Proposal will save average homeowner $274 on property taxes

The House recently unanimously passed legislation to reduce property taxes, saving the average homeowner $274 and preventing many small business owners from seeing their property taxes increase.

“From sending every taxpayer a prepayment check for $400 or $800 to lowering the cost of housing, health care and prescription drugs, we’ve worked hard to save money in the Colorados wherever we could,” said Rep. Mike Weissman, D-Aurora. . “The legislation we passed today will prevent tax increases for many small businesses. It builds on our previous work to reduce property taxes for homeowners and businesses and will save the average homeowner $274 on their property taxes.

“I am thrilled to sponsor a bill for a $700 million property tax decrease and an overall net tax decrease of $500 million,” said Rep. Patrick Neville, R-Castle Rock . “Rising property values ​​lead to higher property taxes. I don’t like taxes in general, but property taxes are the worst kind of tax. Reducing property taxes will help address the inflationary pressures families face and is much needed in Colorado. »

SB22-238sponsored by Reps. Mike Weissman and Patrick Neville, will provide $700 million in property tax relief over two years to homeowners and businesses, helping families save money on housing and reduce utility costs. businesses across the state.

The bill allocates $500 million in 2023 to reduce residential property from 6.95% to 6.76% and the nonresidential property tax rate from 29% to 27.9%. The bill also reduces the assessed value of residential properties by $15,000 and commercial properties by $30,000. The bill provides for these savings while mitigating the impact on schools and local governments from reduced revenues.

Additionally, SB22-238 is providing an additional $200 million in 2024 to extend property tax relief enacted last year by SB21-293. These savings will reduce property taxes for homeowners by an average of $274 in 2023 on a $500,000 home and provide significant savings to all businesses in the state.

The House also unanimously passed HB22-1416, sponsored by Majority Leader Daneya Esgar and Rep. Neville. The bill reforms the property tax assessment process. The bill would provide taxpayers with more information about their assessments and a longer time to appeal their values.

“By reforming the property tax assessment process, we will protect homeowners and business owners and make it easier to appeal assessment decisions that impact how much they have to pay,” said said Majority Leader Daneya Esgar, D-Pueblo. “This bipartisan legislation will make the property tax assessment process fairer and more transparent to ensure property owners can correct mistakes that can cost them money.”

Under the bill, the deadline for appealing property values ​​would be extended by one week. It requires county assessors to provide property owners with an estimate of their tax liability as well as information on how they can protest assessed property values.

Owners would have the opportunity to expedite their appeal if the appraiser receives all the necessary information. In addition, the bill would require property tax administrators to publish the assessors manual, which includes assessment procedures, and allow the public to comment and review the manual and proposed changes. For commercial properties, the bill improves the transparency of their assessment by requiring that the Notice of Assessment advise property owners that they can obtain details from their assessor on how their property was assessed.

Daneya Esgar
Mike Weisman
Patrick Neville

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