Buyers and sellers in the real estate market establish value. The Assessor’s staff researches the sales data collected from real estate purchases in the year preceding an assessment notice and uses it to estimate the value of similar properties.
Idaho Code requires that assessments must be at fair market value each year. If the value of property goes up in the real estate market, the assessments must be increased so they mirror the increase in the market, even though the property may not have been improved.
Assessed values and property taxes do not necessarily increase by the same percent. Taxes are a product of the budget requirements in all taxing districts.
Your house will only be compared to houses that are similar in quality to yours and that are in similar condition. The land your house sits on is assessed separate from the structures and land values can go up depending on the market at a different rate than structures.
Idaho has a unique safety net for people who face catastrophic events that might prevent them from being able to pay their property taxes. It’s called the Hardship Exemption. If you qualify, your property taxes could be set aside for the year. The forms are available at the Treasurer’s office. There are also other exemptions and programs that could reduce your taxes. Information on all programs are available at the Assessor’s office.