Idaho House Bill 52 Summary

• Amends the Circuit Breaker Property Tax Relief Program to define "qualified claimant" to include individuals with household income up to $40,000 (for tax year 2007, adjusted annually for cost-of-living) who would otherwise exceed income limitations.

• Defines "sufficient equity" requirement by specifying that property cannot be security for reverse mortgages or home equity loans, and total encumbrances plus deferred taxes cannot exceed 80% of current market value for assessment purposes.

• Revises deferral termination events to clarify that deferral terminates upon death of the last surviving qualified claimant (if multiple claimants exist) and requires unpaid deferred taxes and interest to be paid within 180 days of termination.

• Removes previous 50% limit on deferred property taxes relative to qualified claimant's proportional share of property market value as a grounds for denying deferral applications.

• Creates a property tax deferral recovery fund to receive all payments of deferred property taxes and applies income tax act enforcement procedures for collection of erroneous or improper deferrals; declares emergency status and retroactive application to January 1, 2013.