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ID H0230
Bill
Status
4/6/2023
Primary Sponsor
Revenue and Taxation Committee
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AI Summary
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Amends Idaho Code Section 63-208 to revise duties of county assessors in determining market value of property for tax assessment purposes.
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Requires assessors to use reproduction or replacement cost less depreciation rather than historic cost less depreciation when cost is a factor in establishing market value of depreciable property.
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Establishes that assessors may use one or more market valuation methods for income-producing property, excluding contract rent related to real estate and exempt intangible personal property.
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Requires assessors to provide property owners with their calculations used to determine market value upon request, including any value exempted by statute.
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Becomes effective July 1, 2023 and is declared an emergency measure.
Legislative Description
Amends existing law to provide for duties of assessors and to provide for the valuation of income-producing property.
PROPERTY VALUATION FOR TAX PURPOSES
Last Action
Reported Signed by Governor on April 4, 2023 Session Law Chapter 285 Effective: 07/01/2023
4/6/2023