Bill > H0701

This bill amends existing law to provide for the proration of the homestead exemption based on the change in status of the property. Specifically: - The bill allows for the proration of property taxes when the eligibility status of the property changes during the tax year. If a property becomes eligible for the exemption before the second Monday of July, the reduced taxable value will be entered on the property roll. If the property becomes eligible on or after the second Monday of July, any reduction in property tax will result in a cancellation or refund. - If a property becomes ineligible for the exemption before the second Monday of July, the additional taxable value will be entered on the property roll. If the property becomes ineligible on or after the second Monday of July but no later than the fourth Monday of November, the additional value will be assessed and entered on the subsequent or missed property roll. - The bill also revises provisions regarding the deadline for the payment of property taxes, setting the deadline for paying taxes on the subsequent or missed property roll as the same as the deadline for the second half of regular property taxes (June 20).

Revenue and Taxation Committee (House)

https://legislature.idaho.gov/sessioninfo/2024/legislation/H0701/