An Explanation Of The Idaho Homeowners Exemption

All About The State Of Idaho Homeowners Exemption

Every owner-occupied primary residence (manufactured home or house) and land up to one acre are all eligible to receive the homeowner’s exemption. In order to qualify for the exemption, you have to have owned and occupied your house prior to April 15. An application must also be filed with the office no later than April 15. After you have applied and qualified for the exemption, the only time you need to reapply for it is if ownership changes or you move.

The exemption allows for an acre of land or less and 50 percent of your home’s value to be exempted to the maximum amount. The maximum amount gets adjusted each year based on the changing Idaho Housing Price Index that the Federal Housing Finance Agency publishes. This Index is the same all through the state of Idaho and does not get adjusted in order to match up with different housing price changes in various parts of the state. So the value of a taxpayer’s home could increase,but the house could still be subject to a lower exemption amount.

The exemption for 2014 may reduce the taxable value of one acre of land and a home by $83,920 maximum.

Who Qualifies?

Applicants, in order to qualify must own, use and occupy a dwelling as of January 1st but prior to April 15th. To qualify for a Homeowner’s Exemption, there aren’t any age or income restrictions. However, a taxpayer can only qualify for the exemption with just one home. The qualifications for the Homeowner’s Exemption are governed by the 63-602G statute.

The exemption is extended to all newly constructed residential structures that are owner occupied, including manufacturing housing that is new, if an owner applies for the exemption and meets all the requirements within 30 days of the assessor’s appraisal notification, according to the 63-317 Statute.

How To Apply

You need to complete the Homeowner’s Exemption application. To receive an application check with your State of Idaho assessor’s office. For validation, you will need to have an Idaho Drivers License number and the parcel number for your property.

What Happens Once My Application Has Been Approved.

Once your application has been approved, your exemption will be permanent for as long as you own and occupy the property. If you sell the property, a new application must be filed by the new owner. If the home is refinanced, the homeowner doesn’t need to reapply unless the property’s ownership or title has had any changes made to them.

What Is The Deadline For The Application?

The deadline to apply for a Homeowner’s Exemption is 5 pm on April 15th (the deadline is the next business day if the 15th is a weekend day).

What Else Is Important To Know Regarding The Homeowner’s Exemption?

So many taxpayers don’t apply for the exemption until the very last minute. Others end up not qualifying because they don’t fully understand the law’s deadlines and guidelines.

Be sure to apply now to ensure that all necessary documentation is received on time.

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