US Laws, Codes, Statutes & Cases

                                  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. This report shall be submitted to the state department of education at
the same time as the certification of adjusted market value. The report of the
state tax commission shall also 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.