ID H0390

State tax commission must prepare and distribute rules to county assessors directing how market value for assessment purposes is determined according to recognized appraisal methods and techniques.

Actual and functional use of property shall be a major consideration when determining market value for assessment purposes.

If property has had a fee appraisal completed by a certified appraiser or been sold in an arms-length transaction within the previous 12 months, the lesser of the fee appraisal value or sales price shall be considered the market value for assessment purposes.

Property owner must provide the county assessor with the appraisal or cooperate in disclosing documentation of the sale.

State tax commission rules shall require use of reproduction or replacement cost less depreciation, rather than historic cost less depreciation, when cost is used as a factor in establishing market value for depreciable property.