Idaho residents can expect to see more property tax relief after Gov. Brad Little signs a bill into law that would cut $100 million in taxes a year.
Little on Tuesday in a news release said he plans to sign House Bill 304 , which would direct $50 million each year toward a fund that would distribute the property tax savings to residents for their primary residence. Each property owner’s relief is based on a formula that incorporates the value of their home, the Idaho Statesman previously reported .
The average Idaho home’s taxable value after the state’s homestead exemption is about $400,000, and the average homeowner pays about $3,000 annually in property tax, Sen. Scott Grow, R-Eagle, who cosponsored the bill, told the Statesman. That homeowner i s expected to save about $400 annually on property tax starting this fall because of the law, Grow said…