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Advance Colorado could pull two ballot initiatives, likely leading to property-tax special session
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State, The Sum & Substance

Advance Colorado could pull two ballot initiatives, likely leading to property-tax special session

By Ed Sealover | The Sum & Substance Colorado legislators appear headed for another debate about lowering property taxes after an influential commission largely backed a compromise plan Monday to cut taxes further if backers of two wide-ranging initiatives removed the measures from the November ballot. It’s not an absolute certainty that Gov. Jared Polis would call a special session to consider the framework deal agreed to by initiative proponents Colorado Concern and Advance Colorado with legislators and other officials who have been involved in negotiations. But with Polis having signaled a willingness to consider the idea and with the governor-backed Commission on Property Tax getting some level of support from most of its members to the general details in the plan, pressure i...
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If your aim is to keep property tax dollars in your pocket, here’s a look at some of your options on Election Day
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i2i.org, State

If your aim is to keep property tax dollars in your pocket, here’s a look at some of your options on Election Day

By Independence Institute Coloradans have several options to try to address rising property taxes in 2024.   The state legislature passed SB24-233 with bipartisan support at the end of the 2024 legislative session. Voters could choose to keep SB24-233 or eschew the bill for either or both Initiatives 50 and 108.   Despite being a better alternative than if no legislation had been passed in 2024, property taxes would still rise in 2025 under SB24-233. Meant to head-off future acute property tax spikes rather than cut existing taxes, the new law modestly reduces both residential and non-residential assessment rates and adopts a 5.5 percent limit on revenue growth for some local districts. As a result, most Coloradans would still see their...
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Want real property tax relief? Stay tuned for ballot initiatives in November.
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Rocky Mountain Voice, State

Want real property tax relief? Stay tuned for ballot initiatives in November.

By Rocky Mountain Voice Staff A bill passed yesterday, touted as the answer to skyrocketing property taxes, does NOT cut property taxes. Instead of paying an effective rate of 6.3% this year, you'll be paying 6.8% next year.  Colorado lawmakers wrapped up their 2024 legislative session Wednesday evening by sending Gov. Jared Polis a last-minute property tax relief bill, Senate Bill 233. Introduced on Monday after months of negotiations, this was one of the final bills to pass before the Assembly adjourned for the year. Lawmakers hope the measure will dissuade voters from backing property tax measures on the November ballot that could significantly impact state and local government budgets.  Colorado Concern, the group ready to push a ballot initiative, didn’t get on board.  S...
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Property tax bill on track to reach governor’s desk by final day of session
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coloradopolitics.com, State

Property tax bill on track to reach governor’s desk by final day of session

By Marissa Ventrelli | Colorado Politics With just one day left in the legislative session, an eleventh-hour property tax deal has unanimously cleared two House committees and secured approval at its second reading on the floor.  The bipartisan Senate Bill 233, announced the day before, marks the culmination of months of conversations between the governor, legislators and groups like Colorado Concern, Colorado Counties Inc. and the Bell Policy Center.  This bill gradually decreases commercial property assessment rates from 29% to 25% over three years and introduces two reductions in residential property valuations: from 6.8% to 6.7% for multifamily units and from 7.06% to 6.7% for all other residential properties. READ THE FULL STORY AT COLORADO POLITICS
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Colorado lawmakers reach last-minute bipartisan property tax deal that averts cuts to K-12 funding
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State, The Colorado Sun

Colorado lawmakers reach last-minute bipartisan property tax deal that averts cuts to K-12 funding

By Jesse Paul and Brian Eason | The Colorado Sun Colorado’s property tax code would be reimagined — with long-term rate cuts for homeowners and businesses and a local revenue cap — under a fiercely negotiated, last-minute bipartisan bill introduced in the legislature Monday that aims to provide tax relief while protecting funding for K-12 schools.  The measure, Senate Bill 233, comes with just three days left in Colorado’s 2024 legislative session — the minimum amount of time needed to pass a bill. And it was the product of negotiations with Colorado Concern, a nonprofit representing CEOs in the state that was working on a plan to ask voters on the November ballot for an even bigger property tax break.  Lawmakers, Gov. Jared Polis’ office and interest groups we...
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Democrats are set to unveil their Colorado property tax relief plan this week. Here’s what’s in it.
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State, The Colorado Sun

Democrats are set to unveil their Colorado property tax relief plan this week. Here’s what’s in it.

By Jesse Paul and Brian Eason | The Colorado Sun Democrats in the Colorado legislature are preparing this week to introduce a measure that would overhaul the state’s property tax system to limit future spikes in businesses’ and homeowners’ tax bills, with an eye toward providing more relief to people who own lower-value homes.  The legislation would let people exempt 10% of their primary residence’s value from taxation, up to $75,000. In most communities, that would represent a maximum savings of around $450 a year, though tax bills can vary greatly depending on local mill levy rates. Sen. Chris Hansen, a Denver Democrat and main sponsor of the measure, said the new homestead exemption would effectively lower the property assessment rate for most homeowners to 6.4% for taxes ...
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Colorado Democrats say property tax relief is coming. There’s no money in the state budget to pay for it.
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State, The Colorado Sun

Colorado Democrats say property tax relief is coming. There’s no money in the state budget to pay for it.

By Brian Eason | Colorado Sun With just a month left in the state’s legislative session, top Colorado lawmakers still haven’t come out with a plan to deliver promised property tax relief — but they insist one is coming. “This is still a very high priority,” Sen. Chris Hansen, a Denver Democrat who is leading the legislature’s tax discussions, said Tuesday. “I expect to pass a large property tax bill this session.” There’s just one problem. Unlike this time last year, there’s no money set aside in the budget to pay for it. That has left lawmakers with limited options — and difficult trade-offs — as they look to overhaul Colorado’s property tax code in the face of public outcry over rising tax bills. READ THE FULL STORY AT THE COLORADO SUN...
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