Bill > H0390

This bill amends existing law to revise provisions regarding the determination of market value for assessment purposes. Specifically, it requires the State Tax Commission to prepare and distribute rules that prescribe how market value for assessment purposes is to be determined. The rules must consider the actual and functional use of the property as a major factor. Additionally, if the property has had a fee appraisal completed by a certified appraiser or has been sold in an arms-length transaction within the previous 12 months, the fee appraisal value or sales price (whichever is less) shall be considered the market value for assessment purposes, provided the owner cooperates by providing the appraisal or documentation of the sale to the county assessor.

Budget and Finance, Justice

Revenue and Taxation Committee (House)

https://legislature.idaho.gov/sessioninfo/2020/legislation/H0390/