March 2, 2024 (Bannock County Assessor’s Office, March 1, 2024; Cover photo credit: Bannock County)
I hope the saying “spring is in the air” rings true soon! I am more than ready for warmer weather.
This is the time of year when all our deadlines start popping up. Not only are we finalizing values for property assessments, but we are also busy working on exemption applications.
1. Property Tax Reduction Program – also known as the “circuit breaker.” We have been visiting communities to help people apply for this program online. The PTR is for those whose net income after medical expense deductions is $37000 or less and are either over 65, a widow or widower, on disability, or a veteran. The application deadline is April 15th, and applications must be submitted annually.
2. Site Improvement Exemption- also referred to as the developers’ exemption. This exempts 75% of the value of a developer’s property until they sell it. The value is then pro-rated to the new owner. We do send letters out when a new subdivision is created, but if you developed a new subdivision and haven’t heard from us, please reach out. The deadline is April 15th.
3. Non-Profit Exemptions. This exemption is for religious organizations, schools and other government properties, benevolent organizations, and non-profit charitable organizations. The application deadline is April 15th, and applications must be submitted annually.
4. Business Personal Property Declarations. If you own a business of any kind in the State of Idaho and your assets or inventory exceeds $250,000, you are required by law to declare your assets. In 2013, the threshold was $100,000, but now it has climbed to $250,000. A notice is mailed out every year in January, and declarations are due to our office by March 15th.
All these exemptions can be found on our website, bannockcount.gov/assessor, along with others, such as the Homeowner’s Exemption.
If you have any questions concerning these exemptions or anything else, please feel free to call our office.
I hope you all have a wonderful March. And hopefully, if March comes in like a lion, it will go out like a lamb.
– Anita Hymas, Bannock County Assessor
