You will be receiving your property assessments in the mail the first part of June. You will notice that property values have increased. In my 26-plus years of working for the Idaho County Assessor’s Office, I have never seen values like this.
Sales prices returned to us for 2020 show the housing market is rapidly increasing in Idaho County. These prices are compared to our assessed values as a group to determine compliance with the Idaho State Tax Commission rules and state statutes. With the surge in prices being paid for homes, we fell short of the mark and must increase residential property values to get back into compliance. If we remain out of compliance, values are set by the State Tax Commission without the opportunity for appeals. Unfortunately, we received only 42 percent of useful information on the sales prices for all sales (land and residential) on which to base market value for the entire county. More data would provide a much more accurate picture and could make a difference in the outcome.
So what did we do?
In short, we raised values for residential properties to reflect what has been happening in the market place. The long answer is in the how — what exactly was changed to make these increases. Sales were carefully reviewed to determine if the impact was different in different areas of the county and for different types of homes. We found several areas that needed to be addressed. The county had increases on residential with different percentages depending on the area. The increases were quite significant in some areas. These substantial changes have barely got us back into compliance with the State Tax Commission to keep them from setting values at a full 100 percent of the market, as based on the sales received.
The bottom line everyone wants to know when values increase is “how will this affect my tax bill?” The taxes are computed by multiplying the total assessed value by the levy rate in your code area. The total valuation has increased throughout the county. The budget amounts (which are limited as to how much they can be increased) are not available until the fall. Change creates tax shifts between taxpayers (some paying more and other paying less). In other words, a 30 percent increase in valuation on an assessment notice does not equal a 30 percent increase in taxes.
Please feel free to come in or call to discuss your individual valuation if you have questions or concerns. The deadline for us to make changes for the current tax year or to file an appeal with the Board of Equalization is June 28.