Hello Colorado/JeffCo Property Taxpayers,
The fate of property tax policy will likely be in the hands of Colorado voters this November. Two bills are proposed, Senate Bill 23-303 and Senate Bill 23-304.
https://leg.colorado.gov/bills/sb23-303 [leg.colorado.gov]
https://leg.colorado.gov/bills/sb23-304 [leg.colorado.gov]
As a taxpayer and as JeffCo Treasurer, I support both bills, SB23-303 and SB23-304.
The concern I have right now is property tax assessments are predicted to be up 35% to 50% statewide. This will have a negative effect on the state economy, residential taxpayers, and business taxpayers. Based on the current bill text, the assessment amount on properties will be reduced by $40,000 and the assessment rate will also be reduced to 6.7%. For example, based on the preliminary new numbers, my property taxes will increase by approximately $1000 per year. If the ballot question passes, my tax increase will be reduced to approximately $400 per year.
If business property taxes go up, or rental property taxes go up, that dollar amount is usually passed on to the consumer. If the state legislature wants encourage affordable housing and supporting small business owners, allowing property taxes to increase 35%-50% is not the answer.
Based on current bill text, I would rather my future TABOR refund (a small portion in comparison) from the state reduce the money I owe on property taxes and be used to fund the special districts (schools, fire, etc…). In my opinion, the state already has my money, so use it again to reduce my tax burden.
See the following link for phone numbers/emails for the state legislature: https://leg.colorado.gov/legislators
SB23-303 Passes Senate:
See CBS4 Colorado Interview:
See Gov Polis Interview on Property Taxes:
