A land measure equal to 43,560 square feet.
A real estate tax levied in proportion to the value of the property.
Idaho Code establishes procedures for appealing the valuation/classification of properties. Normally the sequence of events starts with an informal appeal to the Assessor, to the local Board of Equalization, the State Board of Tax Appeals and finally the court system.
Valuation methods used in the determination of property value. The three common approaches for real property are the cost approach, income approach and market (comparable sales) approach.
A sale between two unrelated parties seeking to maximize each of their positions from the transactions.
The property value determined by the County Assessor and used by the Treasurer to calculate a tax amount. The assessed value is essentially the value of the lot and the house, minus the Homeowner’s Exemption ($100,000 or 50% of the improvement value, whichever is less).
The valuation of property for tax purposes.
A listing of all property and its assessed value.
In Idaho, the lien date is January 1. The assessed value of the property is based on its market value as of the lien date.
The elected official whose legal responsibility it is to discover, list and value all property in his jurisdiction.
A nonjudicial, appointed body (the county commission) which attempts to ensure that property under its jurisdiction is appraised equitably and at market value.
Computer-Assisted Mass Appraisal is the process by which property is appraised utilizing computers, computer models and analytical programs.
Categories of property established by the State Tax Commission, for purposes of assessment, equalization and taxation.
A shortened term for similar property sales, rentals, or operating expenses used for comparison in the valuation process; also called "comps".
Estimates property value by determining replacement cost new, less depreciation, plus the land value.
Items of physical deterioration or functional obsolescence that are economically feasible to cure. Economic feasibility is indicated if the cost to cure is equal to or less than the anticipated increase in the value of the property.
Impairment of condition; a cause of depreciation that reflects the loss in value due to wear and tear, disintegration, use in service, and the action of the elements.
A limited right in a piece of land owned by another. This entitles the holder of the right to some use of the land. For instance, if Barney owns a property that is completely surrounded by Fred's property, Barney can get an easement to build a driveway from his property to the main road.
A way out; an exit or outlet.
The right of government to take private property for public use upon the payment of just compensation. The Fifth Amendment of the U.S. Constitution, also known as "the takings clause," guarantees payment of just compensation upon appropriation of private property.
The process by which an appropriate governmental body attempts to ensure that all property under its jurisdiction is assessed equitably at market value or at a ratio or ratios as required by law.
The right of government that gives the state titular ownership of a property when its owner dies without a will or any ascertainable heirs.
This amount is calculated by multiplying the assessed value by the prior year's levy.
Sources: Idaho Tax Commission International Association of Assessing Officers