How did your state representative or senator vote? Housing bill 389, property tax bill amendment provisions Homeowner exemptions, circuit breakers, property tax cuts for disabled veterans, property tax deferrals, personal property taxation?
The bill passed in a hurry on the last day of Congress In May, with little consideration of the impact on current real estate owners eligible for the Property Tax Reduction (Circuit Breaker) program.
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HB389 removed from circuit breaker program The entire group of people whose assets exceed 125% of the median value of their assets Get homestead exemption. At first glance, this change might seem to remove only wealthy people who are using the circuit breaker program and have an asset value of more than $ 500,000. They have to be rich, right?
Wrong. Our 91-year-old mother, mother-in-law, grandmother, great-grandmother and her husband built a house 56 years ago and raised 11 real estate owners and taxpayers Aida Juan. For 56 years, they have taken care of their home and the acres on which it is built. During those 56 years, their property was annexed to the city of Boise and houses were raised around them.
Grandma and Grandpa paid about $ 38,000 to buy real estate and build an eternal home. The 11 children they raised are gone, and Grandma spends her days in a reclining chair watching the meadows where ducks, geese, rabbits, horses and alpaca play. She doesn’t intend to move, but she’s being taxed from her home because Congress couldn’t increase the tax exemption for homeowners to match the rise in property value, and the bill eliminated a small tax cut.
Circuit breakers were a way to mitigate the impact of rising property taxes.. It didn’t eliminate her property tax burden, but it made it livable. Keep in mind that the maximum amount of circuit breakers in 2021 is only $ 1,500.
With the value of taxable assets in 2021 at $ 693,900, one might think Grandma is rich. But that’s where the person responsible for passing HB389 overlooks asset value and fails to assess the ability of older homeowners to keep up with the unlimited increase in taxable value.
In Grandma’s 2021 circuit breaker application, her only source of income was $ 28,460 from social security. Her medical expenses were $ 11,617 and her net income was $ 16,843. Her total property tax for fiscal year 2020 was $ 5,695, 34% of her net income.
In 2003, her home and land were valued at $ 270,900 for tax purposes. This was the year her husband, 53, died, forcing her to maintain their eternal home and pay taxes. The same home and property is currently valued at $ 693,900 for tax purposes, without significant improvement.
Approximately 1,500 individuals and properties will be removed from the circuit breaker program As a result of the passage of HB389, according to the Idaho Tax Commission. seriously! Did our parliamentarians intend this?
As the state’s budget surplus approaches $ 900 million, our MPs have eliminated 1,500 citizens who need to help with tax claims.
How much did it save?
The maximum possible savings in 2021 is only $ 1,500. $ 1,500 for 1,500 widows and widows, whether visually impaired or veterans, for a total of $ 2,250,000 for the entire state.
It’s embarassing. It is embarrassment and insult for men and women who built this economy and educated our children.
Please contact your local legislator to revisit HB389 in the next session and ask them to correct these mistakes.
Jim Reed is a resident of Weiser.