This online tool lets Idaho homeowners estimate their property tax bills for 2022
It’s no secret that property values throughout Idaho have increased significantly this past year, so your property tax bill shouldn’t be secret either.
That’s why the Idaho State Tax Commission created a calculator that lets residents in 38 Idaho counties estimate their property tax bill for 2022.
“We know homeowners are concerned about their taxes this year because property values have increased significantly throughout Idaho,” Tax Commission Chairman Jeff McCray said in a news release. “But the rate of increase in your property taxes usually won’t equal the rate of increase in your property’s value.”
Since its creation over 15 years ago, the calculator’s tax estimates have historically been within 1% to 2% of the actual tax bill, according to property tax policy specialist Kathlynn Ireland.
The calculator uses each home’s net taxable property value and tax code to estimate its 2022 property tax bill. Both pieces of information can be found in the home’s property tax assessment notice and entered into the calculator.
Here are the calculator’s property tax cost estimates for three hypothetical homes in real tax districts from Boise, Meridian and Nampa. A $125,000 homeowners exemption for home occupants was subtracted from each home’s property value prior to the calculation:
Boise
A hypothetical home in Boise with tax area code 01-6 and a property value of $600,000 would accrue $4,144.69 in property taxes for 2022.
Meridian
A hypothetical home in Meridian with tax area code 03 and a property value of $500,000 would accrue $2,014.60 in property taxes for 2022.
Nampa
A hypothetical home in Nampa with tax area code 0020000 and a property value of $400,000 would accrue $2,166.58 in property taxes for 2022.
The amount of tax applied to a property is dependent on budgets set by all taxing districts where the property is located.
Due to budget restrictions, any increase in the budgets can’t usually surpass 3% per year. With an added allowance for new construction, the total yearly increase is limited to 8%.
From 2019 to 2021, budgets in Idaho increased by an average of 3.8% according to the Idaho State Tax Commission.
The estimated tax bill provided by the calculator might not include potential bills covering levies for new taxing districts, recent voter-approved funds or certain fees.
Actual tax amounts will be determined in late summer once the individual cities, counties and taxing districts have set their budgets, according to the news release.
The calculator is available on the Idaho State Tax Commission’s website at tax.idaho.gov.
