ADA COUNTY, Idaho — It's the time of year when counties are releasing annual property assessments, the annual assessment of a property's value as of January 1st, estimated by the county assessor's office.
Many have been reporting high increases in their property assessment this year. The Ada County Assessor said property value increased by a median of 30% this year. The increases are causing alarm because of what it might mean for property tax bills, but the Ada County Assessor Robert McQuade said any increase will likely impact property taxes but it's not yet known clear by how much.
"There really seems to be some confusion. Some people think that we're causing taxes to go up. No, we do not do that. It's the taxing authorities and setting their budgets, that's what causes taxes to go up," McQuade said.
Taxing districts like the City of Boise, Ada County and ACHD are still setting their budgets for the year — so there's still time to weigh in.
There are also property tax reduction programs available, including the Circuit Breaker program, the 100% Service-Connected Disabled Veterans Tax Benefit Program and the Property Tax Deferral Program.
To learn more about these programs or to see if you qualify, click here.
Idaho also has a Homestead Exemption which allows the value of your residence to be exempt at 50% or up to $125,000, whichever is less. You can find more information and qualifications by clicking here.