Stop me if you’ve heard this before: The State Legislature really needs to do something to rein in skyrocketing property taxes. 

Unfortunately, this was the sentiment about this time last year too, after homeowners across the county received notices of large increases in property values. Now, it’s happening again, as county assessments have gone up an average of 16%.

For a rural Powell resident like me, whose property’s assessed value spiked 36% last year, another spike is downright painful — and I know I’m far from alone, as a higher assessed value invariably leads to a higher property tax bill.

Yes, the state did expand eligibility to more middle incomes for its property tax rebate program, but that’s just a Band-Aid on the issue. The issue needs to be solved, and people in the know — from Park County Assessor Pat Meyer to many of our local legislators — have discussed the idea of capping increases in tax hikes to a more manageable 5%-10%. Heck, after last year I’d be thrilled with even a cap at 15%, also a scenario some states have used, Meyer told Park County Commissioners last year when alerting them to the surging values. 

The Legislature has the power to put a cap on values or at least payments per year, but they turned down bills in the last session that would have done that. A constitutional amendment they supported could make a future cap easier if residential property taxes can be separated from commercial taxes. However, that’s a long process, and as Meyer said, local and state government could afford forgoing another rise in property taxes for at least a year or two, as many are still in good positions thanks to federal COVID funds.

As a former longtime renter, I know as a family we are blessed to own our own home, and as tough as the idea of another large property tax increase is to swallow, it’s not going to make us sell our home. And obviously, households making above 125% of the county’s median household income and thus ineligible for the rebate program should hopefully be in a position to swallow another increase, however bitter it may be. 

The issue, though, is how quickly values, and then taxes, are spiking. It’s like inflation. It’s obvious that houses cost a heck of a lot more than they did 50 years ago, because people also, on average, make a lot more. Inflation happens and a relatively small, steady increase in inflation is seen as a positive for the economy, according to the U.S. Federal Reserve. But the recent high inflation has been more painful and tougher to bear for many people. 

For those lucky enough to own property, these sharp increases are causing the same issues.