Read the fine print

On the first page of the 1% Initiative that is making its way around parts of the state, please read the sentence that begins on line 6: requiring reporting to county assessors the actual cost of property sold. This is augmented on page 28 of 34, No. 63-1313 (3) titled Truth in Transaction. Also, please refer to page 29 of 34, No. 63-1401 titled "enforcement penalties" near the middle of paragraph (1). This allows the assessor to value a property at 2 times its value for each year such property has escaped taxation.

I urge people to read the initiative not just sign the petition. The petition sounds good but does not tell you these things.

The founders of the movement need to collect 47,000 signatures before April 15, 2006, to get their initiative on the ballot in November. For this proposal to work, sales disclosure will have to be implemented since property taxes will be predicated on sales prices. A key source of revenue to replace property taxes based on market value will be a transfer tax collected on all real estate transactions.

Please share my message, and encourage anyone who has already signed a petition to ask to have their signature removed.

Yours for good government.

PATRICIA COGGESHALL

Sandpoint