HOMEOWNERS A VIRUS AND PROPERTY TAXES
Homeowners a virus and property taxes. Some 4.75 million homeowners are in forbearance as of May 26 with more than 41 million Americans filing for unemployment insurance benefits during the pandemic, making it tough for some to keep up with costs associated with home ownership, like property taxes and insurance. For many people affected by COVID-19, the anxiety of affording their bills has increased. According to TransUnion’s latest survey on the financial impact of COVID-19 on consumers 70 percent of respondents expressed concern about how they would pay their bills and loans. This was up from 66 percent the month before. Beyond mortgage forbearance, there are relief options for other costs associated with home ownership. Property tax relief for home owners. Homeowners a virus and property taxes.
Property taxes vary greatly by state and even county, but of course they’re relative to how much a person is earning and their financial resources. For people hit financially by the pandemic, a $500 tax bill can be too much. State leaders have recognized this hardship and created property tax relief programs in response. This week Idaho Gov. Brad Little unveiled a $200 million property tax relief program to help homeowners that would use the state’s $1 billion in federal coronavirus aid under the CARES Act. One of the plan’s provisions is to keep 2021 total property tax collections at this year’s level, except for new construction, which means giving up the state’s 3 percent allowable annual increase.
“Our focus is to support our communities and our police, fire, and EMS personnel and ensure there are no reductions in public safety during these unprecedented challenges,” Little said in a statement. “I appreciate the cities and counties working together to ensure the resulting budget savings are given back to the people of Idaho in the form of property tax relief rather than backfilling local government budgets.”