Mayor Nancolas and Team Garret along with Caldwell East Urban Renewal have upset the market forces for propety values in downtown Caldwell. The Following has been taken directly off the County Assessors website.
Mayor Nancolas has call for a meeting to explain why folks are now stuck with extremely high property taxes in downtown Caldwell. Meeting will be held at the Library public meeting room from 5:00-6:00 PM Monday evening.
The short answer is none of the property was ever worth what the City and Urban Renewal paid for it. Now all of the people who didn't get the opportunity to cash out are stuck with some screwball values.
MARKET VALUE: The ad valorem tax is based on the market value of property. ID Code 63-201(14)defines market value as "...that amount of United States dollars or equivalent for which, in all probability, a property would exchange hands between a willing seller, under no compulsion to sell, and an informed, capable buyer, with a reasonable time allowed to consummate the sale, substantiated by a reasonable down or full cash payment." Idaho law requires that all taxable property be valued at market value each year. This is accomplished by physical appraisal, reappraisal or by indexing. An index is an adjustment or trend that is applied to existing assessed value to reflect current market value and is based on statistical analysis of recent sales.
YOUR ASSESSED VALUATION & PROPERTY TAXES: The amount of property taxes to be collected is not determined by the Assessor nor any single government official, but by all local government agencies providing services, such as your city, school, highway or rural fire district. Your assessed valuation does, in part, determine your share of the property taxes collected; therefore, it is important to you and our office that your valuation be fair, accurate and equitable.
It will be interesting to see how the terms "fair, accurate and equitable" are explained come Monday evening.
Caldwell East Urban Renewal has created a monster with the way they purchased property in downtown and the new enhanced values the County Assessor has to work with.
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