Idaho Personal Property Inventory Questionnaire

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State:
Multi-State
Control #:
US-Q1032
Format:
Word; 
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Description

This form addresses important considerations that may effect the legal rights and obligations of the parties in a property-related matter, such as insurance and estate planning. This questionnaire enables those seeking legal help to effectively identify and value their personal property in an organized manner. Thorough advance preparation enhances the attorney’s case evaluation and can significantly reduce costs associated with case preparation.



This questionnaire may also be used by an attorney as an important information gathering and issue identification tool when forming an attorney-client relationship with a new client. This form helps ensure thorough case preparation and effective evaluation of a new client’s needs. It may be used by an attorney or new client to save on attorney fees related to initial interviews.


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FAQ

Dison said Elmore County's median home value in 2021 was $226,000. With the 125% threshold, that puts the threshold for participating in the circuit breaker program at $283,000.

If you're a qualified Idaho homeowner, you might be eligible for the Property Tax Reduction (PTR) program. You could reduce property taxes from $250 to $1,500 on your home and up to one acre of land. Apply for PTR through your county assessor's office.

BOISE, Idaho (KMVT/KSVT) Senate Republicans passed a bill that aims to keep Idaho senior citizens in their homes by allowing more people to qualify for a property tax reduction. Senate Bill 1241 increases the maximum home value for a homeowner to qualify for Idaho's circuit breaker program from 125% to 200%.

Idaho is tax-friendly toward retirees. Social Security income is not taxed. Withdrawals from retirement accounts are fully taxed. Wages are taxed at normal rates, and your marginal state tax rate is 5.90%.

Personal property generally refers to valuable items like cars and boats, as opposed to real estate, which is considered real property. States and localities with personal property taxes typically use the money to fund public works, such as schools and roads.

It's assessed at 100% of market value less any exemptions. (Check with your county assessor to find out which exemptions might apply.) Generally, assessors use sales prices from properties in the county to develop guidelines. They also consider features that could influence what a buyer would pay for the property.

Tangible personal property exists physically (i.e., you can touch it) and can be used or consumed. Clothing, vehicles, jewelry, and business equipment are examples of tangible personal property.

The homeowner's exemption will exempt 50% of the value of your home and up to one acre of land (maximum: $125,000) from property tax.

Idaho law defines personal property as everything that's the subject of ownership and that isn't included within the term real property. Examples are tools, unattached store counters and display racks, desks, chairs, file cabinets, computers, office machines, and medical instruments.

Assessed Value = Market Value x (Assessment Rate / 100) The first calculation is based on the market value of the property and the determined assessment rate. The market value is multiplied by the assessment rate, in decimal form, to get the assessed value.

More info

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Idaho Personal Property Inventory Questionnaire