(The Center Square) – An initiative submitted via a trade workforce for Colorado’s 2024 ballot would “reset” home valuations to 2020 levels.
The workforce Colorado Concern, is a coalition of industrial leaders, mentioned Thursday it filed the initiative, which might prohibit assets worth enlargement “so that property owners would not endure runaway property tax bills in the future.”
“Homeowners and businesses should not be penalized with a massive tax hike as the result of a hot economic environment that sent prices soaring,” mentioned Colorado Concern President and CEO Mike Kopp. “It is imperative to protect taxpayers from the kinds of painful price shocks they now face, and will face again in the future if the system is not changed. “
Property values have gone up 35% to 45% in some Denver metro areas, according to county assessors.
The business group’s measure comes on the heels of Proposition HH’s loss at the ballot box last week, and before the special legislative session set to convene on Friday. Prop HH would have lowered the state’s residential property tax assessment rate to 6.7% and backfilled lost revenue for local governments with Taxpayer’s Bill of Rights funds.
Under Colorado Concern’s measure, property values would reset when sold or after undergoing major improvements, “establishing a true market rate for tax calculation purposes.”
Kopp mentioned that whilst the group helps extra speedy tax aid which may be handed via lawmakers throughout the particular consultation, “the system itself needs structural reform that guarantees lasting taxpayer protections, predictability and transparency. The system-wide changes we are promoting are outside the scope of the call of the session.”
Colorado electorate also are set to make a decision on Initiative #50, a measure that may cap the rise in statewide assets tax earnings at 4% each and every yr.
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