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Committee approves three Tax Commission rule dockets on agricultural valuation, property tax relief and tobacco
Summary
The Local Government and Taxation Committee approved three administrative dockets from the Idaho State Tax Commission: a correction to the agricultural land valuation formula, amendments to property tax relief guidance to reflect House Bill 521, and consolidated cigarette/tobacco rules with no material changes; all dockets passed by voice vote.
The Local Government and Taxation Committee unanimously approved three administrative-rule dockets from the Idaho State Tax Commission addressing agricultural land valuation, property tax relief guidance and cigarette/tobacco rules.
Kathleen Ireland, property tax research specialist, presented docket 35-0103-2401 (property tax rule 617). Ireland said the primary amendment "corrects the calculation of gross income per acre" after the prior formula effectively inverted the computation. The corrected approach uses animal-unit-months (AUM) — described as the cow-calf pair times months grazed — multiplied by a five-year rolling average of rents per AUM to produce total AUM…
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