BOISE, Idaho — The Ada County Assessors Office sent out the yearly property value assessments that give a snapshot of your property's value as of January 1, 2021. If you noticed a big jump in your assessment, you're not alone and the Ada County Assessor cautioned people to be ready for a large value increase.
In Ada County, the median 2021 assessed value of a home is $399,000, meaning half of all properties in the county area assessed more than that number. Property tax values in Ada County are up about 26% due to multiple factors.
Bob McQuade, the Ada County Assessor, says these assessments are a fair representation based on actual sales activity in the Treasure Valley.
"This is the highest change in value we've seen," said McQuade. "In the years I've been an assessor, I have never seen anything that has even come close to this."
One reason property assessment values have gone up so much is because interest rates are so low.
"We've got a lot of people moving in, there's a lot of cash, low-interest rates," said McQuade. "Millennials, they want to start participating in the market so we've got all of that, which is just really increasing the demand."
McQuade encourages property owners to contact their county appraiser if they feel their property has been mis-assessed. He says "every property owner has an appeal right." If you can't come to an agreement with your county appraiser, appeal forms are available for you to use. The deadline to file an appeal is June 28.
Another factor in home assessments is the 26-page property tax bill which passed through Idaho's legislature and was ultimately signed by Gov. Brad Little. According to the bill sponsor, House Majority Leader Mike Moyle, HB 389 was meant to provide tax relief in 2021 to homeowners by increasing the homeowner's exemption to $125,000.
McQuade wants to remind property owners this exemption is not automatic, homeowners must submit an application and can only receive the exemption on their primary residence. If you rent your property, you cannot receive the exemption.
Although Gov. Little signed the bill into law, he stated in his transmittal letter that he had some significant concerns with the process leading up to the passage and he doesn't see it providing long-term relief. That law now reduces property taxes for homeowners who qualify for the circuit breaker program by increasing the benefit up to $1,500, depending on the need.