How are property taxes calculated in CO? It's changed

COLORADO — Colorado lawmakers are meeting this week for a special session to figure out how to lower property taxes as home values continue to rise across the state.

The special session will expand on legislation passed earlier this year, SB24-233which changed how property taxes will be calculated for tax year 2025 and beyond. The goal is to prevent a pair of ballot measures from being voted on this November, critics say the ballot questions would significantly reduce revenue coming into the state to pay for schools and other programs.

SB24-233 added revenue limits or how much money can be collected for local taxing districts at 5.5%, there are some exceptions like home rule municipalities and school districts.

KOAA

One of the biggest changes that came with the bill is the creation of two different assessment rates to calculate taxes for school districts versus all the other taxing districts property owners pay for. Previously, homeowners paid an assessment rate to calculate all of the taxes they owe.

The new bill added separate rates to calculate tax amounts for school districts.

The assessment rates will still vary for various property types, traditionally the rates have been divided up between residential and non-residential. For example, most businesses will have a higher assessment rate of 25% for tax year 2025.

Keep in mind, the specific numbers for these rates are all likely to change during the special session this week, but here's the case under current state law. State lawmakers are considering reducing the assessment rates for both of these formulas during the special session.

KOAA

KOAA

___

The Aftermath of Homeless Camp Cleanups In Pueblo

The City of Pueblo and the mayor have received both support and pushback about the way they are trying to clean up the steel city. Last week, the city cleared out trash and homeless camps along Fountain Creek.

Support and push back homeless encampments along Fountain Creek in Pueblo were cleared up

____

Watch KOAA News5 on your time, anytime with our free streaming app available for your Roku, FireTV, AppleTV and Android TV. Just search KOAA News5, download and start watching.