Letter: How long until Americans are taxed out of their homes?

Homes near completion at C.W. Farms, an Ivory Homes development in Magna, on Wednesday, July 29, 2020. The Salt Lake City metro area is the third-most competitive housing market in the nation, according to a July ranking by Redfin, behind only Boston and San Diego. Robert Spendlove, Zions Bank senior economist, and Mike Gould, mortgage division manager for Zions Bancorporation, talked about the current state of and outlook for Utah’s housing market during a press conference at the new subdivision. | Steve Griffin, Deseret News

Residential home sales are going through the roof (sorry for the pun). What used to take weeks, sometimes months, home sales are not for the week at heart.

Certainly, the cry for affordable housing goes unanswered due to the relatively free market place.

What’s next? With home values soaring, so will the taxable value. I’m concerned for those on a fixed income. Will they be “taxed” out of their homes unable to pay the increased taxes? We’re talking about those retired, widows and widowers and many others who are unable to work.

Years ago, California passed Proposition 13 in an effort to slow down the escalating rise in taxable value. Is it our turn in Utah to do the same?

Consider the current problem of homeless families or people. How many more may go homeless as they get taxed out of their home?

Mark Farnsworth

West Valley City

from Deseret News https://ift.tt/2QF7psR