Proposition HH will reduce property taxes will ensuring schools are fully funded with a slight increase in income taxes. Here’s The Denver Post editorial board’s endorsement on this com…
Gov. Jared Polis signed Senate Bill 303, Reduce Property Taxes and Voter-approved Revenue Change and SB23-304, Property Tax Valuation in front of the home of Joe Lloyd Medina, 78, in Commerce City on Wednesday, May 24, 2023.
The trade-off made in Proposition HH — a small income tax increase for a larger break in property taxes — is not simple but it is essential. Fenberg said the legislation they passed does provide relief to all property owners, but more modest homes will see a larger reduction in their property taxes than more expensive homes. Seniors get an extra reduction with an increase in the Senior Homestead Exemption which will also be made portable .The clear winners will be lower-income property owners in high-property tax areas.
The ballot initiative is complex because it must strike a delicate balance between blunting the impact of Colorado’s housing inflation while recognizing that our schools have been underfunded for decades and local property taxes supply the majority of their funding. • All Colorado property owners – whether they own commercial, industrial, agricultural or residential property — are facing a sharp increase in property taxes. Every two years, county assessors consider how the value of property has changed. Across the state, assessors determined that values had increased at an unprecedented rate.
Local governments oppose this measure because they are facing a cap and also because, unlike schools, the state is not promising to backfill 100% of the reduction in revenue from Proposition HH. However, if all taxing districts had faced the impending tax hike responsibly then lawmakers wouldn’t have had to find a state-wide solution., which kept residential property values artificially low while hammering commercial and industrial property owners with an increased portion of the taxation pie.
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