The recent run up in home prices does neither the existing home owner nor the new home buyer any good. It benefits the seller, the realtor, the tax man and local governments. The seller and the realtor see a one-time income boost. The property tax man takes a cut year after year. And it is not just the new home owner that pays a higher tax bill. It is the existing home owners who see their tax bill increased. These added funds are then rolled into the budgets of cities and counties who have no incentive to decrease their budgets. After all, the funds are there courtesy of higher sale prices and the assessor’s office tax bill. There is no silver lining to the increase in the value of homes for sale. The Legislature would do well to limit tax increases to only homes as they are sold. This would allow individuals to remain in their homes for years with no tax increase. Even if they lived on a fixed income. The current situation does not.
Joseph Gallagher, Boise