Are You Overpaying for Your Idaho Falls Home?

Idaho Falls Real Estate Podcast with Mike Hicks

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Are you familiar with homeowners' exemptions? If not, you could be missing out on an opportunity to save on your taxes!

As everyone knows, April 15 is tax day - but fewer people know that April 14th is the day homeowners' exemptions must be filed by! Also, if you're going to claim a property as owner-occupied, that home has to be occupied by the 14th.

You don't want to miss out on a homeowners' exemption because it allows you to exempt a portion of the value of your home from being taxed. The simple formula is this: they will exempt half the assessed value of your home up to a maximum of $89,000. The maximum value of the exemption changes from year to year, and could greatly affect the amount of property taxes you pay on your home.

If you've purchased a home over the past year, it's very important to have your homeowners' exemption filed before April 15th - otherwise, your taxes may rise significantly! In our next video, we'll cover how the exemption is formulated. In the meantime, go check and make sure you have filed your exemption! If you want to check, you can contact the Bonneville County assessor's office and they'll fill you in.

If you have any questions about this topic, don't hesitate to give us a call or shoot us an email. We would love to help you save on your taxes!