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| published Wednesday, April 12, 2006 |
28750 Views |
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HB 421, the Homeowners' Exemption Bill, provides real tax relief to
homeowners in several ways. First, it increases the amount of the
exemption from $50,000 to $75,000--an increase long overdue. The last
increase was in 1983. Second, HB 421 includes the land value of a
person's property. Over the past several years, the burden of property
tax has shifted from business to homeowners, and this bill readjusts
some of that burden. Also, the bill indexes the homeowners' exemption
to the Housing Price Index (HPI), providing regular adjustments to the
exemption to preserve its value.
Including the value of the land in the homeowner’s exemption vastly improves property tax reductions for homeowners
Year by year more and more property tax burden is shifting onto homeowners:
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Residential Owner Occp. |
Shift to Owner Occp. Residential |
Residential Non-Owner Occp. |
Utilities |
Commercial |
Ag, Timb. Mining |
TOTAL |
|
shift 2005 |
$483.1 |
$15.7 |
$256.5 |
$48.0 |
$336.1 |
$62.3 |
$1,201.8 |
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shift 2004 |
$430.5 |
$16.3 |
$233.4 |
$49.9 |
$320.0 |
$61.4 |
$1,111.5 |
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shift 2003 |
$389.5 |
$19.5 |
$213.0 |
$52.0 |
$320.9 |
$61.0 |
$1,055.9 |
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shift 2002 |
$330.2 |
$37.5 |
$204.5 |
$52.6 |
$311.4 |
$60.6 |
$996.8 |
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shift 02 to 05 |
$89.0 |
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shift 03 to 05 |
$51.5 |
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Percent Share |
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Residential Owner Occp. |
Shift to Owner Occp. Residential |
Residential Non-Owner Occp. |
Utilities |
Commercial |
Ag, Timb. Mining |
TOTAL |
|
2005 |
40.2% |
1.3% |
21.3% |
4.0% |
28.0% |
5.2% |
100.0% |
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2004 |
38.7% |
1.5% |
21.0% |
4.5% |
28.8% |
5.5% |
100.0% |
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2003 |
36.9% |
1.8% |
20.2% |
4.9% |
30.4% |
5.8% |
100.0% |
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2002 |
33.1% |
3.8% |
20.5% |
5.3% |
31.2% |
6.1% |
100.0% |
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Source: ICBTP analysis of Idaho Tax Commission data |
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(dollar values in millions)
The Idaho House Price Index (HPI) tracks inflation in house prices more accurately than the Consumer Price Index (CPI)
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Idaho |
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Exempt @ |
$50,000 |
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Year |
HPI |
CPI |
|
HPI |
CPI |
|
1984 |
-0.007 |
0.043 |
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$49,650 |
$52,150 |
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1985 |
0.012 |
0.036 |
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$50,231 |
$54,027 |
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1986 |
0.015 |
0.019 |
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$50,994 |
$55,054 |
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1987 |
-0.017 |
0.036 |
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$50,117 |
$57,036 |
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1988 |
-0.003 |
0.041 |
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$49,962 |
$59,374 |
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1989 |
0.040 |
0.048 |
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$51,937 |
$62,224 |
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1990 |
0.071 |
0.054 |
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$55,605 |
$65,584 |
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1991 |
0.066 |
0.042 |
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$59,265 |
$68,339 |
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1992 |
0.069 |
0.030 |
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$63,344 |
$70,389 |
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1993 |
0.088 |
0.030 |
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$68,940 |
$72,501 |
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1994 |
0.082 |
0.026 |
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$74,571 |
$74,386 |
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1995 |
0.052 |
0.028 |
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$78,475 |
$76,469 |
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1996 |
0.035 |
0.029 |
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$81,245 |
$78,686 |
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1997 |
0.028 |
0.023 |
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$83,487 |
$80,496 |
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1998 |
0.038 |
0.016 |
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$86,633 |
$81,784 |
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1999 |
0.016 |
0.022 |
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$88,025 |
$83,583 |
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2000 |
0.017 |
0.034 |
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$89,544 |
$86,425 |
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2001 |
0.055 |
0.028 |
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$94,475 |
$88,845 |
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2002 |
0.031 |
0.016 |
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$97,380 |
$90,266 |
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2003 |
0.042 |
0.023 |
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$101,439 |
$92,343 |
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2004 |
0.077 |
0.027 |
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$109,244 |
$94,836 |
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2005 |
0.135 |
0.034 |
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$123,960 |
$98,060 |
Sources: Office of Federal Housing Enterprise Oversight
Bureau of Economic Analysis
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