As a home owner you need to be aware all the financial tools available to you. The Idaho Home Owner's Exemption exempts 50 percent or $50,000, whichever is less, of a home's assessed value (excluding the land). Taxes are computed on the remaining value.
To qualify, applicants must own, occupy and use the home as of January 1. Although there are no income or age restrictions to qualify for the Homeowner's Exemption, taxpayers can qualify for an exemption on only one home. The actual statue governing qualification for the Home Owner's Exemption can be found at Ada County's web site: www.adaweb.net. Applications can be downloaded at this same address.
When the application is approved, the exemption is permanent as long as you own the home and occupy the property. If the property is sold, the new owner must file a new application. The deadline for applying for the Home Owner's Exemption is April 15 of each year.
Many home owners wait until the last minute to apply for this exemption. Others fail to qualify because they misunderstood the law's guidelines and deadlines. Applying now can ensure that you spend less time waiting in line and provides assurance that all supporting documentation was obtained in time.
For more information call your local county assessor's office or IHFA. Our toll free number is 1-800-526-7145, or you can reach us in the Boise area at 331-4888.
