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H0455...............................................by REVENUE AND TAXATION
PROPERTY TAX - Adds to existing law to exempt from the property tax any
increase in the net taxable value of real property of a taxpayer in excess
of five percent per year; to provide that the property included in the
calculation of the exemption shall include each parcel of real property
owned by the taxpayer; and to provide that the exemption does not apply to
forest lands.
01/24 House intro - 1st rdg - to printing
01/25 Rpt prt - to Rev/Tax
]]]] LEGISLATURE OF THE STATE OF IDAHO ]]]]
Fifty-eighth Legislature Second Regular Session - 2006
IN THE HOUSE OF REPRESENTATIVES
HOUSE BILL NO. 455
BY REVENUE AND TAXATION COMMITTEE
1 AN ACT
2 RELATING TO PROPERTY TAX; AMENDING CHAPTER 6, TITLE 63, IDAHO CODE, BY THE
3 ADDITION OF A NEW SECTION 63-602JJ, IDAHO CODE, TO EXEMPT FROM THE PROP-
4 ERTY TAX ANY INCREASE IN THE NET TAXABLE VALUE OF REAL PROPERTY OF A TAX-
5 PAYER IN EXCESS OF FIVE PERCENT PER YEAR, TO PROVIDE THE PROPERTY INCLUDED
6 IN THE CALCULATION OF THE EXEMPTION SHALL INCLUDE EACH PARCEL OF REAL
7 PROPERTY OWNED BY THE TAXPAYER, TO PROVIDE THAT THE EXEMPTION DOES NOT
8 APPLY TO FOREST LANDS, TO PROVIDE THAT THE LEGISLATURE DECLARES THE EXEMP-
9 TION NECESSARY AND JUST AND TO PROVIDE FOR RULES; DECLARING AN EMERGENCY
10 AND PROVIDING RETROACTIVE APPLICATION.
11 Be It Enacted by the Legislature of the State of Idaho:
12 SECTION 1. That Chapter 6, Title 63, Idaho Code, be, and the same is
13 hereby amended by the addition thereto of a NEW SECTION, to be known and des-
14 ignated as Section 63-602JJ, Idaho Code, and to read as follows:
15 63-602JJ. PROPERTY EXEMPT FROM TAXATION -- NET TAXABLE VALUE INCREASES
16 ABOVE A CERTAIN PERCENTAGE. (1) Any increase in the net taxable value of real
17 property of a taxpayer in excess of five percent (5%) per year shall be exempt
18 from property taxation and any special assessment. The property included in
19 the calculation of the exemption set forth in this section shall include each
20 parcel of real property owned by the taxpayer. Property of a taxpayer assessed
21 pursuant to chapter 17, title 63, Idaho Code, shall not be eligible for the
22 exemption provided by this section.
23 (2) The legislature declares this exemption to be necessary and just.
24 (3) The state tax commission shall adopt all rules that may be necessary
25 to implement the provisions of this section.
26 SECTION 2. An emergency existing therefor, which emergency is hereby
27 declared to exist, this act shall be in full force and effect on and after its
28 passage and approval, and retroactively to January 1, 2006.
STATEMENT OF PURPOSE
RS 15595C1
The purpose of this legislation is to exempt from the property
tax any increase in the net taxable value of real property of a
taxpayer in excess of five (5) percent per year.
This legislation provides that the property included in the
calculation of the exemption shall include each parcel of real
property owned by the taxpayer, provides that the exemption does
not apply to forest lands, provides that the Legislature declare
the exemption necessary and just, and provides for rules.
This legislation also declares an emergency and provides for
retroactive application.
FISCAL NOTE
Any impact to the general fund will be positive, in that circuit
breaker payments could decrease.
The 2006 school M&O budget amount is set by multiplying the 2005
adjusted value by .003. Therefore, this bill will have no impact
to school M&O in 2006. The first impact is in 2007. The
increase in school M&O funds will be reduced by $19 million.
It is estimated that the increase in revenue for all other taxing
districts in Idaho will be lessened by $8 million in 2006, due to
levy limits. In no event will a year-to-year actual decrease in
revenue occur.
Contact
Names: Representative Bill Deal
Representative Bruce Newcomb
Representative George Eskridge
Representative Bob Nonini
Representative Eric Anderson
Representative Frank Henderson
Phone: (208) 332-1000
Name: Senator Shawn Keough
Phone: (208) 332-1349
STATEMENT OF PURPOSE/FISCAL NOTE H 455