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Tag: 74th Special Session

New property tax law could result in fewer tax breaks
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Rocky Mountain Voice, State

New property tax law could result in fewer tax breaks

By Jen Schumann | Contributor, Rocky Mountain Voice House Bill 24B-1001 was the solution in a whirlwind, not-quite four-day special session of the Colorado Legislature, aimed at addressing escalating property taxes. Now local governments are discovering how it may take away one of their tools in providing relief: tax credits. This could mean property owners and businesses will end up paying more in taxes. What the new law does Following the special session he called in late August, Gov. Polis signed this bill into law on Sept. 4. It will limit annual property tax increases. The goal is halting the surge in property taxes caused by factors including increased home prices, inflation, the Gallagher Amendment repeal, TABOR and politically-driven initiatives. When it takes ef...
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Gov. Polis signs property tax deal into law as measures removed from ballot
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kdvr.com, State

Gov. Polis signs property tax deal into law as measures removed from ballot

By Gabrielle Franklin | Fox 31 News The governor on Wednesday officially signed into law the property tax agreement designed to keep two initiatives off this year’s Colorado ballot. Now that the deal is done, FOX31 is taking a closer look at the impact it could have on your wallet. Property owners should still expect high property taxes this year, but state leaders say the increase will be lower than if the compromise had not been passed and if ballot initiatives 50 and 108 failed. If 50 and 108 passed without lawmakers reconvening for a special session, there could have been devastating impacts on funding for local services. Lawmakers celebrated the end of what they called property tax wars with groups that often bring property tax measures, but some concerns around the effects s...
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‘We only work for the people’: Dems at capitol cry foul on ballot-measure leverage act
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State, The Colorado Sun

‘We only work for the people’: Dems at capitol cry foul on ballot-measure leverage act

By Jesse Paul and Brian Eason | The Colorado Sun Want to get state lawmakers’ attention? All you need is a few million dollars and an idea big enough to shake up Colorado’s policy landscape.  The special legislative session on property taxes that ended Thursday was the product of two wealthy groups that shelled out large sums to collect enough voter signatures to get a pair of measures on the statewide ballot. Initiative 108 would have cut property taxes by an estimated $2.4 billion starting in the 2025 tax year, while Initiative 50 would have amended the state constitution to impose a 4% cap on future property tax revenue. READ THE FULL STORY AT THE COLORADO SUN
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Lawmakers also extended agricultural equipment property tax exemption in special session
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State, The Sum & Substance

Lawmakers also extended agricultural equipment property tax exemption in special session

By Ed Sealover | The Sum & Substance Colorado legislators who focused heavily on cutting property taxes for homeowners during this week’s special session also approved one other tax break — one specifically focused on an emerging technology in the agricultural sector. House Bill 1003, which passed both chambers by wide margins, expands and extends a 2022 law that defined produce-focused greenhouses and the equipment therein as agricultural equipment and thus exempted them from the business personal property tax. While such a focus for a bill may seem to have been far afield from the main concerns of the four-day session — and was a major reason some legislators opposed it — sponsors argued it fit under Gov. Jared Polis’ call to pass bills lowering property tax for 2025....
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County assessors in Colorado offer mixed views on property tax compromise
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coloradopolitics.com, State

County assessors in Colorado offer mixed views on property tax compromise

By Marissa Ventrelli | Colorado Politics County assessors from around the state offered their insights into the compromise legislation that lawmakers approved at the conclusion of a special session on Thursday. The product of negotiations between Gov. Jared Polis, legislators, and the groups behind a pair of ballot initiatives seeking deeper property tax cuts, House Bill 1001 is relatively similar to the property tax bill that passed in the final days of the regular session in May but includes notable changes. House Bill 1001's aims to slow property tax growth, which has been increasing exponentially in Colorado since the Gallagher Amendment was repealed in 2020. The 30-plus-page bill includes a number of provisions for different property types, including residential, nonresidenti...
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Special session on property taxes has ended. What did legislators pass?
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kdvr.com, State

Special session on property taxes has ended. What did legislators pass?

