All businesses are subject to a Personal Property valuation on assets such as: business furniture, equipment, fixtures, unlicensed vehicles or recreational vehicles, among other items if the total value is over $250,000. Personal Property is reassessed each year by the Assessor’s Office.
A Declaration to list all current personal property assets is sent to all business owners owning assets with a value greater than $250,000 each year in early January. Businesses must declare all assets to the Assessor under Idaho code 63-302 before March 15th each year. Items purchased after January 1, 2013, with a total aquisition cost of $3,000 or less, is exempt and does not need to be reported on the declaration.
Knowingly failing to report such property could subject the property owner to a fine not to exceed $10,000. Intentional concealment of property may result in an assessment of twice the value per Idaho Code 63-205,63-302-63-306, 63-311, 63-602KK, and 63-1401.