Bill > H0309

This bill amends existing law to revise provisions regarding the property tax deferral program. Key changes include: 1. Increasing the income limit for qualified claimants from $40,000 to $50,000, with annual cost-of-living adjustments starting in 2022. 2. Removing the requirement that the qualified property be owned solely by the qualified claimant and their spouse, and not subject to a trust or life estate. 3. Changing the interest rate on deferred taxes from 6% annually to the rate provided in the state's general interest statute. 4. Increasing the total amount of reimbursement payable to counties for deferred property taxes from $500,000 to $5 million per calendar year. 5. Providing that the bill will take effect immediately and apply retroactively to January 1, 2021.

Budget and Finance, Justice

Revenue and Taxation Committee (House)

https://legislature.idaho.gov/sessioninfo/2021/legislation/H0309/