Tax & Accounting Blog

Personal Property Exemption Clarified in Idaho

Blog, ONESOURCE, ONESOURCE Property Tax April 22, 2013

Idaho State Tax Commission clarifies portions of L. 2013, H315 (c. 243), effective retroactive to 01/01/2013. The release clarifies that businesses can claim an exemption for the first $100,000 of their personal property value in any Idaho county. Businesses with locations in more than one county can claim the $100,000 exemption in each county in which property is located. Businesses with property in multiple locations in one county have until May 1, 2013 to submit location election forms to their county assessor(s) if they want to choose the location(s) of the exempt property. Businesses will receive the exemption based on the personal property declarations already filed with the county assessor. If a business does not have multiple locations or it does not want to elect a particular location, there are no additional filing requirements. Location election forms are available from county assessors or from the Idaho State Tax Commission website at tax.idaho.gov.