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Committee approves correction to agricultural land valuation rule
Summary
The Local Government and Taxation Committee approved an administrative change to a property tax rule that corrects the formula used to calculate gross income per acre for agricultural land valuation and removes ancillary language under a statewide Red Tape Reduction directive.
The Local Government and Taxation Committee approved an administrative-rule amendment that corrects the formula used to calculate gross income per acre in the agricultural land valuation rule.
Kathleen Ireland, property tax research specialist for the Idaho State Tax Commission, told the committee the docket (30-5-013-2401) amends Property Tax Rule 617, "Agricultural Land Valuation Definitions and Guidelines," to correct a reversed calculation. "The current rule…
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