$700M property tax relief package unveiled by Gov. Polis, state lawmakers
Gov. Jared Polis joined a group of state lawmakers to unveil a much-anticipated, last-minute proposal to provide temporary property tax relief for Colorado homeowners.
The legislation announced Monday would provide $700 million of relief over two years as Colorado homeowners prepare to see their property tax bills grow significantly. According to a recent analysis by the business group Colorado Concern, the average market value of a single-family home is expected to grow 30% between 2021 and 2025. The analysis found those increased valuations would result in an average property tax increase of more than 20% beginning in 2022.
“Property values have been going up, and if you’re fortunate enough to have been a homeowner, that’s a good thing,” Polis said. “The only problem is that your income might not be going up as fast as your property taxes based on the appreciation.”
So, Polis and state lawmakers plan to pass a bill temporarily reducing the residential and commercial property tax assessment rates, resulting in savings for property owners. The bill would also reduce the taxable value of a home by $10,000 and the taxable value of a business property by $30,000. Under the proposal, someone owning a $500,000 house will save an average of approximately $275 on their tax bill in 2023 with additional savings projected the following year, Polis said at the news conference. Someone who owned a storefront or office worth $500,000 would save $1,200 the first year.
Read more: https://coloradonewsline.com/2022/05/03/700m-property-tax-relief-package/