ID H0481

Changes the property value threshold for excluding homeowners from the property tax reduction program from 125% to 150% of the median assessed valuation for homes in the county receiving the homestead exemption, effective January 1, 2022.

Maintains the $300,000 assessed value threshold as an alternative exclusion criterion, with homeowners exceeding the greater of $300,000 or 150% of median county value referred to the property tax deferral program instead.

Exempts veterans with a 100% service-connected disability or individual unemployability rating compensated at the 100% disability rate from the property value exclusion criteria.

Requires counties to report median assessed values of homestead exemption properties to the state tax commission by the first Monday in June using current year assessed values.

Declares an emergency and provides retroactive application to January 1, 2022.