State
Idaho
Year
2015
Variations in Receipt of Benefit
No Variation in Receipt of Benefits
Benefit Type
Deferral
Benefit
The benefit is a deferral of property tax. During the period of deferral, interest shall accrue on the amount deferred at the annual rate of 6% annually.
How is Benefit Disbursed
Other
Eligible Property Type
Residential
Characteristics of Eligible Property
Only homesteads are eligible for this benefit. “Homestead” means the dwelling, owner-occupied by the claimant and used as the primary dwelling place of the claimant. The homestead may be occupied by any members of the household as their home, and so much of the land surrounding it, not exceeding one acre, as is reasonably necessary for the use of the dwelling as a home. It may consist of a part of a multidwelling or multipurpose building and part of the land upon which it is built. Homestead does not include personal property such as furniture, furnishings or appliances, but a manufactured home may be a homestead.
Eligibility Criteria
Age
Disability
Homeowner
Income Ceiling
Principal Residence
Veteran
Surviving Spouse
Other Criteria
Description of Eligibility Criteria
Claimant must meet all eligibility requirements for circuit breaker tax reduction except for income limitations. To apply for 2015 deferral, 2014 income must be less than $42,776. No application for deferral of property taxes shall be granted if: (a) the application fails to show sufficient equity in that property to secure the payment of all existing deferrals granted in the property; or (b) the application fails to show proof of insurance of an amount adequate for the amount of the deferred tax and interest. In addition, the homeowner must have sufficient equity, which includes that the property is not security for a reverse mortgage and that the total encumbrances on the property do not exceed 80% of the current year's market value.
Local Option in Adoption of Program
Local government is unable to exercise an option
Local Option Regarding Program Features
No local option regarding program features
State Funding for Local Tax Loss
State reimburses all of the local government tax loss
Description of State Funding for Tax Loss
By no later than 20 December of each year, the state tax commission shall pay to the county tax collector of each county 1/2 of the amount due each county as reimbursement for property taxes deferred as shown on the property tax reduction roll, as modified by actions of the state tax commission relating to claims approved or disapproved by the state tax commission, and shall pay the second 1/2 of such amount by not later than 20 June of the following year. The payments may be combined with payments made for property tax reduction. The total amount of reimbursement payable to all counties under this section shall not exceed $500,000 in regard to property taxes for one calendar year. In the event that the amount of taxes approved for deferral exceeds $500,000, the amount of taxes deferred for each qualifying property shall be reduced proportionately and the balance of property tax not deferred shall be entered on the property tax notice.
Record ID
ID102_RR15