Property Valuation
In Idaho, what is the difference between 'assessed value' and 'market value' for property tax purposes?
AThey are identical values in Idaho
BMarket value is what a property would sell for in an open market; assessed value is the value determined by the county assessor, typically based on market value but subject to exemptions and adjustments✓ Correct
CAssessed value is always 50% of market value in Idaho
DMarket value is set by the state; assessed value is set by local appraisers
Explanation
In Idaho, the county assessor determines assessed value, which is intended to reflect 100% of market value as of January 1 of the assessment year. However, exemptions (homestead, agricultural, circuit breaker for seniors) can reduce taxable value. Market value reflects what a willing buyer and seller would agree upon in an open market transaction.
Related Idaho Property Valuation Questions
- When comparing sales, an appraiser adjusts for differences between the comparable property and the subject property. If the comparable sold for $300,000 and had a pool (worth $15,000) that the subject property lacks, the adjusted value is:
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