A homeowner’s primary residence is eligible upon application for an exemption that is the lesser of $125,000 or 50% of the combined assessed value of the home and land up to one acre. Taxes are computed on the remaining value.
To qualify, applicants must own, occupy and use the dwelling as of January 1 but before December 31 of each year. Although there are no income or age restrictions to qualify for the Homeowner's Exemption, taxpayers can qualify for an exemption on only one home. The actual statute governing qualification for the Homeowner's Exemption is found located at Idaho Statues Title 63, Chapter 6.
When the application is approved, the exemption is permanent as long as one owns and occupies the property. If the property is sold, the new owner must file a new application.
The deadline for applying for the Homeowner's Exemption is December 31 at 5 p.m.
Many taxpayers wait until the last minute to apply for these exemptions. Others fail to qualify because they misunderstand the law's guidelines and deadlines.
Applying now can ensure the taxpayer spends less waiting time in line and provides assurance that all supporting documentation was obtained in time.
For more information, please go to Homeowners Guide on the Idaho Tax Commission website.