COLORADO — With days left in the 2022 legislative session, state lawmakers are proposing some property tax reductions that would go into effect in 2023 and 2024.
"Nearly every part of our state is seeing rising home values in costs," Rep. Daneya Esgar (D-Pueblo) said.
The proposal would include a combination of a reduction in assessment rates and the taxable value of a property.
Single-family home assessment rates would be reduced from 6.95 percent to 6.77 percent, with a reduction in taxable value for the first $10,000-$12,000. Non-residential assessment rates for most businesses would be reduced from 29 percent to 27.9 percent and taxable value would be reduced for the first $30,000.
"We think that will provide disproportionate relief to lower-income families as well as smaller businesses on that taxable value reduction, but also get that broad relief by changing the assessment rates in both categories," Sen. Chris Hansen (D-Denver)said.
In 2021, state lawmakers created new categories for assessment rates beyond the residential and non-residential property classifications.
The new assessment rate structure includes classifications for single-family homes and multi-family properties. Non-residential properties are in different categories for commercial, lodging, agriculture, and renewable energy.
Sen. Chris Hansen said one-time surplus from state money would backfill funding for local services such as fire departments, libraries, and K-12 education.
Lawmakers say this would save $700 million over two years in 2023 and 2024.
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