Will Property Taxes Increase with a Trust?
For those who own (or are buying) their own home, the homeowners exemption cuts down on the property taxes paid on the home in which they live. The exemption can save the homeowner $1,000 or more per year on those taxes.
When a person sets up a Family Trust or Living Trust, it is important that the County Assessor know that they are still living in the house.
This is done by preparing and filing an Affidavit Regarding Residence of Trust which confirms to the county and to the Idaho State Tax Commission that they are still living in the house and are still entitled to the exemption.
ADA COUNTY RESIDENTS: In Ada County, the Assessor’s Office also requires the filing of a new exemption application.
Neither of these steps are a great difficulty. But they can be easily overlooked causing the homeowner to lose the exemption causing property taxes to jump substantially.
For Family Trusts or Living Trust created by our office, we take care of preparing, recording, and filing all of the paperwork necessary to make sure that your homeowners exemption remains in full force.