H05642024 Regular Session
Amends existing law to provide for the proration of the homestead exemption based on the change in status of the property.
TAXATION -- Amends existing law to provide for the proration of the homestead exemption based on the change in status of the property.
IntroducedIn CommitteeFloor VoteEnacted
STATEMENT OF PURPOSE
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This proposed legislation clarifies Idaho Code which removed the April 15th Homeowner’s Exemption deadline for existing homes (properties going from a rental to primary residence). This proposed legislation directs all 44 Idaho counties and the Tax Commission on how to implement the Homeowner’s Exemption in a uniform manner across Idaho by including the new formula of levy rate times the value of the home (either with or without the $125,000 Homeowner’s Exemption) times the days of ownership.
LATEST ACTION
Reported Printed and Referred to Revenue & Taxation
BILL INFO
- Session
- 2024
- Chamber
- house
- Status date
- Feb 14, 2024
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