This bill amends various sections of the Idaho Code concerning property taxes, with a focus on market value assessment, appeals from the county board of equalization, and the homestead exemption. It mandates that assessors use recognized appraisal methods to ensure that the median ratio of assessed value to market value remains between 90% and 110%. Additionally, the bill clarifies the burden of proof in appeals, stating that if a property's taxable value increases by more than 10% due to improper assessment methods, the burden shifts to the party seeking the increase. The homestead exemption provisions are also revised, maintaining an exemption for the first $125,000 of market value or 50% of the market value, whichever is lesser, while introducing new application and eligibility criteria.

Moreover, the bill establishes penalties for taxpayers who recover property taxes due to improperly claimed exemptions, which must be paid to the county treasurer alongside the recovery amount. It outlines the notification process for taxpayers regarding penalties and allows for appeals to the county board of equalization concerning exemption refusals or recovery assessments. The bill also includes provisions for property tax exemptions related to military service and the death of the property owner, and it mandates the creation of a searchable database for active exemptions. Additionally, it clarifies deadlines for property tax payments and the assessment of late charges and interest, with the act set to take effect on January 1, 2026.

Statutes affected:
Bill Text: 63-208, 63-511, 63-602G, 63-903