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Property taxes may not increase as property values go up

BONNEVILLE COUNTY, Idaho (KIFI) - Property assessments went out Monday, and as property values increase, many are worried their property taxes will increase come December.

According to Bonneville County Treasurer Mark Hansen, there are more factors to consider than property values. While the property assessment does play a part, people can't know what their taxes will be until each district publishes its budget.

"The various officers are right now determining what their budget is going to be," Hansen said. "The commissioners are over all the county, and so they review all the budgets from the various offices. And sometime, I believe in August will summarize all those."

That budget and the assessments are the two parts of determining property taxes. If both were to increase you would see a considerable change. But Hansen says it would vary from property to property.

"In the end, we need to collect a certain amount of dollars that would be the budget. So if individual property values rise or lower as compared to the other ones, they may see an increase or decrease in their taxes," Hansen said. "If everybody's value goes up equally, then you aren't going to see any change in the taxes you pay."

The final deadline for property taxes is June 20, but it's important to remember those taxes are based on property values and budgets from 2021.

Article Topic Follows: Idaho

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Seth Ratliff

Seth is a reporter for Local News 8.


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