Law hurts efforts to provide affordable housing
There has been a lot of discussion regarding affordable housing in the area. How many people are aware that Idaho law is helping to perpetuate this problem? As a rental property owner, I have always kept my rents well below the average — being a native, I am well aware of how difficult in can be to be able to afford to live here.
When I received the property tax assessments a couple months ago, I was very concerned to see how much my property values had increased. I called the county assessor's office and was told that tax assessments are based upon the projected income of said property. When I explained to the person that this hardly seemed fair, considering my income is much less than average. I was told that this method of calculating taxes is Idaho state law, and that mine was a management decision. In other words, I can either raise my rents, or risk being taxed out of ownership.
So much for keeping rent affordable. My choice is to either raise rent or risk being taxed out of ownership.