Here’s some helpful info about Ada County property tax assessments for 2021.
Property tax assessments are finally out for Ada County homeowners. According to our assessor Bob McQuaid, we’re seeing one of the largest increases in property tax assessments for Ada County in at least 50 years. We typically see a 7% to 9% increase annually, but this year we’re seeing a whopping 25% jump. How does this massive increase impact you?
A higher property tax assessment does not necessarily mean there will be a higher tax bill to pay. Taxing districts like schools and city councils will set their budgets in the fall. McQuaid said that a 25% increase in assessed values does not correlate with a 25% increase in property taxes. Additionally, there's a new tax perk for owner occupants as of this year: The Homeowners Exemption has increased from $100K to $125K. That means that if you occupy your home, and it is assessed at $500K, you will pay taxes on $375K vs paying taxes on the full assessed value of $500K.
If you do have concerns about your assessment and want to know how to dispute it, I can help walk you through that. The deadline to file an appeal is June 28, so reach out to me ASAP so we can chat.
If you have any other real estate-related questions, don't hesitate to reach out via phone or email. I look forward to hearing from you soon.