Tax season is upon us! That means we not only need to file taxes by April 15th, but also to file for the homeowners exemption.
If you’re not sure if you qualify or where to file, we are here to help!
What Is The Homeowners Exemption
This exemption is provided by Idaho state law, for the purpose of reducing the taxable value of your home up to $100,00 or 50%, whichever is less. For example, if your home is worth $400,000, you may only pay tax on $300,000. As a result, this exemption will save you money and reduce you property taxes!
A home owner can file the exemption if they are an Idaho resident and they occupy the home for more than 6 month out of the year (Primary Residence). It can only be filed on the primary residence, it can not be put on a second home or a rental.
When To File
New Construction you must file within 30 days of purchasing the home.
For Existing Homes, the deadline to file for the homeowners exemption is April 15th for THIS year’s exemptions.
File one time per house. After you file, the exemption stays with the house until you sell the house. Then you will need to file it again on your next home.
Where To File
Filing must be done at the county’s assessors office where the house is located. Every county does it a little differently, but you have to file each one in person, it can not be done online. Below are a list of the addresses of nearby counties:
Kootenai: 451 Government Way, Coeur d’Alene
Shoshone: 700 Bank St #100, Wallace
Boundary: 6452 Kootenai St, Bonners Ferry
Bonner: 1500 US-2 #205, Sandpoint
Benewah: 701 College Ave # 7, St Maries
Do Not Share Sales Price
Idaho is a non disclosure state. That means you do not disclosure the purchase price of the home with the county or on any external sites like Zillow because it is not required. This is a good thing! If the county has the home assessed at a lower value than what you purchased it at, you will continue to be taxed at the lower rate. If you share the higher purchase price with them, they will start taxing you at that higher level.
Below are a few other exemptions you can file on your property. Click on the links to learn more about how it works in Kootenai county. You would file each of the below exemptions the same way as a homeowners exemption, at the county’s assessor’s office where the land is located.
Agricultural: This program will reduce the taxable value on agricultural land.
Timber: This program will reduce the taxable value of the private land used to primarily harvest timber.
Property Tax Reduction Program (Formally known as Circuit Breaker): This program reduces property taxes for individuals who meet age and income requirements.
If you have any questions, concerns or confusion, never hesitate to contact us! We are here to address any roadblocks you have and point you in the right direction so that you can save some money on your taxes.
Check out our video below regarding important tax information for home owners. Also, subscribe to our YouTube page to keep up with all things real estate!
When buying a home for the first time you most likely want to save money any chance you get. It can seem like an overwhelming and never ending drain on your bank account. When you finally close on your new home you probably won’t want to even think about any more paperwork or transactions, but a quick trip to the County Assessor’s office to file a homeowner’s exemption will save you so much money each year in property tax.
What is it ?
An exemption that reduces the taxable value of your home up to a maximum of $100,000 in value.
Why do I need it?
By reducing the taxable value of your home, your taxes are much LESS and you SAVE! If you have a mortgage, this savings will likely reduce your total monthly mortgage payment.
If you live in your home at least 6 months out of the year as your primary residence, you qualify!
When do I need to file?
You must file by the 15th of April in 2018!
Where do I file?
The county assessors office for the county in which you reside.
Remember: Idaho is a non-disclosure state and this means that you do not have to share the value of your home with the county when you apply (what you paid for it)
If you are not sure about your home owner exemption status, give us a call and we would be happy to help you! We are here to help!
If you’ve been outside anytime during the last week, you no doubt noticed the smoke. It’s fire season again in the Pacific Northwest. Before we talk about the multitude ways to help keep your investment safe from fire, I want to give a heartfelt thank you to all of those firefighters away from their families. Thank You! On to business.
When you decided to purchase a house and make the emotional commitment of being a home owner, I truly doubt you ever thought that a fire could happen to you. According to the National Fire Protection Agency, in 2015 there were 501,500 structure fires in the U.S. resulting in just over 10 billion dollars in damages and 2,685 deaths. No one wants to be a part of this statistic.
Smoke alarms probably seem like a no-brainer, but there maybe you forgot to test them or check the batteries. It is recommended that you test them monthly and replace the batteries every six months when you change the clocks for daylight savings time. Another thing to remember when putting in new alarms, smoke rises. Smoke is less dense than air so it rises, which is why smoke alarms are on the ceiling or no further than 6 inches from the ceiling on the wall.
typically associated with businesses, schools and hospitals but fire extinguishers are recommended for the home as well. The best places to keep your home extinguishers are anyplace that you would expect something to combust. Obviously the kitchen, but also in places like the garage or down in the basement by the furnace. You, the homeowner are also encouraged to have a fire extinguisher for every floor. You don’t want to be in a situation where you have to run upstairs to get the fire extinguisher.
Know your types of extinguishers!
There isn’t one fire extinguisher that works on all types of fires. And speaking of types of fires, there are 6. SIX! with 5 different types of extinguishers, the location of the fire will most likely dictate the type of fire. I am not going to go in depth with all of the types and appropriate applications. But for the sake of the homeowner, you’ll need to determine which one is right for the different areas of your home. It is worth noting that the dry powder type of extinguisher (also known as the ABC type) is not recommended for small spaces such as homes and offices. If inhaled, it can be very damaging.
Know how to use the extinguisher
Having an extinguisher is just half the battle. If you want to be effective in stopping fires before they do real damage, you need to know how to use them. remember the acronym PASS. P-pull pin A-aim at the base S- squeeze the trigger S- sweep back and forth. Here is a short video illustrating the proper technique.
Emergency Escape Route
I remember when I was young, I always thought it was silly to do a fire drill at home. It wasn’t until I grew up and had babies of my own and realized that you absolutely need to practice. If you live in a home with multiple stories, get a window ladder. You wont always be able to use the stairs. Some advice I would like to pass on. If there is a fire in your home. Do not get dressed. Don’t try to find valuables. Don’t search for pets. Just get your children and leave the house. Most likely the animals will find a way out on their own. They have instincts that guide them away from fire. Your valuables are worthless if you do not have someone to share them with. Keep your family safe.
Keep combustibles away from outlets and other electronics.
It makes sense when you think about it retrospectively. But how often do we push furniture up against outlets or not think about the power strip we have had around since the 90’s. Sure it might work just fine. But newer electronics like power strips are being made safer and besides, after years of use (or maybe abuse) it’s not exactly as safe as it used to be. Outlets, extension cords, open or lose wiring. Check them. As for your electronics, I’m sure you’ve noticed that after using tv’s or laptops they get warm (maybe hot) to the touch. With the right combinations of factors, you could have a fire on your hands. Keep electronics off when they’re not being used. While the electronics are in use, keep them away from combustibles.
Keep the dead and dry stuff away from the house
Not all fires start from inside the home, some start from your yard or property. As homeowners, you are advised to trim back or remove completely, any dead trees or shrubs, or any dried up debris. These types of organic materials serve as kindling in wildfires, and they pose a threat to your home as well!
If we forgot something or you know a good way to keep your home safe, please say so in the comments! We love hearing from you. Stay safe out there in the heat and smoke!