Get Idaho State Tax Exemption Policies

Tax-exempt goods Examples include computer software, prescription medications, and qualified purchases made with food stamps. We recommend businesses review the laws and rules put forth by the Idaho State Tax Commission to stay up to date on which goods are taxable and which are exempt, and under what conditions.

You're any of the following as of January 1 of the year you are applying for the program: 65 or older. Former POW or hostage. Motherless or fatherless child under 18.

Homestead Exemption. Each owner-occupied primary residence (house or manufactured home) and up to one-acre of land is eligible for a Homestead Exemption. This exemption allows the value of your residence and land up to one-acre be exempted at 50% of the assessed value up to a maximum of $125,000; whichever is less.

Tax-exempt personal property The first $250,000 of a taxpayer's personal property not otherwise exempt in each county. Taxpayers using the property in a common enterprise or in related organizations with essentially the same management are eligible for only one $250,000 exemption per county.

The 2023 Idaho Legislature passed tax laws providing property tax reduction, capping the cigar tax, increasing the dependent care tax deduction, and more. Below are some highlights. For more details about the legislation, visit the Legislature's website.

The homeowner's exemption will exempt 50% of the value of your home and up to one acre of land (maximum: $125,000) from property tax.

To qualify for a HOMESTEAD EXEMPTION, Idaho Code §63-602G, this property must serve as your primary dwelling. To receive the Homestead Exemption for the current year, you must apply & have occupied the dwelling before December 31st. Applications received after this deadline will be considered for the next tax year.

Your total prior year's income, after deducting medical expenses, was less than or equal to the maximum income level listed in the annual Property Tax Reduction Brochure. You're any of the following as of January 1 of the year you are applying for the program: 65 or older.