A homestead exemption is
different than a homeowners exemption and not handled in the Assessor’s
office. The terms homeowners exemption
and homestead exemption are often used interchangeably, which is not accurate. Since there is so much confusion between the
two programs, a short description will be given here. For more information regarding your specific
situation, contact a real estate attorney.
A homestead exemption protects the owner’s equity in their property.
Every property owner in the state of Idaho that occupies their home as their primary residence is automatically protected
up to the first $100,000 in equity regardless of size per Idaho Code 55-1003. There is no need to file any paperwork in this case. The
protection is applied automatically.
If you wish to have this exemption applied to unimproved land or property that you are not occupying, it is necessary to record a ‘Declaration of Homestead’ with the recorder of the county that the property resides.
A Declaration of Homestead must
include:
- A statement that you intend to occupy this property as your primary residence in the future
- A complete legal description of the property
- The full cash value of the property
If you file a Declaration of Homestead on a property that you are not occupying, you must file an ‘Abandonment of Homestead’ on your owner occupied property when applicable. The Abandonment of Homestead must be recorded with the recorder of the county that this property resides.
An Abandonment of Homestead must include:
- A statement that this property can no longer be assumed a Homestead
- A complete legal description of the property
- Date of abandonment
If your property remains unoccupied, continuously, for six months the Homestead Exemption will be assumed to be abandoned per Idaho Code 55-1006. If an owner is going to be absent from the homestead for more than six months but does not intend to abandon the homestead, and has no other principal residence, the owner may record a declaration of ‘Non-abandonment of Homestead’ with the recorder of the county in which the property resides.
The declaration of non-abandonment of homestead must include:
- A statement that the owner claims the property as a homestead
- A statement that the owner intends to occupy the property in the future
- A statement that the owner claims no other property as a homestead
- A statement of where the owner will be residing while absent from the homestead property
- The estimated duration of the owner’s absence, and the reason for the absence
- A legal description of the homestead property
Summary
If you live in your home, you do not need to file any paperwork. If you have any questions regarding a homestead exemption, please contact a real estate attorney. Assessor's office staff is not qualified to give such advice.