The Legislature Needs a Working Group and solutions now to address inflationary property value Assessments

Lets get to work. Most states have laws or policies that manage inflationary property value assessments. That promotes property tax fairness. I am suggesting taking the average of the last five years to determine market value which would make the tax charged more fair for everyone. Thus, you would take your 2018, 2019, 2020, 2021 and 2022 assessments, divide by five, and that result would be the market value for tax purposes. Presently the assessment is required by law to be made on January 1 of the tax year, and the actual tax is not determined and paid until December of that year and June of the following. So the process is a out of sync already.

Unfortunately, many property owners see one property sold in their neighborhood for maybe $150,000 more than assessed value, and boom, all the neighboring properties increase. The 5 year average would apply to all properties – residential and commercial. That seems fair. It makes the system more predictable. But if this idea doesn’t work lets get one that will!
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1 Comment on "The Legislature Needs a Working Group and solutions now to address inflationary property value Assessments"

  • Carol Menges says

    A working group for this purpose is laudable and seriously needed for the benefit of Idahoans. But John, we need much more than merely decreasing the tax rates one way or another to be more fair. What would be fair for everyone is to shape a 1970s California plan that worked beautifully for quite awhile: Proposition 13 and then Proposition 19. We need a complete overhaul of our terribly unfair system. Start with supporting that and see whether Democrats would find new supporters in the legislature. Our current Deep State Republicans (RINOs) will never go for it, I know that. But would Democrats? I certainly would.

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