ID S1180

Exempts business inventory from property taxation, including livestock, nursery stock, merchandise, raw materials, and forest products held for sale or consumption in ordinary business operations.

Exempts residential improvements never occupied until first occupied or for a maximum of two (2) years of exemptions, whichever occurs first; applies only to single family residences, residential townhouses, and residential condominium units.

Exempts site improvements (roads, utilities) on land developer property until other buildings are begun or property is conveyed to a third party, with exemption value calculated as the difference between land with and without site improvements or thirty-five percent (35%) of market value if comparable sales unavailable.

Requires application for site improvements exemption by April 15 annually with county commissioners notification by May 15; subsequent consecutive years need no new application but exemption limited to maximum of two (2) years' worth.

Declares emergency clause and provides retroactive application to January 1, 2017.