ID H0584

Exempts the first $75,000 of market value (or 50% of market value, whichever is lesser) of a homestead from property taxation, adjusted annually based on the Idaho housing price index starting in 2007.

Requires homesteads to be owner-occupied as the primary dwelling place as of January 1 (or between January 1 and April 15 for newly occupied properties) to qualify for the exemption.

Allows homestead exemptions to be preserved when an owner, beneficiary, partner, member, or shareholder is absent due to active military service in a designated combat zone as defined in Internal Revenue Code section 112.

Enables the county board of commissioners to refund property taxes for those who failed to timely apply for exemption solely due to active duty in a designated combat zone, if the homestead would have otherwise qualified.

Permits exemptions to continue through the year of an owner's death and the immediately following tax year if the homestead remains part of the deceased person's estate.