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