STATE TAX COMMISSION SETS 2008 HOMEOWNER’S EXEMPTION

BOISE, IDAHO — Sept. 19, 2007 — The maximum homeowner’s exemption for 2008 will increase to $100,938, according to calculations by the Idaho State Tax Commission. The maximum exemption for 2007 is $89,325.

Idaho provides a partial property tax exemption to qualified homeowners for their primary dwelling and up to one acre of land. The law exempts 50 percent of the assessed value from taxation; however, the exemption can’t exceed a maximum value that changes each year based on the Idaho Housing Price Index. That index is published by the United States Office of Housing Enterprise Oversight.

“The 2008 exemption amount of $100,938 doesn’t apply to any property tax bills homeowners receive for 2007,” explained Alan Dornfest, property tax policy supervisor. “We won’t know the effect it has until next year’s property values and taxes are figured out.”

Idaho’s homeowner’s exemption began in 1980, with a maximum of $10,000. It remained at that level until 1983, when it was raised to $50,000 by voter initiative. The 2006 Idaho Legislature raised the exemption to $75,000 and tied future numbers to the Housing Price Index.

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