(Bannock County Press Release, May 19, 2025)
BANNOCK COUNTY, Idaho – The Bannock County Assessor’s Office is notifying property owners that assessed property values for 2025—especially for commercial and residential properties—are expected to increase. However, an increase in assessed value doesn’t necessarily mean property taxes will go up, too. Final tax amounts will depend on local budget decisions and levy rates set later this year.
This increase reflects new market data and the ongoing rise in local real estate prices. Under Idaho law, property values must fall between 90% and 110% of actual market value. The Idaho State Tax Commission checks each county’s values through an annual ratio study to ensure compliance.
Assessor Anita Hymas said she is sharing this information early as part of her continued commitment to transparency and open communication with the public.
“One of my campaign promises was to bring more transparency to the Assessor’s Office,” said Hymas. “I want property owners to be informed and prepared. It’s important that people understand not just what’s happening with property values, but why it’s happening.”
Commercial Property Updates
In 2025, assessed values for commercial properties will increase to better reflect current market conditions. New commercial pricing data and recent sales showed that previous assessments had fallen behind real market trends. These updates will bring commercial properties into compliance with state standards.
By updating commercial property values, the county can ensure that the tax burden is distributed more fairly across different property types. When commercial properties are under-assessed, residential property owners often end up paying a larger share of the taxes. These changes help correct that imbalance.
Residential Property Updates
Residential property values will also generally rise. In 2024, the Assessor’s Office took a conservative approach by valuing homes at around 92% of market value. However, because property values have continued to climb, a recent state ratio study showed that residential values had dropped below the legal minimum. To stay in compliance, values will be adjusted for 2025, though the office will continue to apply conservative estimates where appropriate.
Key Reminders for Property Owners
- Not all property categories will be affected equally; some may increase more than others based on our data analysis.
- Assessment notices will be sent out by the first Monday in June, or earlier.
- Property owners who disagree with their assessed value have the right to appeal through the Board of Equalization. We ask that you come into the Assessor’s Office first and speak with an appraiser. The deadline to appeal is June 23 at 5 p.m.
- Assessment notices are not tax bills. Property taxes will be determined later, based on levy rates set after local taxing districts finalize their budgets.
- Staying informed about local budget decisions is important, as they directly affect your property tax bill.
For more information, please contact the Bannock County Assessor’s Office or visit www.bannockcounty.us/assessor.
