Loading chat...
ID H0592
Bill
Status
2/27/2012
Primary Sponsor
Revenue and Taxation Committee
Click for details
AI Summary
-
Amends Section 63-301A to require the new construction roll to show reductions in taxable market value for property that became exempt under chapters 6 and 45, title 63, Idaho Code, in the five years preceding the current tax year, effective January 1, 2011.
-
Excludes certain property types from the exemption reduction requirement, including sections 63-602G, 63-602L, 63-602X, 63-602W(2), 63-602AA, and 63-602KK, and portions of taxable property that is increment value as defined in section 50-2903.
-
Clarifies that reductions applied to taxable market value shall not be shown cumulatively on the new construction roll in succeeding years.
-
Amends Section 63-802 to require subtraction of the amount calculated by multiplying the prior year's levy by the value shown on the new construction roll pursuant to section 63-301A(1)(g) from the dollar amount of property taxes certified for the annual budget in each of the three preceding tax years or the last year a levy was made.
Legislative Description
Amends existing law relating to revenue and taxation to establish provisions that a new construction roll shall show certain reductions in taxable market value and to provide for exceptions; and to establish provisions relating to a certain amount that shall be subtracted from the dollar amount of property taxes certified for the annual budget.
REVENUE AND TAXATION
Last Action
to Rev/Tax
2/28/2012