Ada County tax assessment notices have hit mailboxes of property owners and there shouldn’t be too much sticker shock.
The median increase was just under 6%–this means that half the values increased more than 6% and half less than 6% (or decreased). It also means there could be some really big increases or decreases.
We have jokingly suggested that anyone who is upset with a big increase contact the board at the College of Western Idaho. That institution has agreed to pay almost three times the assessed value of 10 acres of land on W. Main in Boise. They claim in media reports that assessed values are very often much lower than the market rates.
The assessor is required under Idaho law to appraise property at “market value.”
Assessed values are used as the basis for property taxes which are LEVIED by cities, schools, highway districts and other local units of government. Once budgets are set–with a limit of 3% increase–local elected commissioners and councilors establish how much of a “levy rate” will be needed to balance the budget.
The typical combined tax rate in Boise is about 1.7% of assessed value. It is much higher in Canyon County because values are lower, but costs are similar.
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