Idaho ends fiscal year with budget surplus, Idahoans to receive total of $300 million in property tax reliefWednesday July 19, 2023
Boise, Idaho – Governor Brad Little announced today Idaho ended yet another fiscal year with a budget surplus – an extra $100 million that will go directly to property tax relief.
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.
“Idahoans were pressing for property tax cuts, and we delivered on our promise to provide relief. The Idaho Legislature, in partnership with the Governor, is returning Idahoans even more of their hard-earned money. Idaho’s conservative governing model works and returning surplus dollars back to taxpayers is the right thing to do!" said Senator Doug Ricks, chairman of the Senate Local Government and Taxation Committee.
"As lawmakers, we're proud that Idaho leads the country in cutting taxes while providing additional funding for local schools and infrastructure. 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," said Representative Jason Monks, chairman of the House Revenue and Taxation Committee.
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