Idaho Property Tax FAQ’s
We have recently received a large number of calls about the Property Tax Bills that were just released and wanted to give some basic info on the bills and how they can potentially affect your Mortgage. Unless you specifically opted out, your Taxes and Insurance are paid through your Mortgage meaning for most the bill is just a copy. It will typically say this is not a bill or this is a copy.
If it does not say “this is not a bill” or “this is a copy”, you may want to make sure your servicer has a copy of the bill so they can pay it on your behalf. The best way to do that is to find the phone number on your Monthly Mortgage Statement and give them a call.
The Copy of the bill has a few important items worth noting, for one it reaffirms the 2023 assessed value of the home. This value is typically much lower than the Appraised/Market Value of the home, and that’s a good thing as this value is what the house is being taxed on. If the assessed value is astronomical or more than you paid for the home it may be wise to contact your county assessors office and fight the higher value.
One semi-unique thing about Idaho is that Taxes are paid in arrears, meaning this bill due Dec 20th is actually for the period of January through June of 2023.
Because of this payment style the taxes being collected throughout the year have been estimated. From the calls we have received this last Tax bill has shown a property tax reduction for the majority of homeowners. This means the Estimates were most likely higher and you may have a slightly overfunded escrow account.
The Company on your Mortgage Statement whether its Benchmark or someone else collecting payments will typically do an audit once a year to make sure that the amount being collected is still correct and the account is appropriately funded to make future payments. For instance, Benchmarks audit is typically done between February and April.
At that point you typically have the option to receive a check for the extra funds in your account or to leave them in the account in case of any future tax or insurance increases. In the same audit if your Property Taxes or Insurance have increased for any reason you will be given the option of paying a lump sum difference or spreading it evenly across future monthly payments.
Ultimately your Servicing company at the number listed on your Mortgage Statement is the best source of information if you have questions specific to your Mortgage or Escrow account. However, our Local Idaho Team is here to answer general questions or help point you in the right direction. We can be reached at (208) 287-1705 by call or text.