Idaho Appraisal Procedure and Approaches

Idaho Administrative Code
IDAPA 35. STATE TAX COMMISSION
Rule 35.01.03. PROPERTY TAX ADMINISTRATIVE RULES

35.01.03.217. RULES PERTAINING TO MARKET VALUE DUTY OF COUNTY ASSESSORS

Section 63-208 Idaho Code. (3-30-07)

01. Market Value Definition. Market value is the most probable amount of United States dollars or equivalent for which a property would exchange hands between a knowledgeable and willing seller, under no compulsion to sell, and an informed, capable buyer, under no compulsion to buy, with a reasonable time allowed to consummate the sale, substantiated by a reasonable down or full cash payment. (7-1-97)
a. The assessor shall value the full market value of the entire fee simple interest of property for taxation. Statutory exemptions shall be subtracted. (7-1-97)
b. Personal property shall be valued at retail level. (7-1-93)
02. Appraisal Approaches. Three (3) approaches to value will be considered on all property. The three (3) approaches to market value are: (3-30-07)
a. The sales comparison approach; (3-30-01)
b. The cost approach; and (3-30-01)
c. The income approach. (3-30-01)
03. Appraisal Procedures. Market value for assessment purposes shall be determined through procedures, methods, and techniques recommended by nationally recognized appraisal and valuation associations, institutes, and societies and according to guidelines and publications approved by the State Tax Commission. The appraisal procedures, methods, and techniques using the income approach to determine the market value for assessment purposes of income producing properties must use market rent, not contract rent. (3-29-10)

Cite as Idaho Admin. Code 35.01.03.217