Idaho’s Smart Budgeting and Fiscal Responsibility Are Making a Difference

For the second year in a row, Idahoans can look forward to property tax relief. Idaho’s property owners will receive an estimated $76.5 million between surplus state revenues and agency savings. This result didn’t happen by accident. 

Before the 2023 legislative session, we heard frequently from Idahoans. Reducing property taxes topped their list of concerns. We created a formula to return tax dollars to Idaho homeowners to reduce the burden of increasing home values.

In addition to helping homeowners, Idaho continues to meet its constitutional obligation to balance the state’s budget. Since 2019, Idaho’s conservative approach to budgeting and managing our finances produced a strong economy and tax relief. From implementing a flat income tax to providing lower payroll taxes, total tax relief reached $4.6 billion over the last five years.

Beyond tax relief, Idaho continues to invest in critical infrastructure. This last session, we completed the third year of funding dedicated to rebuilding our state’s roads and bridges. We’ve also pushed hundreds of millions of dollars toward aging water systems. From drinking water to aquifers, we’re committed to protecting this finite resource for future generations.

Most recently, we prioritized sending targeted funding to communities to help with public school facilities. Some districts need assistance with ongoing maintenance, while others need to address aging buildings. Between delivering property tax relief and modernizing our school facilities, we anticipate reducing the overall tax burden on individual communities to keep kids in safe classrooms.

We’ll need to continue making responsible financial decisions during the coming legislative session. Part of our economic strength comes from a strong credit rating. Last week, Idaho earned an upgraded score from Moody’s of AAA. By improving our rating, we decrease the cost to bond for transportation projects and school facilities with lower interest rates.

We’re also prepared for the future. Our savings accounts meet the standards set in Idaho law. We’re ready to weather those challenges if things change in the economy. 

Going into the state’s next fiscal year, we adopted a conservative economic forecast. We anticipate that Idaho will continue to grow as new businesses form and more people call our great state home. But remaining cautious about tax revenues and prioritizing our existing commitments will help us make smart decisions for our state.

Those decisions include weighing how we handle growth without overwhelming our communities. The benefit of new opportunities for our state shouldn’t change what makes this place special. We also must continue reviewing and improving how we handle regulation in Idaho. The costs associated with regulation shouldn’t burden Idahoans or our economy.

Idaho remains an example for our neighboring states and the nation. We’re doing good things that make a difference in the lives of everyday Idahoans. I look forward to doing more to improve Idaho during the next legislative session. 

Rep. Jon Weber represents District 34 (Madison County) in the Idaho House. He also serves as chairman of the Ways & Means Committee.