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Local Economy

Welcome > Local Info > Economy ...

Find Out More About the Coeur d'Alene, Post Falls and Hayden Area Economy & Job Market 

Coeur d'Alene IS NATIONS HOTTEST JOB MARKET
In a study of the hottest small cities(50,000-100,000 jobs) by BizJournal.com, CDA was given high praise in the online publication with a job growth of 5.9%. Check out the entire article.  

Economic strength of Idaho can be determined from the relationship of employment, labor force, and population. Both population and employment have increased at a substantial rate during the past 10 years. Idaho's population doubled in the 90's.  

INCOME-TAX RANGE
1.6% – 7.8% 

The Gem State taxes all income received by an Idaho resident, except Social Security and Railroad Retirement benefits. Its top tax rate of 7.8% applies to taxable income of $26,418 and above. However, if you are 65 or older, Idaho offers a retirement-benefits deduction of up to $41,814 for married couples or $27,876 for individuals. The state imposes a 6% sales tax on everything except prescription drugs, and some resort cities and counties can add their own taxes for a combined sales-tax rate of up to 9%. Property is taxed at full market value, but your primary residence is eligible for an exemption of up to 50% of assessed value, up to a maximum $92,000 in 2010. Idaho does not have an inheritance tax, estate tax or gift tax. 

EXEMPTIONS FOR RETIREMENT INCOME
Idaho does not tax Social Security benefits or Railroad Retirement benefits. Idaho offers a retirement-benefits deduction if you are age 65 or older, or if you are disabled and age 62 or older, and receive qualifying retirement benefits, such as a civil-service pension or military pension. The amount deducted must be reduced by retirement benefits paid under the Federal Social Security Act and the Federal Railroad Retirement Act. The maximum amount that could be deducted for 2009 was: married filing jointly (age 65 or older), $41,814; married filing jointly (age 62 or older and disabled), $41,814; single (age 65 or older), $27,876; and single (age 62 or older and disabled), $27,876. 

Circuit Breaker Exemption on PROPERTY TAXES
If you are a qualified Idaho homeowner, you may be eligible for the circuit breaker program. To qualify you must own and occupy the home as your primary residence, you must meet income requirements and must be either age 65 or older, a widow(er), blind, former POW, fatherless or motherless minor, or a qualifying disabled person. This program may reduce property taxes on your home and up to one acre of land by as much as $1,320. Idaho also has a property-tax deferral program.

State tax data courtesy Retirement Living Information Center. Visit RetirementLiving.com for a complete rundown of taxes in Idaho. 

TAXES IN KOOTENAI COUNTY 

Property Tax: 

Although property tax rates vary from city to city and the county, in the Coeur d'Alene, Post Falls and Hayden area, the average tax rate is 1.4 % of the taxable value of property.  

HOMEOWNERS EXEMPTION The homeowners exemption is an exemption provided by Idaho State law that saves the property owner money on their property taxes. This happens because the exemption deducts 1/2 of the assessed value of the buildings & up to a one-acre homesite, up to a maximum of $92,000 or 50%, whichever is less. This rate may be adjusted anually. See Idaho code 63-602G and 63-701.  

WHO QUALIFIES? A PROPERTY OWNER WHO OCCUPIES THE HOME AS THEIR PRIMARY RESIDENCE AND IS AN IDAHO RESIDENT QUALIFIES FOR THIS EXEMPTION.  

HOW DO YOU QUALIFY?
* A valid Idaho drivers license (if you drive)
* Vehicle is licensed in Idaho (if you own a vehicle)
* If the property is in a trust, bring the
entire trust with you.
* Registered Idaho voter (if you vote)
* If you file income tax, at the appropriate time the property owner would file a full year Idaho resident income tax return.
* You reside in Idaho the majority of the year.  

* WHEN TO FILE
* On new homes, owner must apply within 30 days of purchase

* On existing homes the deadline for applying is April 15th of the year that you occupied the home. We suggest that the property owner file as soon as home is owned and occupied.

* WHERE DO I FILE?
* The applications are available and must be filed in the Assessors Office, located at 451 Government Way, Coeur d Alene on the main floor of the Administration Building, next to the information desk.

* FOR FURTHER ASSISTANCE-
* Call the assessors office 208 446-1513
E-mail bwilliams@kcgov.us 

Sales Tax: 

Sales tax in Kootenai County is 6.0% on retail sales, and on the use, consumption or storage of tangible personal property.  

Moter Vehicle Taxes 

Motor vehicle taxes are levied on cars and trucks depending on vehicle year. (Our yearly tax is approx $40/yr.) Commercial vehicles are charged by gross weight up to 16,000 pounds. 

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Real Estate Tips

Closing or Settlement >Closing Tips

The conclusion of a real estate transaction is an exciting time for everyone involved. The closing table is the ideal place to sign papers, trade keys, and drink a toast to the new homeowners. Sometimes that setting is filled with tension and pressure as each side tries to work out important details of the transaction at the last minute.

How can you help make your closing a relaxed and happy one? First, try to get the details worked out ahead of time. There may be a few unresolved issues, such as repairs that were not completed, a disappearing dining room chandelier or a pre- or post-closing occupancy agreement. The atmosphere should remain positive in order that minor upsets will not threaten the entire transaction. If you anticipate a problem, no matter how minor it may seem, be sure to communicate the situation to your real estate agent in advance, so that it can be addressed before it has a chance to escalate.

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Real Estate Trivia

Q 
What U.S. state is home to the world's richest woman?

A 
Alice Walton, daughter of WalMart's founder and heiress to $16.5 billion, lives on a ranch in the state of Texas.
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The Lake City Team, REALTOR®, real estate agent and broker for Coeur d'Alene, Post Falls and Hayden, Idaho home listings, property and land for sale - NUMBER1EXPERT

Sherry (Zellars) Brower & Phil Brower
Realteam Real Estate Center

296 W Sunset Ave.
Coeur d'Alene, ID. 83815
Direct Line to Phil: 208-660-0072
Fax: 208-667-0292
Sherry's cell : 208-661-0191
Email: phil@lakecityteam.com
Email: sherry@lakecityteam.com

SHERRY is an 18 yr Realtor, helping over 525 buyers and sellers reach their goals. Phil is her partner & ONLY ONE CALL OR E-MAIL AWAY FROM HELPING YOU FIND THE RIGHT PROPERTY!! WHETHER IT'S A SMALL COTTAGE, A BRAND NEW HOME, A LUXURY WATERFRONT ESTATE, 5 ACRES OF RAW LAND, OR A DUPLEX, he is constantly previewing all newly listed properties. When we help you to own a home (at no extra charge to you) we will give you our full attention starting with, LISTENING to your NEEDS & DESIRES, e-mailing you lots of PROPERTY PHOTOS to review privately, recommending experienced lenders with the BEST LOANS, suggesting favorite ACCOMODATIONS for your visit, showing you YOUR CHOICE of properties, negotiating for your BEST INTERESTS, recommending INSPECTORS who have a critical eye, TITLE Companies to expedite the paperwork, & recommending CONTRACTORS to make the property your own. We specialize in helping you make your next move the best you've ever had!! Representing a dedication to his profession, Phil is a candidate of the Certified Residential Specialist designation. Phil would love to talk to you about your real estate needs and get you started toward owning property in North Idaho, so call him today! Sherry loves to list homes in North Idaho and uses the latest technology to make the best impression of the home. This is only one of three websites that we have, to attract buyers to our listings. Call Sherry to get her started selling your home today.

ABR MLS Equal Housing REALTOR SRES


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