TITLE 63

REVENUE AND TAXATION

CHAPTER 3

ASSESSMENT OF REAL AND PERSONAL PROPERTY

63-315.  Assessment ratios and the determination of adjusted market value for assessment purposes for school districts. (1) The provisions of this section shall apply only to charter districts levying a maintenance and operation levy in the prior calendar year. For the purpose of this section, adjusted market value for assessment purposes shall be the adjusted market value for assessment purposes of all property assessed for property tax purposes for the year referred to in sections 33-802 and 33-1002, Idaho Code.

(2)  The state tax commission shall conduct a ratio study to annually ascertain the ratio between the assessed value and the market value for assessment purposes of all property assessed for property tax purposes. Said ratio study shall be conducted in accordance with nationally accepted procedures. From the ratio so ascertained the state tax commission shall compute the adjusted market value of all property assessed for property tax purposes.

(3)  The ratio shall be computed in each school district and applied to the market value for assessment purposes within each school district.

(4)  Sales used in determining the ratio required by this section shall be arm’s length, market value property sales occurring in the year beginning on October 1 of the year preceding the year for which the adjusted market value is to be determined. The state tax commission may, at its discretion, modify the sales period when doing so produces provably better representativeness of the actual ratio in any school district. The state tax commission may also add independently conducted appraisals when the state tax commission believes that this procedure will improve the representativeness and reliability of the ratio.

(5)  Whenever the state tax commission is unable to determine with reasonable statistical certainty that the assessed value within any school district differs from the market value for assessment purposes, the state tax commission may certify the assessed value to be the adjusted market value of any school district.

(6)  The state tax commission shall certify the adjusted market value of each school district to the state department of education and each county auditor no later than the first Monday in April each year. The state tax commission shall prepare a report indicating procedures used in computing the adjusted market value and showing statistical measures computed in the ratio study. The report of the state tax commission shall be made available for public inspection in the office of the county auditor.

(7)  The state tax commission shall promulgate rules to implement the ratio study described in this section.

History:

[63-315, added 1996, ch. 98, sec. 4, p. 334; am. 1998, ch. 102, sec. 1, p. 350; am. 2006, 1st Ex. Sess., ch. 1, sec. 15, p. 58; am. 2016, ch. 87, sec. 1, p. 273.]