Print Friendly HOUSE BILL NO. 658 – Property tax exmptn/rural dvlp plat
HOUSE BILL NO. 658
View Bill Status
View Bill Text
View Statement of Purpose / Fiscal Impact
Text to be added within a bill has been marked with Bold and
Underline. Text to be removed has been marked with
Strikethrough and Italic. How these codes are actually displayed will
vary based on the browser software you are using.
This sentence is marked with bold and underline to show added text.
This sentence is marked with strikethrough and italic, indicating
text to be removed.
H0658...................................................by LOCAL GOVERNMENT
PROPERTY TAX - RURAL HOMESITE DEVELOPMENT PLAT - Repeals and adds to
existing law to provide a partial exemption from property taxation for the
speculative portion of the value of each parcel of land in a rural homesite
development plat until such time as improvements are being built upon the
parcel, or any interest in the ownership of the parcel is sold or
transferred to an unrelated entity; and to define terms.
02/13 House intro - 1st rdg - to printing
02/14 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. 658
BY LOCAL GOVERNMENT COMMITTEE
1 AN ACT
2 RELATING TO PARTIAL EXEMPTION FOR PARCELS OF LAND IN A RURAL HOMESITE DEVELOP-
3 MENT PLAT; REPEALING SECTION 63-602FF, IDAHO CODE, RELATING TO PARTIAL
4 EXEMPTION FROM TAXATION FOR PARCELS OF LAND IN A RURAL HOMESITE DEVELOP-
5 MENT PLAT; AMENDING CHAPTER 6, TITLE 63, IDAHO CODE, BY THE ADDITION OF A
6 NEW SECTION 63-602FF, IDAHO CODE, TO PROVIDE EXEMPTION FROM TAXATION FOR
7 THE SPECULATIVE PORTION OF THE VALUE OF EACH PARCEL OF LAND IN A RURAL
8 HOMESITE DEVELOPMENT PLAT UNTIL SUCH TIME AS IMPROVEMENTS ARE BEING BUILT
9 UPON THE PARCEL, OR ANY INTEREST IN THE OWNERSHIP OF THE PARCEL IS SOLD OR
10 TRANSFERRED TO AN UNRELATED ENTITY AND TO PROVIDE DEFINITIONS; DECLARING
11 AN EMERGENCY AND PROVIDING RETROACTIVE APPLICATION.
12 Be It Enacted by the Legislature of the State of Idaho:
13 SECTION 1. That Section 63-602FF, Idaho Code, be, and the same is hereby
15 SECTION 2. That Chapter 6, Title 63, Idaho Code, be, and the same is
16 hereby amended by the addition thereto of a NEW SECTION, to be known and des-
17 ignated as Section 63-602FF, Idaho Code, and to read as follows:
18 63-602FF. PARTIAL EXEMPTION FOR PARCELS OF LAND IN A RURAL HOMESITE
19 DEVELOPMENT PLAT. (1) The speculative portion of the value of each parcel of
20 land in a rural homesite development plat shall be exempt from taxation until
21 such time as improvements are being built upon the parcel, or any interest in
22 the ownership of the parcel is sold or transferred to an unrelated entity.
23 (2) For purposes of this section, the following definitions shall apply:
24 (a) "Plat" means the drawing, map or plan of a subdivision or a replat-
25 ting of such, including certifications, descriptions and approvals.
26 (b) "Rural homesite development plat" means a subdivision plat for the
27 development of property outside the boundaries of an incorporated munici-
28 pality within a county of less than one hundred thousand (100,000) popula-
29 tion, recorded with the county recorder.
30 (c) "Speculative portion" means that portion of the value of each parcel
31 created by a rural homesite development plat in excess of one hundred
32 fifty percent (150%) of the pro rata value of the parcel as declared by
33 the county assessor in 2005, or thereafter the year immediately preceding
34 the year the plat was recorded. Speculative portion shall not include the
35 value of infrastructure improvements constructed on the platted property.
36 (d) "Unrelated entity" means any business entity or trust that is owned
37 fifty percent (50%) or less by the seller/transferor of the property, or
38 an individual not related to the seller/transferor as a spouse or lineal
40 SECTION 3. An emergency existing therefor, which emergency is hereby
41 declared to exist, this act shall be in full force and effect on and after its
1 passage and approval, and retroactively to January 1, 2006.
STATEMENT OF PURPOSE
The purpose of this legislation is to provide exemption from
taxation for the speculative portion of the value of each parcel of
land in a rural homesite development plat until such time as
improvements are being built upon the parcel, or any interest in
the ownership of the parcel is sold or transferred to an unrelated
entity and to provide definitions.
There is no fiscal impact to the general fund. Enactment of this
statute would preserve the growth in taxable value in rural
Name: Russell Westerberg
Rep Lenore Hardy Barrett
STATEMENT OF PURPOSE/FISCAL NOTE H 658