House Bill 594 Summary

• Increases the homestead property tax exemption from $75,000 to $90,000 of market value, or 50% of market value, whichever is less, effective January 1, 2015.

• Eliminates the annual cost-of-living adjustments to the exemption amount that were previously tied to the Idaho housing price index.

• Removes the requirement for the state tax commission to publish yearly adjustments to the exemption maximum.

• Maintains existing eligibility requirements including owner-occupation, primary dwelling place use, and county assessor certification of uniform property appraisals.

• Provides exceptions allowing homesteads to retain exemption status during active military service in designated combat zones and during the year of owner death and the following tax year.