Amends, repeals, and adds to existing law to revise provisions regarding the homeowner exemption, the circuitbreaker tax reduction, the disabled veterans tax reduction, the property tax deferral program, and the taxation of personal property.

This bill makes several changes to Idaho Code, providing property tax relief and limiting the ability of local taxing districts to increase their budgets. For property tax, it provides property tax relief in 2021 to homeowners by increasing the homeowner's exemption to $125,000. It reduces property taxes for homeowners who qualify for the circuit breaker program by increasing the benefit up to $1,500, depending on need. It reduces property taxes for veterans qualifying for the special disabled veteran's property tax reduction program by increasing the benefit to $1,500. In 2022, it adds an additional qualification for the circuit breaker program to ensure the general fund no longer subsidizes income-poor but asset-rich applicants. Also, in 2022, it increases the exemption for personal property taxpayers to $250,000 and exempts transient personal property from taxation. For local taxing districts, it reduces the amount of valuation available to tax new construction and annexation, creating a total cap of 8% in any budget year. It also reduces the amount of forgone revenue a taxing district may take for ongoing budget growth but provides a mechanism for expenditures that are considered one-time capital projects. Finally, it delays the entry of an improved property's market value on the new construction roll until after the improvements are completed. Overall, this bill provides direct residential and commercial property tax relief and also provides for indirect property tax relief by curbing growth in local budgets, the combination of which results in significant tax relief for all property owners.