US Laws, Codes, Statutes & Cases

                                  TITLE  63
                             REVENUE AND TAXATION
                                  CHAPTER 6
                           EXEMPTIONS FROM TAXATION
    63-602K.  PROPERTY EXEMPT FROM TAXATION -- SPECULATIVE PORTION OF VALUE OF
AGRICULTURAL LAND. (1) The speculative portion of the value of land actively
devoted to agriculture is exempt from taxation.
    (2)  "Land actively devoted to agriculture" means that property defined by
section 63-604, Idaho Code. For purposes of this section, the act of platting
land actively devoted to agriculture does not, in and of itself, cause the
land to lose its status as land being actively devoted to agriculture if the
land otherwise qualifies for the exemption under this section.
    (3)  "Speculative portion" shall mean that portion of the value of
agricultural land which represents the excess over the actual use value of
such land established by comparable sales data compared to value established
by capitalization of economic rent or long-term average crop rental at a
capitalization rate which shall be the rate of interest charged by the Spokane
office of the farm credit system averaged over the immediate past five (5)
years plus a component for the local tax rate.
    (4)  The state tax commission shall adopt rules implementing this section
which shall provide the procedure by which it shall establish economic rent,
average crop rental and capitalization rates and for the publication of crop
prices and the discount rate to be used to determine the capitalization rate.