Stimulus Check Update: Residents in This State Qualify for $1,500 Savings

Idaho has a property tax reduction that could see residents qualify for $1,500 in savings next year.

Altogether, the Idaho Legislature will be cutting property taxes by more than $300 million.

The Property Tax Reduction program is available for Idaho residents and homeowners and could potentially reduce property taxes by $250 to $1,500.

To qualify, residents must have a total 2023 income of $37,000 or less, after deducting medical expenses.

Specifically under the program, Idaho is targeting certain pockets of the population to help with their property taxes. This includes those aged 65 or older, as well as people who are blind, widowed or disabled. Former POWs or hostages and motherless or fatherless children under 18 years old also qualify.

Recipients also need to have owned and lived in an Idaho home as their primary residence before April 15, 2024. The property also must have a current homeowner's exemption.

To earn the reduction, however, you must apply between January 1 and April 15 of next year. If the application is approved, it will show up on your December 2024 property tax bill.

Michael Ryan, a finance expert and the founder of michaelryanmoney.com, said Idaho's decision to cut taxes for eligible groups is a "compassionate response to the financial pressures many face."

"With income limits set at $37,000, it targets those most in need as well," Ryan said. "It's all about improving the economic stability of Idahoans."

More Money Available to Americans

Many states have enacted rebates to property owners as well as seniors and those with disabilities as a way to make up for lost federal stimulus payments.

In Alabama, married couples filing jointly received $300 extra this month if they had filed a state income tax return for 2021 on or before October 17, 2022.

The state spent $393 million on the tax refunds, with the checks coming fully from a $2.8 billion surplus in the Education Trust Fund. Each check is intended to help residents offset grocery taxes paid throughout the year.

Arizona is also giving $250 per person with dependents, with a limit of $750 for three dependents. For dependents over age 18, the payment is lowered to $100 each.

Virginia gave out payments to residents last month, as long as they had a tax liability in 2022. A tax liability is money owed to the state after deducting tax credits. Under the rebate program, single filers earned $200, while joint taxpayers scored $400 together.

With inflation still set at 3.1 percent, many Americans still struggle to afford basic necessities like groceries and housing.

"These aren't just dry policy shifts," Ryan said. "They're a lifeline, a pat on the back, a sign that someone's looking out for you. It's about making life a tad easier, one tax rebate or reduction at a time."