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Tax Summary
- Idaho assesses income tax on a sliding scale from 1.6% to 7.8% depending upon how much you earn.
- Sixty percent of the profit from capital gains sales is excluded from capital gains tax.
- Personal exemption for a single individual is $3,000. Exemption for a married couple is $6,000. Dependents earn an exemption of $3,000 each.
- Social Security income and Tier One and Two retirement benefits are non-taxable.
- There is a state tax credit for taxes paid to any other states by Idaho residents.
- Sales tax in Idaho is 6%
- Hotel and motel accomodations are taxed at anywhere between 7% and 11%
- Property taxes are assessed on homes, businesses, farms and personal property such as office equipment and farm machinery.
- Property taxes may be paid on a monthly basis.
- The homeowner's exemption in Idaho is for 50% of the value of the home (but not the land) up to $50,000.
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