BOISE, Idaho – Governor Brad Little declared today that Idaho has concluded another fiscal year with a budget surplus, resulting in an additional $100 million allocated towards property tax relief. This surplus, combined with the passage of a property tax cut measure during the 2023 legislative session, will provide Idaho property taxpayers with a total of approximately $300 million in relief this fall.
The property tax relief was made possible through House Bill 292, which provided a minimum of $205 million in relief in its first year. The bill also featured a surplus eliminator clause, stipulating that any excess cash in the state budget at the end of the fiscal year would be returned to Idahoans in the form of additional property tax relief. Throughout the legislative session, Governor Little and the Legislature worked to develop a long-lasting solution for property tax cuts that would benefit Idahoans.
“We’re proud to deliver even more tax relief to help Idahoans combat the horrible impacts and soaring costs of Bidenflation,” stated Gov. Little. “What Idaho is doing is working. Our conservative approach to governing means we encourage economic prosperity, we rein in government spending, and we manage our budget with money to spare, unlike Washington, D.C. We also have the largest ever balance in rainy day funds to help us weather any economic storm.”
The state’s continued commitment to conservative governance yielded an extra $99.1 million surplus at the end of the fiscal year due to stronger-than-expected revenue and lower-than-budgeted spending by government agencies. Consequently, Idaho property taxpayers will now receive a total of approximately $300 million in relief this year.
“Idahoans were pressing for property tax cuts, and we delivered on our promise to provide relief,” said Senator Doug Ricks, chairman of the Senate Local Government and Taxation Committee. “The Idaho Legislature, in partnership with the Governor, is returning Idahoans even more of their hard-earned money.”
Idaho property owners can anticipate observing the combined reduction on their property tax notices, which will be issued in November.
“Idaho embraces ‘kitchen table economics,’ just like everyday Idahoans,” Gov. Little added. “Washington, D.C. could slash the federal debt by following Idaho’s example!”
Alongside the property tax relief announced today, the state has returned a staggering $2.7 billion in tax cuts to its citizens since Governor Little assumed office in 2019, surpassing all other states on a per capita basis. These tax cuts encompass a new, lower flat income tax, reduced payroll taxes for Idaho businesses, and an improved grocery tax credit.
“As lawmakers, we’re proud that Idaho leads the country in cutting taxes while providing additional funding for local schools and infrastructure,” said Representative Jason Monks, chairman of the House Revenue and Taxation Committee. “We are setting the example for DC and other states to follow. We are proving less government and lower taxes promote economic strength and prosperity for our citizens.”