How to figure property taxes (Boise, Star: low income, 2013, assessors)

[Binkus]

Could someone tell me how to figure out property taxes on a 275,000 home? Also, are seniors given a tax exemption? I'm looking at a home in Star and wonder what the taxes will be.

Thanks!

[ILI.EB]

Are you going to be living in it as your primary home? If so, you can deduct a homeowners exemption at a maximum of $75,000.

If the assessed value is 275,000, you can subtract your exemption.
The average property tax rate in Ada county is 1.25%

275000 - 75000 = 200,000

200,000 x 1.25% = $2,500 annually

That's a rough figure, it will be slightly different but not by much.

You can also look on Zillow; find similarly priced homes and look at their tax data.

[IdaD]

If you're looking at a specific home, check it out on the Ada County Assessor's website:

Ada County Assessor

Click on search by address on the left menu, agree to the terms and plug in the address. You can pull up past assessment notices and find some other info on the property and residence as well.

[truckingbronco]

Originally Posted by ILI.EB

Are you going to be living in it as your primary home? If so, you can deduct a homeowners exemption at a maximum of $75,000.

If the assessed value is 275,000, you can subtract your exemption.
The average property tax rate in Ada county is 1.25%

275000 - 75000 = 200,000

200,000 x 1.25% = $2,500 annually

That's a rough figure, it will be slightly different but not by much.

You can also look on Zillow; find similarly priced homes and look at their tax data.

Average tax rate is about 2.0% in Northend, before accounting homeowner exemption. I don't think it varies that much in other parts of town. Check out the assessors site to see past data on the homes that caught your interest: Ada County Assessor

[Binkus]

Thanks everyone! I'm seriously considering it for my primary residence. Just need to have an idea what the taxes will be since that will play a part in my purchase.

[ILI.EB]

Originally Posted by truckingbronco

Average tax rate is about 2.0% in Northend, before accounting homeowner exemption. I don't think it varies that much in other parts of town. Check out the assessors site to see past data on the homes that caught your interest: Ada County Assessor

2% is absurd. I know for a fact I'm not paying anywhere near that.

[wolfdog]

Using this example, what are the possible veteran's exemptions for this house?
Edit: Too late to delete. Found it by Googling. Based on low income.

[truckingbronco]

Originally Posted by ILI.EB

2% is absurd. I know for a fact I'm not paying anywhere near that.

2% is pre-exemption, and if you live in Boise, you're paying pretty close to that.

[Lacerta]

Originally Posted by ILI.EB

Are you going to be living in it as your primary home? If so, you can deduct a homeowners exemption at a maximum of $75,000.

If the assessed value is 275,000, you can subtract your exemption.
The average property tax rate in Ada county is 1.25%

275000 - 75000 = 200,000

200,000 x 1.25% = $2,500 annually

That's a rough figure, it will be slightly different but not by much.

You can also look on Zillow; find similarly priced homes and look at their tax data.

Slight correction, direct from the Idaho Tax official website:
The maximum value of the homeowner's exemption changed from $83,974 for 2012 to a maximum of $81,000 for 2013.

So you can exempt up to $81k (or half the value of your house, whichever is LOWER).

I agree that pre-exemption the taxes are about 2%. My house is worth less than $162k ($81k x 2), so I exempt half the value of my house, and I pay about 1%.

Also, there is no additional exemption for seniors that I have ever heard about.

[ILI.EB]

Correct me if I'm wrong, but the tax RATE does not change pre or post exemption.

Lets think about this for a minute; if your house is worth 162k and your pre exemption rate was 2%, your property taxes would be $3,240. There is just no way. We paid $5,900 for a house in California with a value of $631,000; no exemptions. There is no way that Ada county would charge that much more.

When you get your exemption, the only thing that changes is the amount that you are taxed on. (162000 vs 81000) You don't get a tax rate break as well as a taxable amount break. Or do you?

When I had an exemption (at the time the max was around 75,000) my property tax was around 1000 and when I lost the exemption it jumped to just shy of $2,000 Value was ~156,000 This works out to be ~1.25% either way.

Can somebody who has a better understanding explain this 2% thing to me; maybe I am missing something.