US Laws, Codes, Statutes & Cases

                                  TITLE  63
                             REVENUE AND TAXATION
                                  CHAPTER 6
                           EXEMPTIONS FROM TAXATION
    63-602W.  BUSINESS INVENTORY EXEMPT FROM TAXATION -- BUSINESS INVENTORY
THAT IS A COMPONENT OF REAL PROPERTY THAT IS A SINGLE FAMILY DWELLING. The
following property is exempt from property taxation: business inventory. For
the purpose of this section, "business inventory" means all items of tangible
personal property or other property described as:
    (1)  All livestock, fur-bearing animals, fish, fowl and bees.
    (2)  All nursery stock, stock-in-trade, merchandise, products, finished or
partly finished goods, raw materials, and all forest products subject to the
provisions of chapter 17, title 63, Idaho Code, supplies, containers and other
personal property which is held for sale or consumption in the ordinary course
of the taxpayer's manufacturing, farming, wholesale jobbing, or merchandising
business.
    (3)  Residential improvements never occupied. Once residential
improvements are occupied as defined in section 63-317, Idaho Code, they shall
be subject to the tax provided by section 63-317, Idaho Code. The provisions
of section 63-602Y, Idaho Code, shall not apply to the exemption provided by
this subsection. The exemption provided by this subsection  applies only to
improvements to real property, and only until first occupied.  For purposes of
this section, the term "residential improvements" means only:
    (a)  Single family residences; or
    (b)  Residential townhouses; or
    (c)  Residential condominium units.
The nonresidential portion of an improvement to real property that is used or
is to be used for residential and nonresidential purposes does not qualify for
the exemption provided by this section. If an improvement contains multiple
residential units, each such unit shall lose the exemption provided in this
section when it becomes occupied.