(Bannock County Press Release, September 2, 2026)
Well, it looks like fall is definitely on its way! The air is getting crisp and cooler, and it arrived just in time for Idaho State University football season.
We attended the game on Saturday and were thrilled to see Idaho State come away with a win! It was also great to be back in the Dome and enjoy the excitement that comes with football season. There’s just something about fall, football, and being in the Dome that makes this time of year special.
What Would You Like to Hear About?
Last month, I asked for ideas on topics you would like to see in my newsletter. I didn’t get any suggestions, so I guess you’re stuck with whatever I decide to talk about!
But seriously, I’m always looking for ideas. If there is something you’ve wondered about when it comes to property taxes, assessments, our office, or how the assessment process works, please let me know. You may even see your question become a future newsletter topic!
Looking Ahead to the Legislature
I know I recently shared a post about attending the Assessors Conference and the tour we took, but there was much more to the conference than just the tour.
We also spent time discussing issues that could come before the Idaho Legislature this year and some of the concerns assessors around the state are seeing.
As we’ve heard many times, property taxes are once again expected to be a major topic. It will be interesting to see what proposals are introduced and, ultimately, what legislation may be passed.
Some of the ideas being discussed include eliminating property taxes and revisiting the homeowner’s exemption, including the possibility of increasing the current $125,000 exemption.
We’ll be heading back to Boise in September, so hopefully we’ll have some additional information to share about what may be coming. However, we probably won’t know exactly what to expect until the Legislature goes into session in January.
So stay tuned! It should be an interesting year.
This Month’s Topic: Multifamily Housing
For this month’s topic, I decided to talk about something I’m sure many of you have noticed around town: There are apartments everywhere!
Every time you turn around, it seems like another apartment complex, duplex, or fourplex is being built. Our community—and many communities across Idaho—are seeing a lot of growth in multifamily housing.
From an assessment standpoint, these properties can be a little different depending on their size and type. Properties larger than a fourplex are considered commercial property for assessment purposes, so our commercial department handles those larger apartment complexes.
We also have several affordable housing projects in our area. Some are commonly referred to as Section 8 housing, and then there is another type of affordable housing you may have heard about called Section 42 housing.
That’s what I want to focus on this month.
So, What Exactly Is Section 42?
Section 42 housing is part of the federal Low-Income Housing Tax Credit (LIHTC) program. The program provides tax credits to encourage developers to build and maintain rental housing that is affordable to lower-income households.
The properties have income and rent restrictions that must be followed under their tax credit agreements. In Idaho, these restrictions are important when the properties are valued for property tax purposes. We then use that information as part of our valuation process.
Why Is This Different from a Regular Apartment Complex?
One of the biggest differences is that Section 42 properties have restrictions on the rents they can charge and the income levels of the tenants they can serve.
Those restrictions have to be considered when we are working through the valuation process.
The income approach, for example, uses the property’s operating income and expenses, along with other information required by Idaho law. The law also provides specific instructions for how the housing tax credits are incorporated into the valuation.
So, while you may look at two apartment complexes and think, “They’re both apartment buildings,” there can actually be some significant differences when it comes to how they are valued.
We’re Seeing More Section 42 Properties
We have had Section 42 properties in our area for several years, but we are now seeing more of them being developed.
We had two new Section 42 properties come on in 2025 and 2026 and we are already seeing additional projects that may come on our assessment rolls in 2027.
Once those new properties are added, we expect to have eight Section 42 low-income housing properties in our area.
That’s a significant increase, and it’s something we’ll continue to see as our community grows and the demand for affordable housing continues.
What If the Property Owner Doesn’t Agree with the Value?
Just like other property owners, owners of Section 42 properties have the right to question or appeal their assessed value.
If they disagree with the assessment, they can go before the Board of Equalization. If they still disagree with the decision after that process, they have the option of appealing to the Board of Tax Appeals.
So, there is a process in place to make sure property owners have an opportunity to have their concerns heard.
A Growing Part of Our Community
Multifamily and affordable housing are becoming an increasingly visible part of our community. As we continue to see new apartments, duplexes, fourplexes, and larger developments being built, our office will continue to work with the Idaho State Tax Commission and property owners to make sure these properties are assessed according to Idaho law.
I hope this gives you a better idea of what Section 42 housing is, why it is important, and why these properties require a somewhat different approach when it comes to assessment.
And remember—if there is a property tax or assessment topic you’ve always wondered about, send me your questions! I may just use your question for next month’s newsletter.
Until then, enjoy the cooler weather, the changing leaves, and hopefully more Idaho State wins!
Go Bengals!
~ Anita Hymas
Bannock County Assessor
