Some of Colorado’s most important corporate and political personalities have banded together to combat an imminent property tax increase.
This unexpected collaboration includes prominent advocates and adversaries of Proposition HH, who have initiated the process for a ballot measure aimed at permanently reducing and capping property taxes throughout the state beginning next year.
Proposed Property Tax Reform for Residential and Commercial Properties
“I would love to never have to talk about property taxes again,” expresses Michael Fields, president of Advance Colorado, a conservative organization that has spearheaded various tax relief initiatives. Fields, along with Dave Davia, president and CEO of Colorado Concern, the state’s largest association of CEOs, are leading this joint endeavor.
Despite being on opposing sides of previous tax-related ballots, Fields and Davia are now aligning on a proposal to limit any rise in property tax revenue to 4% annually, while adjusting the state assessment rate accordingly.
Under their proposal, the assessment rate for residential properties would decrease to a minimum of 5.7%, with homeowners being able to deduct $55,000 from the taxable value of their homes.
For commercial properties, the rate would be reduced to 25.5%. Moreover, the initiative stipulates that the legislature must provide some level of financial support to local governments and special districts and safeguard the state education fund.
“We care about teachers, we care about firefighters, we care about local governments, and we believe this is a fair and balanced approach,” asserts Davia. He adds that the initiative could save homeowners $236 annually on a property valued at $300,000. This proposal comes amidst ongoing discussions by a property tax commission tasked with formulating recommendations for state lawmakers.
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Colorado Leaders Urgently Push Property Tax Reform
While Fields remains receptive to the commission’s input, he expresses skepticism given the legislature’s track record of offering only temporary relief. “The fact that they’ve already allowed them to spike 30% or 40% this year makes me concerned about it,” he remarks.
Fields emphasizes that the governor has expressed support for imposing a cap on property taxes to ensure they remain manageable, a sentiment not yet echoed by legislators.
Fields and Davia argue that their ballot measure would effectively roll back property taxes to near 2022 levels from the upcoming year onwards.
Instead of witnessing a projected $3 billion increase in tax revenue for local governments and special districts, they would receive approximately $2 billion.
While a spokesperson for Gov. Jared Polis indicates his willingness to review the recommendations from the Property Tax Commission, Davia and Fields stress the urgency due to impending ballot deadlines.
They assert that their initiative has garnered support from business and civic leaders across the political spectrum and express confidence in securing a spot on the 2024 ballot.
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