Idaho law requires that each property be physically reappraised by the Assessor’s office at least once every five years. In order to promote uniform assessment, property that is not part of the five year reappraisal cycle is reviewed annually. The Assessor’s office is to place value on property that represents typical sale and/or purchase prices of similar properties. All property is assessed as of January 1st.
The Assessor is required to have an accurate and complete plat book of land in the county, with ownership records kept up-to-date.
All personal property is reassessed each year by the Assessor's Office. Businesses that operate with over $250,000 in personal property are required to report their inventory to the Assessor's Office no later than March 15th each year. If the value of all your personal property is $250,000 or less, you are qualified for the $250,000 exemption and are not required to file annually. If you are required to report, standalone purchases costing less than $3,000, acquired after January 1, 2013, do not need to be included with your declaration.
For more information on tax-exempt personal property, forms, filing instructions or general questions, please contact the Assessor's Office at (208) 782-3020 or submit your questions via email to: abarzee@binghamid.gov