This would have helped Moscow residents last year when the city officials raised our property taxes 26%
BOISE — The Idaho House Revenue and Taxation Committee approved its first property tax bill of the 2020 session Wednesday, on a unanimous voice vote.
Sponsored by Rep. Steven Harris, R-Meridian, the measure requires city and county officials to publicly reserve any foregone property taxes if they want to use them in future years.
Under current law, Harris explained, taxing districts are allowed as much as 3 percent annual growth in property tax revenues. If they choose to levy a lesser amount, the unused portion “pretty much automatically” accumulates in the foregone tax balance. It can then be tapped in future years.
Foregone taxes are why taxing districts periodically levy amounts that exceed the 3 percent cap.Harris’ bill doesn’t change their ability to tap any foregone taxes; however, it does require the districts — including cities and counties — to “reserve” the foregone amount by adopting a public resolution.
“The intent of this bill is to add transparency,” he said. “If they use less than the 3 percent and want to (tap that amount) in subsequent years, they have to reserve it in a public resolution. In my view, it might put pressure on them to not reserve it.”