Governor Brad Little announced Idaho ended yet another fiscal year with a budget surplus, an extra $100 million that will go directly to property tax relief.
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That means Idaho property taxpayers will receive a total of approximately $300 million in relief this fall after the passage of a property tax cut measure during the 2023 legislative session as part of Governor Little’s “Idaho First” plan.
“We’re proud to deliver even more tax relief to help Idahoans combat the horrible impacts and soaring costs of Bidenflation. 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,” Governor Little said.
“Idaho embraces ‘kitchen table economics,’ just like everyday Idahoans. Washington, D.C. could slash the federal debt by following Idaho’s example!”
House Bill 292 provided at least $205 million of property tax relief in the first year and the bill also included a surplus eliminator, which means 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 closely together to arrive at a property tax cut solution with enduring relief for Idahoans.
Continued conservative governance resulted in the state ending the fiscal year with an additional $99.1 million because revenue came in stronger than expected and agencies spent less than they were budgeted.
The surplus means Idaho property taxpayers will receive a total of approximately $300 million in relief this year.
Idaho property owners will see the combined reduction on the property tax notice they receive in November.
Idaho leads the nation in delivering historic tax relief for our people.
In addition to the property tax relief announced today, the State of Idaho has turned back $2.7 billion in tax cuts to the people of Idaho since Governor Little took office in 2019 – more than any other state per capita.
The tax cuts included a new, lower flat income tax, lower payroll taxes for Idaho businesses, and an enhanced grocery tax credit. ■
Predominant upper-level ridging stretching from the Southwest to the southern High Plains will allow for another day of record-breaking heat across parts of Nevada and Arizona today.