ID H0242

Amends Section 63-602W of Idaho Code to clarify that site improvements (roads, utilities) on land held by land developers are exempt from property taxation until other improvements are begun or the property is conveyed to a third party.

Specifies that transfers of title to a legal entity that is at least 50% owned by the land developer, the developer's original entity, or the same principals who owned the original entity shall not be considered a conveyance to a third party.

Establishes exemption value as the difference between market value of land with and without site improvements, determined by comparative market analysis; allows 75% exemption value if comparable sales cannot be reasonably assessed.

Requires an application for exemption in the first year claimed; mandates board of county commissioners notification by May 15 and allows appeals to county board of equalization by the fourth Monday in June.

Becomes effective retroactively to January 1, 2013, upon passage and approval.