ID S1416

Increases the homestead property tax exemption to $120,000 of market value for tax year 2020, or 50% of market value, whichever is less.

Establishes annual cost-of-living adjustments beginning in tax year 2021 based on the U.S. all-transactions house price index for Idaho, to be published by the state tax commission by October 1 each year.

Requires the state tax commission to certify uniform property appraisals in each county before exemptions can be granted and permits owners to request return of submitted documents.

Expands exemption eligibility to include beneficiaries of trusts, partners in limited partnerships, members of limited liability companies, and shareholders of corporations.

Declares an emergency and provides retroactive application to January 1, 2020, and establishes procedures for recovery of improperly claimed or approved exemptions within a seven-year period.