Rather than go into a lengthy discussion of the tax system, we will offer a simple formula for property tax estimates and provide a forum to share your recent assessment notices.
Property taxes are determined by local government budgets which are limited to 3% increase plus the value of new construction (growth). A levy as a percentage of the assessed value is made to cover the budget.
In Boise the combined levy rate is roughly 1.5% of the assessed value. That means $1500 taxes on $100,000 value.
In the case of the GUARDIAN home, the value increased 50% over the 2018 assessment after the homeowner exemption of $100,000.
To figure the increase percentage, subtract the previous value from the current value and divide by the original number.
For instance an original value of $100,000 increased to $150,000 is a 50% increase.
NOTE: While the above math is correct, the methodology may not be correct. We have had communication with an accountant who says we can expect an eventual tax hike of about 6%. The lower the value of a home, the higher the percentage hike due to the $100,000 homeowner exemption limit.
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