TAXATION – Amends existing law to revise provisions regarding the homestead property tax exemption.

This bill amends Idaho's homestead property tax exemption rules to increase the tax-free amount for primary residences. It raises the exemption threshold so that homeowners can exclude either $125,000 or 50% of their home's market value from property taxes, whichever is lower. The legislation also simplifies the application process by allowing owners to apply only once per year if they continue living in the same home, and it clarifies how to handle changes in eligibility during a tax year through prorated calculations. Additionally, the bill updates requirements for proof of residency, including options for military personnel and those without standard identification, while maintaining rules that prevent claiming exemptions on multiple properties simultaneously.