Print Friendly SENATE BILL NO. 1493 – Personal property tax, assessment
SENATE BILL NO. 1493
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S1493......................................by LOCAL GOVERNMENT AND TAXATION
PERSONAL PROPERTY - TAX - Amends existing law to provide a schedule for
time in use assessment of taxable personal property; and to provide
02/21 Senate intro - 1st rdg - to printing
02/22 Rpt prt - to Loc Gov
03/02 Rpt out - to 14th Ord
03/29 Rpt out w/o amen - ret'd to Loc Gov
|||| LEGISLATURE OF THE STATE OF IDAHO ||||
Fifty-fifth Legislature Second Regular Session - 2000
IN THE SENATE
SENATE BILL NO. 1493
BY LOCAL GOVERNMENT AND TAXATION COMMITTEE
1 AN ACT
2 RELATING TO ASSESSABLE VALUE OF PERSONAL PROPERTY; AMENDING SECTION 63-205,
3 IDAHO CODE, TO PROVIDE A SCHEDULE FOR TIME IN USE ASSESSMENT OF TAXABLE
4 PERSONAL PROPERTY AND TO PROVIDE PROCEDURES; PROVIDING AN EFFECTIVE DATE
5 AND TO PROVIDE DUTIES TO THE STATE TAX COMMISSION.
6 Be It Enacted by the Legislature of the State of Idaho:
7 SECTION 1. That Section 63-205, Idaho Code, be, and the same is hereby
8 amended to read as follows:
9 63-205. ASSESSMENT -- MARKET VALUE FOR ASSESSMENT PURPOSES. (1) All real,
10 personal and operating property subject to property taxation must be assessed
11 annually at market value for assessment purposes as of 12:01 a.m. of the first
12 day of January in the year in which such property taxes are levied, except as
13 otherwise provided. Market value for assessment purposes shall be determined
14 according to the requirements of this title or the rules promulgated by the
15 state tax commission.
16 (2) Personal property coming into the state after January 1 shall be
17 assessed as of the date of entry into the state in accordance with sections
18 63-311(3) and 63-602Y, Idaho Code.
19 (3) Personal property that can be used for its intended use or purpose
20 for less than the full year shall be assessed according to the following
22 (a) When the personal property can be used for its intended use or pur-
23 pose for three (3) or fewer months during any calendar year, it shall be
24 assessed at twenty-five percent (25%) of its full market value for assess-
25 ment purposes;
26 (b) When the personal property can be used for more than three (3) months
27 and six (6) or fewer months for its intended use or purpose it shall be
28 assessed at fifty percent (50%) of its full market value for assessment
30 (c) When the personal property can be used for more than six (6) months
31 or for nine (9) or fewer months for its intended use or purpose, it
32 shall be assessed at seventy-five percent (75%) of its full market value;
34 (d) When the personal property can be used for more than nine (9) months
35 for its intended use or purpose, it shall be assessed at its full market
36 value for assessment purposes.
37 (4) Decisions of a county assessor or a board of equalization are appeal-
39 (5) Any taxpayer shall have the right to apply for a time in use exemp-
40 tion before the county board of equalization.
41 SECTION 2. This act shall be in full force and effect on and after Janu-
42 ary 1, 2001. The Tax Commission shall prepare appropriate schedules and
1 descriptions for the use of taxpayers, County Assessors, Boards of Equaliza-
2 tion and the State Board of Tax Appeals to implement the provisions of this
STATEMENT OF PURPOSE
This legislation would provide consideration to property taxpayers who pay
property tax on property that is not used for a full year. This legislation would
help, to some extent, the recurring problem of school bonds failing because many
owners of personal property feel it is unfair to be taxed on property that isn't used
Minimal cost to the tax Commission to implement. A tax shift could occur in
some taxing districts.
CONTACT: Senator Stan Hawkins
STATEMENT OF PURPOSE/ FISCAL NOTE S 1493