If you own and occupy a home (including manufactured homes) as your primary residence, you could qualify for a homeowner’s exemption for that home and up to one acre of land.
You apply for this exemption with your county assessor’s office, and it determines if you qualify. Once approved, your exemption lasts until the home’s ownership changes or you no longer use the home as your primary residence.
The homeowner’s exemption will exempt 50% of the value of your home and up to one acre of land (maximum: $125,000) from property tax.
Example
George’s property is a house located in the fictitious city of New Town, Idaho. The total amount of property tax that George owes is calculated like this:
- 100% of the market value of his house is $175,000.
- 100% of the market value of his half-acre lot on which the house sits is $125,000.
- George applied for and is eligible for the homeowner’s exemption. This reduces the taxable amount of his property by $125,000.
- Line A plus line B minus line C is the taxable value: $175,000
History of maximum homeowner’s exemption
| Years | Maximum |
|---|---|
| 1980-1982 | $10,000 |
| 1983-2005 | $50,000 |
| 2006 | $75,000 |
| 2007 | $89,325 |
| 2008 | $100,938 |
| 2009 | $104,471 |
| 2010 | $101,153 |
| 2011 | $92,040 |
| 2012 | $83,974 |
| 2013 | $81,000 |
| 2014 | $83,920 |
| 2015 | $89,580 |
| 2016 | $94,745 |
| 2017 | $100,000 |
| 2018 | $100,000 |
| 2019 | $100,000 |
| 2020 | $100,000 |
| 2021-2024 | $125,000 |