By Heather Willard | Fox 31 News The Colorado Legislature’s 2024 special session ended Thursday after a whirlwind four days, with lawmakers approving a bipartisan bill to reduce the assessment rate for residential properties. The bill passed the Colorado House on Wednesday, but not without some pushback. The measure had been serving as negotiations between state lawmakers and supporters of the statewide ballot initiatives 50 and 108. The pre-negotiated measure was designed to slow property tax increases. The measure passed with a vote of 45-18 in the House, with 15 Democrats and three Republicans voting no. Two representatives were excused. READ THE FULL STORY AT FOX 31 NEWS
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If Senate approves measure, property tax special session could be over except governor’s signature
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kdvr.com, State

If Senate approves measure, property tax special session could be over except governor’s signature

By Gabrielle Franklin | Fox 31 News A property tax agreement is one step closer to passing after it cleared the House floor in a vote of 45-18, but not without pushback. The measure had served as a negotiation between some state lawmakers and supporters of statewide ballot initiatives 50 and 108. The pre-negotiated property tax agreement designed to slow property tax increases cleared the House without much opposition recorded in the final vote, but before members voted, lawmakers on both sides of the aisle let leaders know they did not like the way this bill came to be. Democrat and Republican members of the House stood in solidarity as representatives voiced frustrations about the process that got the bill on the floor, calling out the governor and leadership for negotiating dea...
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Some counties did not lower levies as assessments increased, gouging taxpayers, Rep. Taggart says
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Rocky Mountain Voice, State

Some counties did not lower levies as assessments increased, gouging taxpayers, Rep. Taggart says

By BRIAN PORTER | Rocky Mountain Voice The reason lawmakers in the 74th General Assembly are back in session boils down to one reason, Republican Rep. Rick Taggart says. Some county governments did not adjust their mill levies while property owners received assessment increases in a double-whammy. "I understand they are concerned, but they had a windfall and could have helped our taxpayers by adjusting their mill levies," Taggart said. "Quite honestly, had they done that we probably wouldn't be here today. [Amendment] 50 and [Prop.] 108 probably wouldn't exist. That's the reason why we are here." He used two counties as examples of the gouging taxpayers have faced. "Adams County had additional revenues of $288 million. That's an increase of 23.3%," Taggart said. "In my caree...
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Special session ‘robbing the taxpayers of their money’ caused by deception on Gallagher repeal, Rep. Bradley says
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Rocky Mountain Voice, State

Special session ‘robbing the taxpayers of their money’ caused by deception on Gallagher repeal, Rep. Bradley says

By BRIAN PORTER | Rocky Mountain Voice It is simply Day 2 of the 74th General Assembly's special session, but it has already become contentious. Take, for instance, the mere mention of the Gallagher Amendment by Douglas County Republican Rep. Brandi Bradley. "This body deceived the people and here we are five years later without property tax relief," she said. That deception, she says, was the repeal of the Gallagher Amendment in 2020. It set forth property tax guidelines for the state for 38 years, but was undone in 2020 by voters. "The voters voted out Gallagher," countered Democrat Rep. Marc Snyder. "Voters did vote out Gallagher in the misplaced trust that it would be replaced," said Republican Rep. Ken DeGraaf. So, for the second time in 10 months, lawmakers have ...
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Liberty Scorecard releases six position points to guide lawmakers in special session
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Rocky Mountain Voice, State

Liberty Scorecard releases six position points to guide lawmakers in special session

By BRIAN PORTER | Rocky Mountain Voice Members of the 74th General Assembly are not the only ones working overtime during a special session called by Gov. Jared Polis. So is Liberty Scorecard Colorado. The team behind Liberty Scorecard has released six position points to guide the special session, after review of bills proposed for the session's single focus of property tax relief. The House and Senate convened the special session Monday, with Democrat House Speaker Julie McCluskie lamenting two special sessions and a regular session all within about 10 months. "When we concluded our regular session in May, we came together and delivered a bipartisan property tax bill that reduced rates, capped growth and permanently fixed our antiquated property tax system," she said. "It was ...
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