Section 35.01.03.317 - OCCUPANCY TAX ON NEWLY CONSTRUCTED IMPROVEMENTS ON REAL PROPERTYSection 63-317, Idaho Code
01.Prorated Market Value. The market value for occupancy tax purposes shall be the full market value on January 1 and shall be prorated at least monthly from the occupancy date to the end of the year.02.Notice of Appraisal. When notifying each owner of the appraisal, the county assessor shall include at a minimum the full market value before any exemptions and before any prorating of the value, the length of time subject to the occupancy tax, and the prorated value.03.Example. See example for prorated market value exceeding maximum amount of the homestead exemption for improvements subject to the occupancy tax at https://tax.idaho.gov.04.Market Value. The market value for occupancy tax purposes is entered on an occupancy tax valuation roll. Occupancy tax valuation is not included in the assessed value of any taxing district, but occupancy tax is included in the certified budget.05.Allocation to Urban Renewal Agencies. Occupancy tax revenue shall be distributed to urban renewal agencies in the same manner as property taxes, except as provided in Paragraphs 317.06.a. and 06.b. of this rule.a. The portion of the occupancy tax raised for funds specified in Section 50-2908, Idaho Code, and Rule 804 of these rules must be distributed to the taxing districts levying property taxes for those funds and, therefore, must not be distributed to the urban renewal agency.b. For parcels within a newly formed revenue allocation area or within an area newly annexed to an existing revenue allocation area, occupancy tax for the tax year during which the formation or annexation took effect is not distributed to the urban renewal agency.Idaho Admin. Code r. 35.01.03.317