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 only need to apply once. If approved, your exemption is good until any of the following happens:
- You move and the home is no longer your primary residence
- You no longer own the home
- The home’s ownership changes (e.g., you put the home in a trust; you start to share ownership with someone else)
The homeowner’s exemption will exempt 50% of the value of your home and up to one acre of land (maximum: $100,000) 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 | $125,000 |
| 2022 | $125,000 |