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Idaho Governor OKs bill to help some older homeowners stay in their homes

Idaho Governor Brad Little has signed a new law which gives a property tax reduction for higher-valued homes in order to assist in keeping older, low-income residents in their homes.
Last week Brad Little signed the measure which increases the maximum value of a home that qualifies for the property tax reduction program. It is named the circuit breaker.

The law signed by Little adjusts the maximum value of qualifying residential homes to 150% of the median assessed value. The bill also allows homeowners to use a $300,000 valuation, which in some counties could cover more homeowners.

The deduction can range from $250 to $1,500, depending on income up to the maximum of about $32,000. The average deduction is about $800.

Backers of the legislation said older homeowners with limited incomes need the tax break or they’ll be forced from their homes due to soaring home values and rising property prices.

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