How Can You Save Big on Your Taxes This Year?
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Many have asked me how exactly the exemption is calculated. Well, it's an indexed figure - half the value of your home, up to a maximum of $89,000, will be exempted from being taxed. It's not a reduction in the tax rate, but an exemption of a portion of your home from being taxed.
In calculating an exemption, if you have a $200,000 home, you would calculate $89,000 for the exemption, leaving you with a taxable value of $111,000. In Idaho Falls, the tax rate is 1.8% of the taxable value. In short, that exemption will save you 1.8% of $89,000, which can really add up over the life of a loan.
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