Farmers in Jefferson County see tax increase
Farmers say agricultural property values in Jefferson County have skyrocketed this year, and they’re questioning the new formula that the county is using to determine their property value.
The Idaho State Tax Commission has been working closely with the Jefferson County Assessor’s Office to create the formula, which had been stagnant for several years.
Farmers who own land in more than one county, question why one county such as Bonneville County which is on of the neighboring counties, saw a decrease in property values, while another would jump by so much.
A survey was sent to landowners last winter, but lack of response prompted the county to turn to outside data sources pertaining to Jefferson County Agriculture revenue. Farmers cried foul and said that this data doesn’t accurately reflect their financial realities.
In some cases, ag property values nearly doubled. An average increase of 72 percent was seen across the board. An impromptu information session was held Wednesday to hear concerns about why and how the increase occurred, and whether the valuations could be reversed.
An increase in property value can mean a tax increase, but it’s not proportional, according to State Tax Commission manager Matt Virgil. He said that the average residential levy rate was currently about .0112, and that an increase like this would likely decrease that rate to .0095. That means that taxes would likely go up, but not by the same amount as the property value increase.
Virgil advised farmers to provide the county with better information that reflects the proper value. Doing so may justify revisiting the formulas in conjunction with the Board of Equalization to be held next week.
The Board of Equalization is composed of three county commissioners, has the duty to hear appeals of property values, and landowners must present evidence for their individual cases.
Property owners wanting to appeal their valuations must apply to the board by 5 p.m., Monday.
The law requires that all property value questions must be settled by the board by July 11.
