(Bannock County Assessor’s Office, January 2, 2023; Cover photo credit: Bannock County)
HAPPY NEW YEAR!! It is 2024, and I have lots of things to talk about!! We will not have an Appraiser Corner for this month’s newsletter so that I can cover more topics here.
Property Tax Reduction Program
We are getting ready for the Property Tax Reduction program application drive. And this year, the State Tax Commission has gone digital… which means our 2024 PTR Applications are being done entirely online, and we will not have the option for paper applications. This comes as good news for some and bad news for others, but we will do our best to make this transition seamless (more on this below).
Check out the qualification requirements for the PTR program to find out if you or a loved one can receive this tax reduction.
Those who received the PTR exemption last year will get this reminder in the mail:
Dear Applicant,
- This program must be applied for by April 15th, 2024.
- All applications must now be completed on line at Idahotap.gentax.com, if you need assistance applying on line you can visit our office located at 130 N 6th Ave
- For all applications you will need to provide documentation of all 2023 Taxable & Non-taxable Household Income, proof of 2023 Non-reimbursed Medical Expenses and when applicable, proof of 2023 Funeral and/or Prepaid Funeral Expenses.
- TOTAL MAXIMUM ALLOWABLE NET INCOME FOR 2023 IS $37,000. Net income is all household income minus qualifying medical & funeral expenses.
- First time applicants will need to provide an identification card.
The Assessor’s Office is here to help you or your loved ones apply for this tax reduction. We are planning open houses throughout the county like we did last year to answer questions and help with the new online applications. I will provide more information after we figure out the logistics of this.
The only other change to the PTR program this year is that 100% Permanent Disabled Veterans do not have to reapply if they applied the previous year.
If you decide to apply online on your own, you can always call our office, and we can walk you through the process. You will need to be able to upload your documents as well.
Non-Profit Property Tax Exemption
Certain properties, like non-profits and churches, are exempt from property taxes, but the entity must apply for the exemption each year. Often, a handful of entities forget to apply and miss out on the tax exemption.
To help with this, we are sending reminders for non-profit entities that applied last year. The reminder we are sending is below:
Dear Applicant,
In accordance with Idaho Code 63-602(B-E), it is necessary for all eligible recipients of property tax exemptions to apply annually. These applications are reviewed and approved by the Board of County Commissioners. The application for Property Tax Exemption (Non-Profit/Government) can be found online at bannockcounty.us/property-tax-hub/ under the Property Tax Relief Options section of the webpage. Applications can also be picked up at the Assessor’s Office located at 130 N. 6th Ave. in Pocatello.
In order to continue receiving this exemption, please return your application as soon as possible. If it is not received by April 15th, 2024 at 5:00pm, you will lose your exemption for the current year. Completed applications can be submitted at the Assessor’s Office or by email to assessor@bannockcounty.gov. If you have any questions, please feel free to contact the Assessor’s Office at the address above or by calling (208) 236-7260.
Personal Property Declarations
All business personal property in Idaho, unless exempt, is subject to assessment and taxation. You must report all of your taxable personal property to your county assessor using a personal property declaration form (available in our office). Suppose the value of all of your personal property is $250,000 or less, you previously qualified for the $250,000 exemption, and you haven’t acquired taxable personal property that would result in a total value greater than $250,000. In that case, you may not need to file annual reports. If you’re not sure if you need to reapply, call our office at 208-236-7260.
We will mail these declarations out in early January to businesses that returned declarations last year. If you have acquired any new equipment or inventory that would push your business over the $250,000 limit, your business would become taxable, and you would be required to submit a declaration. These declarations are due by March 15, 2024. Again, if you have questions about whether you need to file a declaration for your business, please call 208-236-7260.
Just a short note that we are still out completing the required 1/5 of the county for the 2nd year of our 5-year plan. County assessors are required to physically inspect each property within the county every five years and submit their appraisals to the State Tax Commission. Each year, 1/5 of the county must be completed.
We will be working with the State Tax Commission in the next few weeks to make sure we are in compliance with the 90 to 110 percent ratio on values – meaning all appraised values must be within 90-110% of the market value. We will discuss appraisals more as we get closer to June.
Thank you for taking the time this past year to read my newsletters. Here is to 2024, an excellent year for all of us.
– Anita Hymas, Bannock County Assessor
