Taxes in November? This time of year, our phones start ringing off the hook with questions about how that’s possible. It might be unusual, but yes — in Idaho, homeowners will receive their first property tax bill this month. Here’s a guide to how it works that you can share with your buyers and sellers.
In Idaho, property taxes are calculated by calendar year rather than fiscal year. That means the billing cycle is from Jan. 1-Dec. 31, with an initial bill arriving on the fourth Monday in November. Assessments are typically completed in May.
When are my 2019 taxes due?
You have two options: You may pay in full on or before Dec. 20, 2019, or pay half of your bill on that date and the second half on or before June 20, 2020. You can find a full property tax timeline here.
Do I have to write a separate check to pay my bill?
Not if you worked with a lender. Your lender will pay the bill from your escrow account. If you paid cash for your property you will need to pay the bill yourself.
I paid property taxes at closing. Why is my bill different than what I paid at closing?
The taxes you paid at closing were prorated taxes based on the period of the year you owned the property. Depending on what time of year you purchased the property, the proration may be based off an estimated annual amount.
What are all of these codes on my bill?
Those are levy codes for expenditures like schools, roads, and even mosquito abatement. If those levies changed during the year, your tax bill may have changed from its original estimate.
Do I need to let me accountant know?
Your accountant will need a couple of items to prepare your taxes:
- A settlement statement or closing disclosure
- A 1099S form for sellers to determine if you qualify for capital gains taxes
I bought a house but I think the seller should have paid more taxes. What can I do?
According to Idaho law, that’s a matter to be settled between you and the seller. You’ll need to contact each other, outside of escrow and in writing, to settle the bill.
How can I better estimate my taxes for next year?
We recommend this handy calculator.
I have questions about this process. What can I do?
We’re happy to walk you through the nuances of your tax bill. You can call the Fidelity National Title office at 208-377-3190 for more information.