DENVER – Colorado homeowners are bracing for what could be the largest tax increase in Colorado history following last week’s property valuation announcement from county assessors. Beginning next year, Colorado homeowners can expect their property taxes to increase by as high as 60%.
With only six days remaining in the 2023 legislative session, the clock is ticking for lawmakers to propose a solution to spare homeowners from this overwhelming and debilitating tax increase.
Yesterday afternoon, without the input or inclusion of Republican legislators, Governor Jared Polis and Senate Democrats unveiled their proposed solution: Senate Bill 23-303.
The 58 page bill, advertised as a ‘property tax cut,’ is nothing but an 11th hour attempt by the democrats to blunt the consequences of their own actions. If passed, Colorado voters will be asked to use TABOR refund dollars to backfill losses in revenue from the proposed temporary reduction in the statewide residential assessment rate.
“This is not a tax cut,” Minority Leader Lundeen said. “Let’s stick with the facts, even if this ballot initiative is successful, Coloradans’ property taxes will still go up, and their tax refunds will decrease. You can’t give people their own money and call it a tax cut. Governor Polis and the democrats need to stop using smoke and mirrors, and work with us to develop an honest and permanent solution.”
Per the Governor’s own calculation, property taxes will increase by an average of $401 starting next year, and taxpayers will see a reduction of $46 in their annual TABOR refunds.
“Rather than prioritizing policy to actually cut taxes for Coloradans, Democrats are playing a shell game,” Senator Kirkmeyer said. “There will be no property tax relief unless the voters of Colorado give up their TABOR refund. We need a real long-term solution, not this partisan band-aid.”
Senate Bill 23-303 passed initial approval in the Senate Appropriaton’s Committee this afternoon, less than 24 hours after its introduction. Colorado Senate Republicans raised concerns about the bill given its size, the speed of its progression, and the lack of input from counties and special districts who will be greatly impacted by this bill.