H07012024 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
Retained on General Orders
BILL INFO
- Session
- 2024
- Chamber
- house
- Status date
- Mar 5, 2024
RELATED BILLS
Similar bills
H0702Amends and adds to existing law to revise provisions regarding the taxation of rate-regulated electric companies.H0564Amends existing law to provide for the proration of the homestead exemption based on the change in status of the property.H0658Amends existing law to revise provisions regarding hospital property tax exemptions and to specify requirements to qualify for the exemption.H0736Amends and adds to existing law to revise provisions regarding the taxation of rate-regulated electric utilities.
