Tax assessed home values in Power County are going up because of skyrocketing house prices, said Power County Assessor Laura Porath in a town hall meeting on Tuesday, May 10.
Porath and other county officials will be hosting another meeting on Thursday, May 19, to keep taxpayers informed of the change. The meeting will be at 7 p.m. at commission chambers in the Power County Courthouse.
Property taxes are based as a percentage of the assessed value, so a higher assessment for home values may translate to higher property taxes. This is especially true if commercial and other types of property do not increase during the same time period – as housing becomes a higher percentage of the county’s overall value, home owners become more responsible for paying the taxes that fund the budgets for local taxing districts.
However, there are positive signs that taxes may not increase dramatically for homeowners, Porath said. Commercial property is increasing in the county, which will limit the tax shift towards homes. Increased housing construction will also help with the shared tax burden for now.
Read the full story and more in the paper edition of The Power County Press! Subscribe Today!
Thanks for reading!
Read more in this week's print edition.Subscribe Today!