So you’ve heard your property taxes have gone down this year. Here’s what to expect
Homeowners in the Boise area may have a lot to be thankful for this holiday season.
Property tax bills were expected to hit mailboxes before the Thanksgiving holiday, and homeowners can expect to see savings on their bills from last year.
They have the Idaho Legislature and a decrease in assessed values to thank.
But Canyon County Treasurer Tracie Lloyd warns homeowners not to get used to the savings.
“I want to caution everyone that this is great for this year, but we don’t know what it’s going to be like next year,” she said by phone. “So just take it for what it’s worth. These tax credits and numbers are so volatile.”
Ada County
Elizabeth Mahn, the Ada County treasurer, told the Idaho Statesman that homeowners could see their property tax bills in the mail as early as Tuesday. Overall, homeowners will collectively save over $99 million on their tax bills, Mahn said.
The median Ada County household will see a property tax savings of $526, meaning half of households will see more and half less.
In 2023 the median house in Ada County was assessed at nearly $405,000.
“Homeowners are who are really seeing the biggest relief from this new law,” said Mahn.
Canyon County
Lloyd said the average home could see savings of $350 to $400.
Lloyd provided the Statesman with an example property tax bill for a home in Nampa valued at $380,300. The homeowner would see a $1,778 bill, nearly $431 less than last year.
The property tax savings depends on what school district the home is located, said Lloyd, and whether the district passed a bond to build new facilities. For example a $380,300 home in Nampa in the Nampa School District would see $428 in savings, while the Nampa home above in the Vallivue School District would see $431.
See how much your tax bill will be
Ada County homeowners can visit the Ada County Assessor’s land records website to view their property tax bills. You can type in your address and search. Then click on the taxes tab once your home appears.
Canyon County homeowners can visit the Canyon County Treasurer’s tax search website to view their property taxes. You can type in your address and search. Then click View Account.
Why so much savings? Why now?
The Legislature passed a bill, House Bill 292, which dedicated $205 million, plus $100 million in state surplus money, to property-tax relief this year.
The bill created three buckets of state funds for property tax relief: homeowner property tax credits, additional tax credits and school-construction assistance.
The actual relief homeowners will see on their tax bills will be different year over year. The law guarantees at least $122.5 million in 2024 and $182.4 million in 2025. The amounts could rise if state tax-collection surpluses allow.
“These numbers are not set in stone,” Lloyd said.
Mahn said Ada County will recalculate the bills annually with all of the factors that the new property tax law added, including state surplus.
“These savings and credits that we’re seeing for ‘23 are really just for this year,” Mahn said. “Next year, we’ll take what numbers are provided to us, and those calculations could have different results.”
This year, Boise-area homeowners also saw an average decrease in assessed value, the first since 2012. That could be a contributing factor to the property tax decrease, according to Canyon County Assessor Brian Stender.
Commercial property values increased on average by 15% to 20%, according to Stender. But commercial businesses are also expected to see property tax relief from the new law, according to the Ada County Treasurer’s Office, though an average savings figure was not immediately available.
Businesses are eligible for the relief from the school construction assistance and the additional tax credits.
When you must pay
The due date for property tax bills is Wednesday Dec. 20. Taxpayers can either pay the full amount of their bills or they can pay half, with the second half due June 20.
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