PROPERTY TAXES – Amends existing law to revise provisions regarding a property tax exemption for certain low-income housing owned by nonprofit organizations.

Idaho's H 406 revises property tax exemptions for low-income housing owned by nonprofit organizations. To qualify, nonprofits must maintain IRS 501(c)(3) status and ensure all housing units meet specific income-based rent requirements: 55% of units for tenants earning ≤60% of local median income, 20% for ≤50%, and 25% for ≤30%. The bill also requires nonprofits to certify annual compliance with these rules and prohibits tenant evictions for three months after certified catastrophic medical events. The exemption applies to new properties after July 1, 2025, with limited exceptions for existing properties. This directly affects nonprofit housing providers and low-income renters in Idaho.