Maria owns a home in Boise, Idaho that serves as her primary residence. She wants to reduce her property tax burden by taking advantage of Idaho's homeowner exemption. Under Idaho law, what is the maximum amount of assessed value that can be exempted from property taxation under the homeowner's exemption?
Correct Answer
D) 50% of assessed value, up to $125,000
Under Idaho Code § 63-602G, the Idaho Homeowner's Exemption exempts 50% of the assessed value of an owner-occupied primary residence from property taxation, up to a maximum exemption of $125,000. This means if Maria's home is assessed at $250,000, she could exempt $125,000 of that value. Note that this is the property tax homeowner's exemption and is distinct from the Homestead Exemption under Idaho Code § 55-1001, which protects up to $100,000 in equity from unsecured creditors.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A transfer tax is a tax imposed on the transfer of ownership of real estate.
Reconciliation is the final step in the appraisal process where the appraiser analyzes the value indications from all applicable approaches and arrives at a single final opinion of value. It is not a simple average of the three values.
The comparable sales approach estimates a property's value by comparing it to similar properties that have recently sold in the same market area. It is the most widely used and reliable approach for appraising residential properties.
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- → The income approach to appraisal is most commonly used for which type of property?
- → Which formula correctly calculates the capitalization rate?
- → External obsolescence in Oklahoma:
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- → Which of the following correctly lists the three types of depreciation recognized in real estate appraisal?
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- → Three depreciation:
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