EXEMPTION?

The Homeowners Exemption is an exemption provided by Idaho State law that saves the property owner money on their property taxes. This happens because the exemption deducts 1/2 of the assessed value of the buildings and up to a one-acre home site up to a maximum of $100,000 for 2017, for taxation purposes. See Idaho Codes 63-602G and 63-701.

 

WHO QUALIFIES?

A property owner who occupies the home as their primary residence and is an Idaho resident qualifies for this exemption.

 

HOW DO YOU QUALIFY?

A valid Idaho drivers license (if you drive) Vehicle is licensed in Idaho (if you own a vehicle). Registered Idaho voter (if you vote) If you file income tax, at the appropriate time the property owner would file a full year Idaho resident income tax return. You reside in Idaho for a majority of the year If the property is in a trust, bring the entire trust with you for us to review and determine eligibility.

 

WHEN TO FILE?

On new homes, owner must apply within thirty (30) days of occupying the home. On existing homes the deadline for applying is April 15th of the year that you occupied the home. We suggest that the property owner file as soon as home is owned and occupied.

 

WHERE DO I FILE?

The Homeowners Exemption Applications are available and must be filed in the Assessor's Office. The Assessor's Office is located at 451 Government Way on the main floor of the Administration building, next to the information desk. We cannot fax the homeowner's applications.

 

QUESTIONS?

Call the Assessor's Office at (208) 446-1500 or E-mail kcassr@kcgov.us

Posted by

Janna Rankin Scharf provides a superior level of real estate service to home buyers and sellers in Coeur d'Alene and Kootenai County, Idaho. Visit www.JannaScharf.com for area information and to search for all homes in the Coeur d'Alene Multiple Listing Service. 

No matter how grand or modest your real estate dreams may be, you can turn to me in confidence.  Give me a call today so I can  be of service to you!

Janna Rankin Scharf AB, GRI, CLHMS, PMN, SFR  208.651.9700

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Rainmaker
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Jim Paulson
Progressive Realty (Boise Idaho) www.Progressive-Realty.info - Boise, ID
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Great summary Janna Scharf 

I should do this for my market in Boise!

Mar 04, 2017 12:01 PM #1
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