In its haste to pass a new budget for fiscal year 2014, the Twin Falls City Council was pleasantly surprised Aug. 19 when it approved a spending plan which would actually decrease taxes. Based on an estimate from the Twin Falls County assessor, the tax rate was set at $7.41 per $1,000 of assessed property value, lower than the current $7.71.
But it was long after the vote that somebody double-checked the math.
This morning's Twin Falls Times-News reports that the Twin Falls City Council had to meet in emergency session Aug. 22, to bump up the taxable rate to $7.99 per $1,000 of assessed property value.
Twin Falls County officials admitted they didn't correctly use Idaho's new tax code to calculate property tax exemptions. The 2013 Idaho Legislature approved new breaks for businesses, exempting the first $100,000 of personal property taxes.
Simply put, the tax break for business puts a greater tax burden on homeowners.