A new personal property tax exemption law for Idaho businesses was approved by lawmakers this past session, and businesses with property in multiple locations in one county must submit location-election forms to their county assessor by May 1 if they want to choose the location of the exempt property, the Idaho State Tax Commission reports.
Businesses can exempt the first $100,000 of their personal property value under one ownership in any county. Businesses with locations in more than one county in Idaho can exempt up to $100,000 of the personal property value in each county in which the property is located.
Businesses will receive the exemption based on the personal property declarations already required to be filed with the county assessor. If a business doesnt have multiple locations or doesnt 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, tax.idaho.gov.
Personal property generally is mobile and includes furniture and office equipment. This exemption does not apply to buildings and structures.