Idaho law requires that all nonexempt property be assessed at market value as of January 1st. Two similar properties in different areas may have very different assessed values after marketable features are considered, including: general location, distance from schools and shopping, quality of sounding properties and neighborhood amenities such as parks. The market approach to appraisal, which is described above, is most useful in determining the value of residential properties. In addition to the market approach, other methods are used to assess commercial and agricultural properties.
Remember: The assessor does not set a value for your property. He or she just estimates what a typical buyer would reasonably pay for it on January 1st.
Property is assessed each year. Assessed values are adjusted annually based on market (sales) data.
State law requires properties to be physically inspected every 5 years. Roughly 20% of the properties within the county are reappraised in any given year. During the other four years of the cycle, values are trended based on market conditions. The reappraisal process includes both desk review and field inspections to verify property characteristics. The appraisal staff researches sales and permit history, and references aerial imagery for changes in property use and to identify potential discrepancies in physical characteristics within our records. Field inspections require curb- side visits during which information is gathered regarding the property's physical condition and whether any changes have been made to the property since it was last reappraised. Updated photographs are also taken during field inspections and, if needed, notification is left for the property owner to arrange a more detailed on-site inspection.
The term "improvements" is commonly misunderstood. It does not refer just to remodeling, renovating or upgrading, although these are considered when your property is assessed. "improvements" are buildings or other permanent structures that add value to land, regardless of when they were put there. For example, your house or manufactured home is considered an "improvement.'
Contact the Bingham county Assessor's office, which maintains a file of information on your property. If you question your assessment, you should review this information with your assigned county appraiser to ensure its accuracy. If you cannot resolve your disagreement with the Assessor's office, you may appeal to the Bingham county Board of Equalization (BoE), which consists of your elected county commissioners. Your appeal must be filed with the BOE by the fourth Monday in June. Be prepared to document your reasons for requesting a change in your propertys assessed value. You must prove that the assessor's value is not the current market value of the property.
Only property that exists on January 1st is taxed on the regular role that year. New construction is added to the occupancy role. The amount of the occupancy tax is the value of the structure(s) prorated from the month they are first put into use to the end of that year and multiplied by the levy rate.
A home is built on an existing property. It's completed and use begins in July. The assessment notice that is sent out in June that year will not include the value of that home. Thus, the tax bill that is sent out in December will not include taxes for that home. A separate assessment notice that includes only the value of the home is sent out the beginning of the following year. Then a separate tax bill for just the home is sent out approximately two months later. The following year the value and taxes for that home will be included with all of the other property on that parcel.
Full Value of the Home: $235,000.00
July to December (Value divided by 12 months multiplied by 5 months) = $97,916
Multiply by the Tax Levy Rate - 0.018611084
Equals the Occupancy Tax For the Bam = $911.16