(The Center Square) – Colorado Gov. Jared Polis is asking lawmakers to the Capitol for a special legislative session to handle property taxes within the wake of Proposition HH’s defeat.
Over 60% of citizens stated no on Prop HH, which might have lessened the rise of property taxes within the state on the expense of taxpayer refunds. The measure was once supported by way of the governor and majority Democrats, who handed Senate Bill 303 within the ultimate days of the legislative session, referring the measure to the poll.
Property values within the Denver metro house have noticed 35% to 45% will increase, consistent with county assessors.
Prop HH would have decreased the residential property tax overview price to six.7% and coated misplaced earnings with Taxpayer’s Bill of Rights price range. Under the measure, a house valued at $500,000 would have noticed a $186 to $276 relief in property taxes this 12 months, Colorado’s Blue Book stated. Single filers with $52,001 to $103,000 earning would have noticed a projected $42 relief of their TABOR refunds subsequent 12 months.
Prior to the election, Gov. Polis didn’t sign any fortify for a special session had Prop HH misplaced.
Last month right through a Prop HH debate, House Assistant Minority Leader Rose Pugliese, R-Colorado Springs, requested the governor if he would name a special session.
“Whether it’s in January or whether it’s in November or December, and whether Prop HH passes or not, I’m all for you guys doing more property tax relief to be clear,” Gov. Polis replied. “I’m all for you guys cutting the income tax. I don’t think you’re going to see anything close to this size of a $13 billion property tax cut over 10 years…”
Polis additionally was once requested right through the controversy if he had a backup plan, responding that he would fortify “whatever can pass the legislature.”
Colorado Republicans have time and again referred to as on Polis to carry a special session to handle property taxes.
“The people of Colorado have spoken. They rejected the idea that the Tax Payer Bill of Rights had to die to get property tax relief,” Senate Minority Leader Paul Lundeen, R-Monument, stated in a commentary Wednesday after the election. “True leadership can’t wait. It is urgent that we address the property tax crisis that will drive people from their homes. The Governor must call a special session now. The legislature must act.”
Republicans plan on introducing tax aid proposals right through the special session, a Senate GOP spokesperson in the past instructed The Center Square.
Their proposals come with slicing the residential property tax price from 7.15% to six.7%, the similar as underneath Prop HH, however no longer backfilling with TABOR price range. They’ve additionally proposed exempting the primary $50,000 of house worth and reducing the source of revenue tax price from 4.4% to 4.0%.
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