To my fellow Coloradans,
As we approach the holiday season, people across the state are facing property tax increases of about 40% on average due next year, which is why the state has taken action to deliver immediate property tax relief and I am continually elevating this issue to save people money.
Last week, following the special session, the state delivered property tax relief for Coloradans that, combined with previously passed property tax relief, will subtract $55,000 per home from state property tax valuation. This action along with other state property tax relief will reduce the residential assessment rate to 6.7% and save Coloradans living in a $500,000 home an average of $505 on their 2023 property tax bills (without dipping into the TABOR surplus). Despite these savings, because of the enormous increase in valuations many Coloradans still face major increases. I also signed a law that allows local governments to temporarily lower their mill levy and provide additional property tax relief to their constituents, and I’m hopeful that more counties and special districts will further reduce rates.
Now, I’m calling on local governments to build on the success of the special session and to utilize this legislation to lower their tax rates, saving Coloradans money and helping to keep our communities affordable. Because of Colorado’s strong economy, most local governments, schools, and other special districts have the opportunity to lower their rates without impacting service.
I have also directed the Department of Local Affairs to provide a toolkit to local governments on how to temporarily lower their mill levy and to be prepared to assist wherever possible. I appreciate the work of the state legislature throughout the special session to ensure the state provided property tax relief. Today I was in Breckenridge highlighting the Colorado Mountain College Special District which is reducing their property tax increase to the rate of inflation across the six counties they cover. I’m hopeful that more special districts will do the same.
Colorado’s bipartisan Property Tax Task Force will work to develop long-term solutions to ensure Coloradans do not face this crisis each year. I encourage local districts to not only take action now to lower their taxes but also engage with this Task Force to create sustainable locally-driven solutions to protect Coloradans from these steep increases for years to come.
I am committed to pursuing any and all possible opportunities to save Coloradoans money.