Home >> Daily Dose >> Idaho Grappling With Rising Property Taxes
Print This Post Print This Post

Idaho Grappling With Rising Property Taxes

home equity

Idaho lawmakers are working on a solution to rising property taxes throughout the state, as homeowners seek relief, according to Channel 7KTVB.

"A lot of our citizens and constituents are being priced out of their homes," Rep. Gary Collins (R-Nampa) said. Nampa is the co-chairman for the working group, which is meeting before the start of the 2020 legislative session. 

The news agency reported that Ada County resident Patrick Chapman addressed the committee, saying he moved to the county in the 1990s. 

“We paid less than $200,000 for it at the time,” Chapman said. 

Chapman's home has increased significantly in value over the last two decades, meaning his property taxes have also increased.

Several county officials from both urban and rural areas testified about how property taxes are used and urged lawmakers to exercise caution, as services could suffer. 

“There are a couple areas we have been grappling with. These areas are our courts and our jail,” Twin Falls County Commissioner Dan Hall said. “Our jail facilities are part of our concern here.”

CoreLogic reported that Boise, Idaho, led the nation in home-price appreciation for the past 12 months. The appreciation rate for Boise in September rose 11.80%. Spokane-Spokane-Valley, Washington, was a close second at 11.2%, followed by Odgen-Clearfield, Utah (9%), St. Louis, Missouri-Illinois (8.80%), and Memphis, Tennessee-Arkansas-Mississippi (7.60%). 

Idaho’s price growth has fueled the nation’s highest job and population growth. Its non-farm annual employment growth was 2.1% in August, higher than the nation’s 1.4% increase, and No. 7 among all states.  

Idaho’s 2.1% population growth between July 2017 and July 2018 tied Nevada's as the nation’s highest. The overall U.S. growth rate during that same period is 0.6%, according to the U.S. Census Bureau estimates. Around 30% of all people moving to Idaho from another state in 2017 came from California, which is an increase from 23% during the peak of the last housing cycle in 2005.

Californians migrating to Idaho are seeking price relief, as the average home price in Idaho is $265,151—87% lower than the average California median-home price. 

California had the lowest home-price appreciation are under 2%. 

About Author: Mike Albanese

A graduate of the University of Alabama, Mike Albanese has worked for news publications since 2011 in Texas and Colorado. He has built a portfolio of more than 1,000 articles, covering city government, police and crime, business, sports, and is experienced in crafting engaging features and enterprise pieces. He spent time as the sports editor for the "Pilot Point Post-Signal," and has covered the DFW Metroplex for several years. He has also assisted with sports coverage and editing duties with the "Dallas Morning News" and "Denton Record-Chronicle" over the past several years.
x

Check Also

Black Knight Announces Expansion of Property Tax Certifications

Other reports in the Eye of the Industry focus on the integration of credit reporting capabilities and a mortgage providers’ giveaways during the Holiday season.

GET THE NEWS YOU NEED, WHEN YOU NEED IT.

With daily content from MReport, you’ll never miss another important headline in originations, lending, or servicing. Subscribe to MDaily to begin receiving a complimentary daily email containing the top mortgage news and market information.