House Bill 78 - Property Tax Fairness Act

• Increases homeowner property tax exemption to the greater of $125,000 or 55% of home market value (previously 50%), capped at $224,360 for tax year 2023.

• Establishes annual adjustment mechanism tied to federal housing finance agency's all-transactions house price index for Idaho, with adjustments published by April 15 each year and floor of $224,360.

• Allows homeowners to apply for exemption only once if conditions are met, and preserves exemption during active military service or death of owner during tax year and immediately following year.

• Requires state tax commission to establish searchable database by July 1, 2023, accessible to county officials to verify no duplicate exemptions are claimed and residence matches voting registration.

• Takes effect retroactively to January 1, 2023, and declares emergency status for immediate implementation.