Property taxes need to be paid each year on real/immovable property, such as a home or land, and on some personal/moveable property, such as vehicles and large equipment. Local governments rely on these funds to pay for community services, such as police departments, public schools, and roadways. The amount homeowners’ pay each year is based on an assessment of a property’s fair market value. In Idaho, property taxes are due on or before December 20th, or you can break it up and pay half by June 20th and the other half by December 20th. If a building is completed mid-year, another bill could be received in the future.
What Happens if My Payment is Late?
According to IdahoCounty.org, “A late charge equal to 2% of any unpaid portion of the first half of the tax is added at 5:00 p.m. on the due date. Interest accrues daily, at 1% per month, beginning January 1st of the year following the December 20th first half due date.” If any portion of the property tax becomes delinquent, the country sheriff’s office will issue a Warrant of Distraint, and full payment of all taxes owed plus large charges and warrant fees must be paid in order to release the warrant.
There is some tax relief if you need help with property taxes. Many Idahoans are asking for relief from property taxes, which has sparked the proposal of three property tax bills for Idaho’s legislature, according to Idaho Capital Sun. There is also relief through the Homeowner’s Exemption, State Circuit Breaker Program, and the Hardship Exemption. Applications for these benefits must be completed before April 15th.
How to Challenge Your Tax Amount
If you feel your taxable value of your property is too high, you can challenge your assessment notice. These notices are mailed out before the first Monday of June every year, and your appeal must be sent in before the fourth Monday of June. If you miss the appeal deal, you will need wait until the next year to appeal the assessed value. If you have questions on the amount or what the charge pays for, the district is happy to take your calls to discuss. The district takes public input on rates and budgets.
Why You May Receive Two Bills
If you only own one property but you receive two bills, that may be because you’re received a “subsequent/occupancy” bill in addition to the “real property” bill. This happens if you’ve built a new building midyear and assessed after April. Additionally, if you own a manufactured home and the land it’s on, you will receive a separate bill for the home and land.
Watch for your property tax notifications, because IdahoCounty.org says, “Failure to receive a bill does not excuse the taxpayer from paying taxes, late charge & interest accrued, if any.” Delinquent notices are mailed in January and July. Mortgage companies often cover property taxes, and if this is the case and you still receive a bill, reach out to your mortgage company right away. Lenders can roll property taxes into a borrower’s monthly bill. If you have questions about property taxes and your lender’s role in these funds, contact InterWest Mortgage.