How Can You Save Big on Your Taxes This Year?

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Last time, we discussed the homeowner's exemption, and we want to take this time to remind you that you must file for your homeowner's exemption by April 15! If you've done this in the past, you don't need to worry about it. However, if you've purchased a home in the last year, you want to make sure you have that exemption in place. To find out whether you have it taken care of, call the Bonneville County Treasurer's office. 

Many have asked me how exactly the exemption is calculated. Well, it's an indexed figure - half the value of your home, up to a maximum of $89,000, will be exempted from being taxed. It's not a reduction in the tax rate, but an exemption of a portion of your home from being taxed.

In calculating an exemption, if you have a $200,000 home, you would calculate $89,000 for the exemption, leaving you with a taxable value of $111,000. In Idaho Falls, the tax rate is 1.8% of the taxable value. In short, that exemption will save you 1.8% of $89,000, which can really add up over the life of a loan.

If you have any questions about home exemptions or the Idaho Falls market, don't hesitate to give us a call or shoot us an email. We would love to hear from you!

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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!