Democratic Minority Leader Wendy Jaquet of the Idaho House is a realist and she's tenacious. She's introduced legislation to create a local-option real estate transfer tax to provide counties hard-hit by soaring property values with revenues that could help reduce the tax impact on homeowners.
However, the bill probably is destined for the legislative ashcan, thanks to perennial opponents with concern about adding costs to new homes.
Of 50 states and the District of Columbia, all but 10 have real estate transfer taxes. States without them are Idaho, Indiana, Louisiana, Mississippi, Missouri, New Mexico, Oregon, Texas, Utah and Wyoming.
The likelihood is Rep. Jaquet's bill someday will be law because legislators will finally realize the injustice of a punitive tax system that increases home values to prohibitive levels just because a mini-mansion is built in the neighborhood.
By any other name, this is a cost to existing homeowners of real estate speculation by others.
The system hits residents of resort counties like ours and fast-growing areas like Boise particularly hard. Making the tax optional, with voter approval, would avoid negative impacts in other areas.
Transfer taxes come in all sizes and shapes, usually a percentage of sale price or dollars or pennies per thousand. Even as Idaho lawmakers continue to be hardened to the plight of homeowners in such fast-growth areas as Blaine County, Jaquet should be applauded for her boldness, and encouraged to renew her efforts until her plan succeeds.
