How Can You Save Big on Your Taxes This Year?


Manage episode 151123769 series 1016958
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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!

16 episode