by Pearl Realty
on Monday, April 14th, 2014 at 4:19pm.
A homeowner’s exemption is a program that reduces property taxes for individuals who own and occupy their home as their primary residence. By reducing the net taxable value of the home and up to one acre of land by 50%, maximum $83,920 for 2014. This maximum reduction is adjusted annually using the House Pricing Index for Idaho (HPI) published by the Federal Housing Finance Agency .
You must own and occupy, as well as apply for the exemption by April 15th of the year you are applying with the county assessor’s office. You only have to apply once and it stays with the property as long as you own and live in it. Typically, at closing the escrow officer will give you the form to file. You are only allowed to claim one Idaho property at a time as your primary residence. Upon change of ownership, the new owner must apply for a new exemption.