Wednesday, December 19, 2007

Sun Valley supports property price disclosure

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By PAT MURPHY
Express Staff Writer

The city of Sun Valley has joined the city of Hailey in supporting proposed state legislation that would require disclosure of real estate sales information to county tax assessors to help determine a more precise market value of surrounding property.
Similar legislation was introduced last year in the state Legislature, but was not enacted.
The new law will start its way through lawmaker hearings as Senate Bill 1196.
As a concession to the Idaho real estate industry, the legislation would require assessors to keep the data confidential.
Criticism has been growing of the counties’ method of assessing property for tax purposes. Homeowners whose assessments and taxes jump often claim unfairness and inequity. Assessors generally calculate property values on estimates, since no information involving sales prices is available.

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State Rep. Wendy Jaquet, R-Ketchum, the House minority leader, has been one of those actively pushing for the legislation as one measure to increase accuracy of assessments.
In other City Council business:
- The city will send packets to all local banks asking for proposals on handling Sun Valley’s banking business.
- A $5,000 contribution from the city was returned by the Wood River Economic Partnership after the non-profit group’s managing director resigned.