BOise residents who are part of Idaho’s property tax reduction program can expect a significant reduction in their property taxes next year, thanks to a $1.2 million fund.
The city’s property tax rebate program, which is new starting this year, will return certain property tax collections to low-income homeowners, veterans, seniors or the disabled, for a WoodDev report. Boise is the only city to take advantage of the state program so far.
The $1.2 million program will be open to approximately 1,200 Boiséens who participated in the property tax reduction program in April 2022, commonly known as the circuit breaker. Discounts are expected to come out next year.
STIMULUS UPDATE: DIRECT INFLATION ASSISTANCE CHECKS WORTH $1,050 WILL BE SENT NEXT MONTH
If all eligible applicants apply, each could receive a rebate of $1,000. However, rebates are set to only cover the amount of what someone owes in property taxes.
Rebate applications open in December and will remain open through May 2023. Eligible applicants must have an annual income for the year of less than $32,230, own their home or mobile home, and be over the age of 65 years old or be a veteran, a former prisoner of war, blind, disabled or widow/widower. Applicants must also be worth less than $800,000 as of 2022.
CLICK HERE TO LEARN MORE ABOUT THE WASHINGTON EXAMINER
“For these people, we don’t want their money in the first place,” Boise City Councilman Patrick Bagant said during a council business session. “Anything we can do to not collect it and let them keep it is easier for us, so we don’t have to write checks and it’s easier for them because they can keep their money.