As a homeowner in the state of Idaho, it’s important to be aware of the various programs and initiatives that can help reduce the financial burden of property taxes. One such program is the Idaho Circuit Breaker Program, which provides property tax relief to eligible homeowners. This program is different than the Idaho Homeowner’s Exemption.
Under the Idaho Circuit Breaker Program, homeowners who are 65 years of age or older, or who are disabled, may qualify for a reduction in property taxes. To be eligible, the homeowner must have an income of $31,050 or less per year. If the homeowner qualifies, the program will pay the property taxes on the first $100,000 of assessed value for their primary residence up to $1500.
This program can significantly help homeowners on fixed incomes or with limited financial resources.
To apply for the Idaho Circuit Breaker Program, you will need to submit an application to the Idaho State Tax Commission. The application deadline is April 15th each year, so it’s important to act quickly, so you don’t miss the deadline. Also, you need to apply every year. It does not roll over to the next year.
The application process can be complex, so it’s important to read the instructions carefully and provide all the required information. The Idaho State Tax Commission website provides detailed information on the program, including eligibility requirements and application instructions.
If you have any questions about the program or need assistance with the application process, you may want to consider contacting a qualified tax professional who can provide guidance and support.