TITLE 67

STATE GOVERNMENT AND STATE AFFAIRS

CHAPTER 38

COMMERCIAL PROPERTY ASSESSED CAPITAL EXPENDITURE ACT

67-3811.  Effect of recording. (1) A special assessment and any interest or penalties on the assessment:

(a)  Is a first and prior lien against the commercial property on which the assessment is imposed, from the date on which the notice of special assessment is recorded pursuant to section 67-3810, Idaho Code, until the assessment, interest, and penalty is paid; and

(b)  Is junior to any lien for any other local government property tax or ad valorem tax.

(2)  The lien runs with the land, and any portion of the assessment under the assessment contract that is not yet due must not be accelerated or eliminated by foreclosure of a property tax lien or any other foreclosure.

(3)  A provision of a deed of trust, mortgage, or other agreement between a lienholder and a property owner providing for the acceleration of any payment under the deed of trust, mortgage, or agreement solely as the result of entering into an agreement to finance an assessment authorized by this chapter is unenforceable as to an executed consent pursuant to section 67-3804(4), Idaho Code. A lienholder or loan servicer may increase the monthly amount held in escrow as required to annually pay the assessment.

History:

[67-3811, added 2024, ch. 239, sec. 1, p. 857.]