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ID S1249
Bill
Status
1/20/2012
Primary Sponsor
Diane Bilyeu
Click for details
AI Summary
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Increases homestead property tax exemption from $75,000 to $150,000 of market value, or 50% of market value, whichever is lesser, effective for tax year 2012 and thereafter.
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Requires State Tax Commission to publish annual adjustments to exemption amount beginning tax year 2013 based on Idaho housing price index changes to reflect cost-of-living fluctuations.
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Establishes procedures for recovery of improperly claimed exemptions, including notice requirements, appeal rights, and lien attachment, with a 7-year maximum lookback period.
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Protects homestead exemption qualification for owners, beneficiaries, partners, members or shareholders absent due to active military service in designated combat zones.
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Declares emergency status with retroactive application to January 1, 2012.
Legislative Description
Amends existing law to provide that the first $150,000 of the market value for assessment purposes of the homestead or 50 percent of the market value for assessment purposes of the homestead, whichever is the lesser, shall be exempt from property taxation.
PROPERTY TAXATION
Last Action
to Loc Gov
1/23/2012