Idaho homeowners need to act now to stop rising property taxes before we become California. How is this happening? Assessed valuations!
According to Realtor.com, my own residence’s value has increased in value 36% over the past three years. For the same period, my Kootenai County assessed valuation has increased from $300,000 to $410,000, which is also a 36.6% increase. My increase in property taxes during this timeframe has increased by $800!
Coeur d’Alene is the home of many senior citizens who rely on fixed retirement income. Many must rely solely on Social Security income. Social Security payments increased only 2.8% last year and will probably be less than that for 2020. The result, many seniors and low-income homeowners are being squeezed out of their own homes due to property tax increases.
Property Tax Fallacy: The real question is why a county should be rewarded and have increased revenue just because my home is worth more today than when I purchased it? Does the county increase my services with this increase? Is it fair for us to pay taxes based on a hypothetical future sale that may or may not occur during our lifetime? What happens is that the city and the county expand their bureaucracy when revenues increase then rely on increased revenues to exist. The homeowners do not benefit. I know, I am an ex-mayor.