Homeowners in North Idaho benefit from a substantial reduction in property taxes when they occupy the home as their primary residence. But to receive it, you must apply! This exemption is provided by state law and deducts 1/2 of the assessed value of the home and garage (not the land) up to a maximum of $50,000 for taxation purposes. You qualify if you have:
- A valid Idaho drivers license (if you drive)
- A vehicle licensed in Idaho (if you own a vehicle)
- Registered Idaho voter (if you vote)
- File an Idaho resident income tax return (if you file)
- Reside in Idaho for a majority of the year
Wondering when to file? On newly built homes that have not previously been occupied, the owner must apply within 30 days of occupying the home. On existing or when purchasing a resale home, the deadline for applying is April 15 of the year that you occupied the home. A good rule of thumb is for you to file as soon as the home is owned and occupied.
Where to file? The Homeowners Exemption Applications are available at the Assessor's Office and must be filed there. In Kootenai County, the Assessors Office is located at 451 Government Way in Coeur d'Alene, on the main floor of the Administration building, next to the information desk. Questions? Call the Assessor's Office at (208) 446-1500.
Janna Rankin Scharf provides a superior level of real estate services to home buyers and sellers in Coeur d'Alene and Kootenai County, Idaho. Visit www.JannaScharf.com to search for homes in the Coeur d'Alene MLS for anywhere in spectacular North Idaho.
No matter how grand or modest your real estate dreams may be, you can turn to me in confidence. Give me a call today and let me know what I can do to be of service to you!
Janna Rankin Scharf AB, GRI, CSP, CNS, CLHMS 208.651.9700
