Idaho Gov. Brad Little signed House Bill 230 (HB 230) into law on April 4, which modifies the assessment process for incoming-producing properties, including self-storage facilities. The new law takes effect on July 1, according to an April 10 email newsletter to members of the national Self Storage Association (SSA), which supported the bill.

Under HB 230, when establishing the market value for assessment purposes of income-producing property, the assessor won’t be able to include contract rent related to the real estate only. In addition, they must exclude any value of exempt intangible personal property. Contracts, customer lists and goodwill are currently exempt, the SSA reported.

The bill also allows taxpayers to request the assessor’s calculations used to derive the property’s market value, including any value exempted by statute. The assessor must then provide it.

A similar SSA-backed bill was vetoed by the governor during the last legislative session, the newsletter stated.

Sources:
SSA Magazine Weekly 4/10/23, Idaho Approves Modifications to Property Tax Assessments
Idaho State Legislature, HB 203