Real Property Assessment
The appraisal function of the Assessor’s office is to place a fair market value on all taxable property in the county to ensure an equitable distribution of the property tax burden. All property is assessed as of January 1 each year using sales data, cost-to build, or income related analysis of different property types occurring between January 1 and December 31 of the previous year. If there is a lack of information, the Assessor can use information from the previous years to determine what the market is indicating.
Idaho Statute 63-314 requires the Assessor’s office to reappraise property on a five year cycle, meaning each property will be physically reappraised at least once every five years to assure that it is as close to market value as possible. In each of the other four years of the cycle, a market adjustment is applied to the property, to keep the property value in line with current market trends. Thus meaning your value is subject to change annually.
Market value is determined through analyzing three approaches to value. All three approaches are to be considered to assign value to the various types of property in the county. However, only one or two approaches may be used depending on the best information available and the type of property being valued.
- Cost Approach - Using current construction costs plus depreciation
- Income Approach - Where net income is capitalized
- Market Approach - Comparing sales of similar property
The State Tax Commission conducts annual compliance reviews of all residential, commercial, manufactured, and agriculture property values by performing a ratio study. The ratio study measures:
- Assessment Levels: Assessed value over sale price
- Uniformity: Equity of assessments
- Reliability: Confidence that assessed values are representative of the market
Owners of property in Jefferson County receive their annual assessment notices the first part of June each year. This notifies the owner of the current year’s market value which will be multiplied by the new mil-levy rate for property taxes which are calculated and due later in the year.
It is important that property owners review their assessment notices carefully. Contact our office if you have any questions. Questions regarding your current year’s value are heard by the Assessor’s office staff through the fourth Monday of June. The assessment notice provides information about further appeals procedures to the Board of Equalization.
Review the Property Exempt From Taxation Statue page from the State of Idaho for more information.
The Tax Estimator is available June -August, and can give a rough estimate of how much taxes will be owed in December.
Personal Property Assessment
All businesses are subject to a Personal Property valuation on assets such as: road construction equipment, business furniture, equipment, fixtures, unlicensed vehicles or recreational vehicles, among other items if the total value is over $250,000. Personal Property is reassessed each year by the Assessor’s Office. A Declaration to list all current personal property assets is sent to all business owners owning assets with a value greater than $250,000 each year in early January.
Business must declare all assets to the Assessor under Idaho code 63-302 before March 15th each year or the business may be subject to an estimated assessment by the Assessor.
Review the Personal Property page from the state of Idaho for more information.