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Committee approves correction to agricultural land valuation formula in administrative rule
Summary
The committee approved docket 35-0103-2401, amending Property Tax Rule 617 to correct the gross-income-per-acre calculation for agricultural land valuation and to remove ancillary language. The Tax Commission said assessors will rely on local questionnaires or published third‑party data to compute income-per-acre used in capitalization.
Kathleen Ireland, property tax research specialist for the Idaho State Tax Commission, presented docket 35-0103-2401 to the Local Government and Taxation Committee and described a corrective amendment to Property Tax Rule 617.
"This amendment corrects the calculation of gross income per acre. The current rule calculates acres per gross income, which is generally unhelpful," Kathleen Ireland said, explaining the change.…
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