Property tax relief could be coming soon to Coloradans

New proposal introduced to Colorado lawmakers
Property tax proposal may bring lower rates to Colorado
Published: May. 1, 2023 at 10:57 PM MDT|Updated: May. 2, 2023 at 5:11 AM MDT
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COLORADO SPRINGS, Colo. (KKTV) - A proposal aimed at lowering Coloradan’s property taxes was introduced Monday to state lawmakers. Gov. Jared Polis, along with the proposal’s sponsors, said it could save the average homeowner hundreds.

“We need to provide relief now to make sure people can afford to live in their own home,” said Polis during a press conference Monday afternoon.

The proposal would including capping residential rates at 6.7% and reducing the taxable value of homes by $40,000 in 2023 and 2024 for 10 years.

“The average homeowner, say for a $600,000 home, will save over $1,200 if the voters approve this in the next two years. Savings will be ongoing for a total of a decade,” said Rep. Mike Weissman of Aurora.

Supporters said the proposal would protect funding for schools and other services by changing how the state’s tabor surplus is calculated. They add that when state revenue is above the TABOR limit, Coloradans will still be able to receive a cash-back check.

House Republicans released a statement Monday saying in part, “The people of Colorado should be skeptical of the governor’s hastily introduced plan with only one week left in the session ... Democrats and the governor waited until the last minute to fix a problem they knew was coming all along.”

In a statement released before Monday’s news conference, Teller County commissioners pointed out their own proposal, that they say would also help reduce the amount of property tax homeowners pay. They want local governments to have the authority to provide relief.

“Anybody that collects property tax would have the authority to do a temporary lowering of the mill levy rate or offer a tax credit for one year in order to give the tax relief,” said Erik Stone, the chairman on the Board of Teller County commissioners.

The governor’s proposal will be introduced to the senate as early as Tuesday. If it passes and is passed by voters, it would go into effect immediately.