63-1313 — LIMITATION ON PROPERTY TAXES -- VALUE OF REAL AND PERSONAL PROPERTY -- SPECIAL TAX LEVIES

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                                  TITLE  63
                             REVENUE AND TAXATION
                                  CHAPTER 13
                     MISCELLANEOUS PROVISIONS OF TAX LAW
    63-1313.  LIMITATION ON PROPERTY TAXES -- VALUE OF REAL AND PERSONAL
PROPERTY -- SPECIAL TAX LEVIES.
    (1)  (a) Except as provided in section 63-802, Idaho Code, during any one
    (1) tax year, the maximum amount of all property taxes from all sources on
    any property subject to appraisal, assessment, and property taxation
    within the state of Idaho shall not exceed one percent (1%) of the market
    value for assessment purposes of such property, including the current
    market values of all residential improvements, notwithstanding any
    exemption of a portion of such values from property taxation.
    (b)  The limitation provided for in paragraph (a) of this subsection shall
    not apply to property taxes or special assessments to pay the principal of
    and the interest and redemption charges on any indebtedness incurred prior
    to the time this section becomes effective, nor shall the limitation
    provided for in paragraph (a) of this subsection apply to property taxes
    to pay the principal of and the interest and redemption charges on any
    indebtedness incurred on or after November 7, 1978, as prescribed by the
    constitution of the state of Idaho, nor shall the limitation provided for
    in paragraph (a) of this subsection apply to special assessments levied on
    or after November 7, 1978, as provided by law.
    (2)  The market value for assessment purposes of real and personal
property subject to appraisal by the county assessor shall be determined by
the county assessor according to the rules prescribed by the state tax
commission, as provided in section 63-208, Idaho Code, but where real property
is concerned it shall be the actual and functional use of the real property.
All taxable property shall be annually appraised or indexed to reflect that
valuation.