Bill > S1216

This bill amends Idaho Code Section 63-208 to refine the rules for determining property market value for assessment purposes. The bill requires the state tax commission to create rules that ensure property assessors use recognized appraisal methods to determine market value, with a focus on the actual and functional use of the property. Specifically, the bill introduces new statistical requirements, mandating that property assessments must reflect a median ratio between assessed and market value within a 90% to 110% range, and that each property category tested must have a level of assessment no more than five percentage points different from other categories. For income-producing properties, assessors may use multiple valuation methods but must exclude contract rent and exempt intangible property values. The bill also requires assessors to provide property owners with their calculation methods upon request. These changes aim to improve uniformity and equity in property tax assessments across Idaho, with the new rules set to take effect on January 1, 2026.