ID H0494

Adds requirement that claimants must have lawful presence in the United States pursuant to section 67-7903, Idaho Code to qualify for property tax reduction.

Revises income limitation for property tax reduction program to the greater of $31,950,000 per household for tax years 2021 and 2022 (adjusted for inflation thereafter) or 185% of federal poverty guidelines for a household of two.

Establishes referral to property tax deferral program for individuals whose home's assessed value exceeds 125% of the median assessed valuation in their county, with exception for veterans with 100% service-connected disability rating.

Adjusts maximum property tax reduction amounts: $1,500 for lowest income limitation in tax year 2021 and thereafter, with reductions prorated down to $250 at highest income limitation.

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