Homeowners in Boise can expect to see another round of tax relief this year after Idaho legislators passed a law that provided property tax reductions in the coming years.
On top of the guaranteed tax credits provided by the state law, Idaho will be sending unspent money back to property owners this year because of a surplus in the state’s budget. Last year’s law estimated $122.5 million in property tax relief this fiscal year and directed the state to allocate additional surplus money to more tax reductions.
Gov. Brad Little boasted about the savings in a news release and called the state’s “conservative approach” encouraging for “economic prosperity.”
The state law aimed to reduce the taxes landowners pay by redirecting sales tax revenue toward schools, freeing up money that historically has been used for education needs. This year, the state set aside $110 million for that purpose, with part of it going to a schools fund and another part to a tax relief fund, according to the Governor’s Office. The idea is that both funds reduce taxes for property owners.