The Bannock County Assessor’s Office is aware of the recent changes made to the Property Tax Reduction Program, formerly known as the “Circuit Breaker.”
Governor Brad Little signed House Bill 481 on March 29, effectively keeping approximately 40 Bannock County residents on the program.
The Property Tax Reduction (PTR) Program is meant to help seniors, people with disabilities, and widowers reduce their property taxes up to $1,500 a year. Qualifications are based on the value of the home and the homeowner’s income.
In 2021, the Idaho Legislature passed House Bill 389, which disqualified some needy seniors from a property tax reduction if the value of their home rose.
The new legislation, HB 481, raises the maximum value of qualifying residential homes from 125% to 150% of the county’s median assessed value, or up to $300,000 of assessed value.
The State Tax Commission estimated HB 389 would disqualify more than 1,700 needy recipients, but the new legislation dropped that number to 625. In Bannock County, the estimated number of residents losing the benefit dropped from 84 to 40. That calculation is based off the county’s 2021 median assessed value and could change based on the 2022 median assessed value.
Assessor Sheri Davies encourages residents to apply even if they’re unsure if their home value will qualify under the county’s median assessed value. The Assessor’s Office will be able to calculate Bannock County’s median value in late summer, after values are certified with the State Tax Commission in late July to early August.
Applications for the Property Tax Reduction Program are due on Monday, April 18. Property owners who have been approved for the PTR benefit in previous years must apply again each year. Staff in the Assessor’s Office are available to answer questions and help with applications Monday through Friday, 8 a.m. to 5 p.m. Visit the Assessor’s Office at 130 North 6th Avenue in Pocatello (no appointments necessary) or call 208-236-7260. More information can be found on Bannock County’s Property Tax Hub.