Bill Description: House Bill 701 would create a new formula for calculating property tax levy rates and the homestead exemption. 

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Does it directly or indirectly create or increase any taxes, fees, or other assessments? Conversely, does it eliminate or reduce any taxes, fees, or other assessments?

In Idaho, an owner-occupied primary residence is eligible for a homestead exemption of up to 50% of the home's assessed value or $125,000, whichever is less.

Under current law, a homeowner can receive 100% of the value of the exemption if the county receives the application by April 15; the amount is 75% if the application is received between April 16 and June 30 and 50% if received between July 1st and Sept. 30th. If the county receives the application between Oct. 1 and Dec. 31, the homeowner can receive 25% of the value.

House Bill 701 would amend Section 63-602G, Idaho Code, (as amended by Section 1 of House Bill 449, if enacted by the Legislature) to prorate the property taxes and homestead exemption based on the exact number of days "such property is subject to a given exemption eligibility status."

The bill also clarifies how "the taxable value of the homestead or the tax shall be adjusted" if "the eligibility status of the property changes during the tax year."

This change may help to streamline the calculation process for determining how much the exemption is worth.

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