PROPERTY TAXES – Amends existing law to revise provisions related to the assessment of market value and the homestead exemption.

This Idaho bill (H 354) revises property tax rules to improve consistency in how property values are assessed and taxed. It directly affects homeowners and property owners by changing the homestead exemption: the first $125,000 of a primary residence's market value, or 50% of that value (whichever is lower), is now exempt from taxes. Key mechanisms include requiring assessors to use median value ratios (90%-110%) for accuracy, clarifying that income-producing property values exclude contract rent, and shifting the burden of proof to property owners if tax increases exceed 10% due to assessor errors. These changes aim to standardize assessments and clarify appeal processes for property tax disputes.