DENVER – Today, the Colorado Senate and House Republicans unveiled legislative solutions to address Colorado’s skyrocketing property taxes and renewed the request for Governor Jared Polis to convene a special legislative session.
Colorado homeowners are currently bracing for the largest tax increase in recent history. Next year, Colorado homeowners can expect the taxable value of their homes to increase by an average of almost 40%. In response to this unprecedented spike in property taxes, the Colorado Senate and House Republicans unveiled common-sense solutions to deliver real property tax relief to property owners in Colorado.
The first part of the Republican solution will help provide necessary relief to Colorado seniors by allowing seniors who previously qualified for the senior homestead exemption to receive the same property tax benefit for any home they purchase and live in as their primary residence. The Republican solution would also double the current exemption amount to $200,000.
Republicans have been striving to expand the senior homestead exemption for years. Senate Bill 22-093 and Senate Bill 23-107, both championed by Senator Larry Liston (R – Colorado Springs), would have extended the homestead exemption for seniors and veterans disabled veterans. Both bills were killed by Democrats on a party line vote in committee.
The second part of the Republicans’ solution to lower property taxes would be to lower the assessment rates for all residential, and most nonresidential properties. The residential property assessment rate would decrease from its current 7.15% to 6.7% with the first $50,000 in value being exempted. Under the Republican solution, the nonresidential property assessment rate would be lowered to 27.9%, down from its current 29%.
As Colorado families continue to struggle with the rising cost of living in the state, the Colorado House and Senate Republicans also presented a permanent reduction in the state’s income tax from its current 4.4% to 4%.
“Thanks to careless leadership and back-room deals conjured up by Governor Polis and the Democrat majority, many Coloradans are fearing the worst – we need tax relief now!” Senator Barbara Kirkmeyer said. “By permanently reducing the property tax assessment rate and lowering income tax permanently, Colorado homeowners can enjoy the financial security they are owed. It’s not just about saving Coloradans money, but ensuring they breathe easier knowing that their hard-earned money is staying in their pockets where it belongs.”
“Our plan is focused around providing clean tax relief to Coloradans rather than political games,” said House Assistant Minority Leader Rose Pugliese. “The cost of living increases that are crushing Coloradans is not limited to only property taxes, that is why our plan not only addresses those increases, but also lowers state income taxes as well,” added Pugliese.
Since the final hours of the 2023 legislative session, Colorado Republicans have been calling on Governor Jared Polis to convene a special legislative session so immediate property tax relief could be delivered. Today, Senate and House leadership renewed this call.
“For months we have been asking the governor to reconvene this legislature so that we can give the people of Colorado the tax relief they so desperately need,” Minority Leader Paul Lundeen said. “This body does not turn on a dime; we cannot wait until mid-January to conjure up a solution when property taxes come due in February. The Governor must listen to the voices of people and bring this legislature back to Denver so we can take action now!”
In the final hours of the 2023 legislative session, Colorado Democrats proposed their solution to address this unprecedented rise in taxes with Senate Bill 303. The bill created Proposition HH, which asks Colorado voters to use TABOR refund dollars to backill losses in revenue from a proposed temporary reduction in the statewide residential assessment rate.
“The Democrats are attempting to steal your annual refunds and destroy your Taxpayer Bill of Rights,” said House Minority Leader Mike Lynch (R – Wellington). “Their proposals would set Colorado back. Inaction on skyrocketing property tax increases is not the answer either. An issue this important deserves a serious debate,” added Lynch.