Property tax commission recommends tweaks as ballot proposal battle heats up
A bipartisan group of Colorado policymakers accepted almost a dozen suggestions to melt the pinch of property tax will increase Friday, together with an “adjustable cap” on future hikes and mechanisms to unfold out hefty tax payments.
The suggestions accepted by the Property Tax Fee will go to lawmakers for potential laws within the coming weeks as state leaders proceed to grapple with structural points difficult Colorado’s property tax system. The fee was shaped throughout the November particular session after a poll measure aimed toward long-term reform to property taxes, and backed by Gov. Jared Polis, failed on the polls.
Lawmakers additionally expanded different efforts aimed toward blunting property tax will increase throughout the post-election session.
“I believe we are able to construct off the progress that we had final yr within the legislature, and the suggestions that we simply finalized actually present us a pleasant highway map ahead on the work we are able to do between now and the top of session,” Sen. Chris Hansen, a Denver Democrat who led the fee, mentioned Friday.
In all, the fee — a 19-member physique of lawmakers, county commissioners, assessors and different officers — accepted 11 of the 12 suggestions its members thought of Friday. They embrace:
- Extending current property tax aid from November’s particular session for an additional yr and probably past.
- An “adjustable cap” on property tax will increase that fluctuates based mostly on elements comparable to inflation and inhabitants progress inflation.
- Permitting taxpayers to pay their invoice in 12 month-to-month funds.
- Increasing the state’s property tax deferral program.
- A handful of research to tell future property tax policymaking, together with inspecting aid focused at lower-income residents and small companies.
- Stepping down evaluation charges for vacant and nonresidential properties.
After voters rejected Proposition HH in November, Polis requested a “blue-ribbon” fee be created to offer a long-term answer to rising property taxes.
The fee didn’t make its suggestions in a vacuum. The state’s title board, which critiques potential poll initiatives, is contemplating a slew of competing measures coping with property taxes.
One, which might set a tough cap on tax will increase, whatever the property’s improve in assessed worth, has been accepted for the November poll.
These poll measures hung heavy over the fee Friday. Members repeatedly mentioned they wanted to indicate they have been taking steps to deal with property tax will increase or voters might impose a cap on them, come November.
State Rep. Lisa Frizell, a Citadel Rock Republican, mentioned there’s nonetheless work to do, however she largely supported the place the fee landed. She famous that the suggestions nonetheless must undergo two legislative chambers and the governor earlier than changing into regulation.
“We’ve 2024 settled, and I believe I’m comfy with that,” she mentioned. “Now we now have to determine the long run.”
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