Colorado commission to scrutinize property tax system
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A potential overhaul of Colorado’s property tax system is the target of a bill Gov. Jared Polis signed into law Tuesday as he took action on remaining legislation lawmakers passed during a special session to provide short-term property tax relief.
that excludes school districts and home-rule cities and counties.
SB 1 will tap $200 million that had been set aside for Proposition HH, with $54 million earmarked to offset reductions in local government tax revenue and $146 million for public school districts.
Republican lawmakers, who opposed the Democratic Party-supported proposition, unsuccessfully pushed a bill with a larger assessment rate reduction that included non-residential property.
Meanwhile, other property tax measures are looming.
A proposed constitutional amendment on the November 2024 ballot would create a statewide cap on local property taxes.
Business group Colorado Concern is working on a ballot measure to reset the valuation of properties that have not sold since 2020 at 2020 levels. Another potential constitutional amendment would block any statewide limit on property tax revenue.
