I was having dinner with a dear friend of mine who was widowed a few years back. When her husband died, she was left with a young son and limited financial resources. She is blessed to own her home free and clear, but her biggest fear is that someday they will be uprooted from their home because of an inability to afford the Idaho Property taxes. She lives in an area of Boise with notoriously high property taxes, so I could understand her fears. Heartbreaking.
I knew about a property tax reduction for certain elderly folks, but I wasn’t sure if other low income folks might qualify and if so what the criteria were.
After a little digging, here’s what I found out:
The Property Tax Reduction (Circuit Breaker) program reduces property taxes* for qualified applicants. Contrary to popular belief, this discount is not just for older folks! The amount of reduction is based on income for the previous calendar year. If you qualify, the property taxes on your home and up to one acre of land may be reduced by as much as $1,320.
According to the Idaho Tax Commission’s website, you may qualify for property tax reduction in 2015 if you:
- Owned and lived in a home or mobile home in Idaho that was your primary residence before April 15, 2015 (You may qualify if you lived in a care facility or nursing home. Contact your county assessor for information.), and
- Had income of $29,100 or less for 2014, and
- Met one or more of the following status requirements as of January 1, 2015:
* Age 65 or older
• Fatherless or motherless child under 18 years of age
• Former prisoner of war/hostage
• Veteran with a 10% or more service-connected disability or receiving a pension from Veterans Affairs
(VA) for a non-service-connected disability
• Disabled as recognized by the Social Security Administration, Railroad Retirement Board, or Federal Civil
How to Apply
- Contact your county assessor for application materials. The office is listed under County Offices in your
telephone directory, or you can click on this link: http://tax.idaho.gov/i-1015.cfm
- Complete an application. Here is a link: http://tax.idaho.gov/forms/EFO00002_01-01-2015.pdf If you have
questions, the assessor’s office can help you. When you file your application, you must provide proof of:
• Medical expenses
• The requirement(s) you meet (age 65 or older, blind, VA disability, etc.)
• Ownership, if the property is owned by a trust or limited liability corporation (LLC)
- File the application with your assessor’s office by April 15. If you don’t have all of your income information, fill
out as much of the application as you can and file it by the April 15 deadline. You must apply for your 2015
property tax reduction between January 1 and April 15, 2015.
You must apply and qualify each year to receive this benefit. Property tax reductions are not renewed automatically. If your application is approved, your property tax reduction will appear on your December 2015 tax bill. For complete details: http://tax.idaho.gov/pubs/EBR00135_09-05-2014.pdf
* Property Tax Reduction benefits will not reduce solid waste, irrigation, or other fees charged by government entities.
Ark-La-Tex Financial Services, LLC d/b/a Benchmark Mortgage 5160 Tennyson Pkwy STE 2000W, Plano, TX 75024. NMLS ID #2143 (www.benchmark.us) 972-398-7676. This advertisement is for general information purposes only. Some products may not be available in all licensed locations. Information, rates, and pricing are subject to change without prior notice at the sole discretion of Ark-La-Tex Financial Services, LLC. All loan programs subject to borrowers meeting appropriate underwriting conditions. This is not a commitment to lend. Other restrictions may apply. Idaho Mortgage Broker & Lender #MBL – 4060