US Laws, Codes, Statutes & Cases

                                  TITLE  63
                             REVENUE AND TAXATION
                                  CHAPTER 6
                           EXEMPTIONS FROM TAXATION
    63-602BB.  PARTIAL EXEMPTION FOR REMEDIATED LAND. (1) During the tax year
1997 and each year thereafter, a site as defined in section 39-7203, Idaho
Code, and qualifying under chapter 72, title 39, Idaho Code, shall be eligible
for property tax exemption not to exceed seven (7) years.
    (2)  "Remediated value" shall mean market value for assessment purposes of
the land on January 1, less the market value for assessment purposes of the
land on the January 1 prior to the year in which the remediation was
completed.
    (3)  The exemption shall amount to fifty percent (50%) of the remediated
land value. The exempted value assessed under this formula shall remain
constant throughout the period of the exemption.
    (4)  The exemption allowed by this section may be granted only if:
    (a)  The covenant not to sue as provided in section 39-7207, Idaho Code,
    remains in full force and effect for the entire period of exemption;
    (b)  The site remains in the possession of the owner for the entire
    exemption period.
    (5)  The exemption allowed by this section may be rescinded if:
    (a)  The covenant not to sue as provided in section 39-7207, Idaho Code,
    is rescinded by the department;
    (b)  The site is transferred to a new owner.
    (6)  The owner need only make application for the exemption described in
this section once over the course of the seven (7) year period.
    (7)  No owner of a site shall be granted the exemption provided in this
section if said site has been:
    (a)  Previously granted the exemption provided in this section regardless
    of whether the entire seven (7) years of the exemption have been used;
    (b)  Denied by the department as a qualifying site pursuant to chapter 72,
    title 39, Idaho Code.
    (8)  The legislature declares this exemption to be necessary and just.