ID H0309

Increases the income limit for "qualified claimants" in the property tax deferral program from $40,000 to $50,000 for tax year 2021, with future increases tied to annual cost-of-living adjustments beginning in 2022.

Changes the interest rate on deferred property taxes from 6% annually to the rate provided in section 63-3045, Idaho Code.

Increases the annual state reimbursement cap for county property tax deferrals from $500,000 to $5,000,000 per calendar year.

Requires proportionate reduction of deferred taxes for qualifying properties if total approved deferrals exceed the $5,000,000 annual cap.

Declares an emergency and provides retroactive application to January 1, 2021.