Homeowners Exemption FAQ
What is a Homeowners Exemption?
Property tax relief is available through the Homeowners Exemption, which reduces the taxable value of your primary residence by one-half the value of the dwelling and one acre of the land up to a certain maximum. This maximum reduction is adjusted annually by the Idaho House Price Index (HPI). You only need to apply for the exemption once unless you move or make changes to the ownership (such as change your name, or transfer ownership).
Why does the Assessor's Office need to see my un-recorded deed or contract, Trust or LLC documents?
When you transfer ownership of your property to a Trust or LLC that entity becomes the owner of your property and if you do not show an un-recorded deed or contract the Assessor’s office has no way of knowing who the owner is of the property except for referring to the last recorded owner of the property.
The Assessor’s office needs to have copies of the un-recorded documents and certain pages from the Trust or LLC if you wish to have a Homeowners Exemption and/or Property Tax Reduction. This is because per Idaho Code 63-703(4) you have to own and live in the home as your primary residence to qualify for these programs. In the case that a Trust or LLC owns the home, the Assessor’s office is required to retain certain pages of that Trust or LLC to have record of who owns the Trust or LLC.
Another reason the Assessor’s office would request a copy of these documents during the transfer of ownership of a manufactured home.
If I buy my home after April 15th, can I still get the exemption this year?
A home must be owner occupied before April 15th to be eligible for the Homeowners Exemption. You can still apply for the exemption, but it will be applied to the next assessment year.