Polis, Democrats unveil 10-year plan to prevent Coloradans’ property taxes from rising too quickly
The proposal hinges on voter approval of a measure on the November ballot. If the plan fails, the average Colorado homeowner would experience a property tax increase of 40%.
The Colorado Sun
Colorado voters would be asked in November to approve a 10-year plan aimed at preventing property taxes from rising at a historic clip under an eleventh-hour proposal unveiled Monday by Gov. Jared Polis and Democrats in the state legislature.
The effort, which would reduce Taxpayer’s Bill of Rights refunds in order to make up for the cuts, is aimed at combating a dizzying rise in property values that will cause a corresponding jump in homeowners’ and businesses’ tax burden. Property tax bills are in large part determined by property values, and home values increased statewide by an average of 40% over the past two years.
Proponents of the measure say it would cut the projected property tax increase for the average Colorado homeowner by 62% in the 2023 tax year for which taxes are due in April 2024.
Under the plan, the statewide residential assessment rate, a major determinant in property taxes, would be reduced over the next decade. There would also be cuts in the assessment rates for commercial property.
To get the measure on the November ballot, the proposal only needs the support of a simple majority in the legislature. The measure was introduced Monday as Senate Bill 303 and state lawmakers will have to act quickly, as the 2023 legislative session in Colorado ends on May 8.
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