BOISE (AP) — A proposal to expand a property tax reduction to higher-valued houses to keep older, low-income Idaho residents in their homes headed to the full Senate on Thursday.
The Senate Local Government and Taxation Committee approved the measure that would alter a law passed last year by increasing the maximum value of a home that qualifies for the property tax reduction program, called the circuit breaker.
Backers of the legislation say older homeowners with limited incomes need the tax break or they’ll be forced from their homes due to soaring home values and rising property. The measure has already passed the House.
The Idaho Center for Fiscal Policy said that about 27,000 people in 2020 used the deduction. A law passed last year limited qualifying homes to 125% of the median value of homes in that county, eliminating thousands from getting the deduction.
The measure adjusts the maximum value of qualifying residential homes to 150% of the median assessed value. The bill also allows homeowners to use a $300,000 valuation, which in some counties could cover more homeowners.
The deduction ranges from $250 to $1,500, depending on income up to the maximum of about $32,000. Backers said the average deduction is about $800.
The post Idaho bill advances to keep older owners in their homes appeared first on East Idaho News.
Idaho bill advances to keep older owners in their homes
- A SpaceX tourism mission just arrived at the ISS. Here’s everything you need to know
- Why potassium iodide pills are suddenly in high demand
- Idaho Falls Power issues warning about scam callers
- One month after fatal disease was found in Idaho deer, here’s what is being done about it
- Kanye West puts Wyoming ranch, business sites up for sale