Following Special Legislative Session That Delivered Property Tax Relief, Gov. Polis Urges Local Governments to Provide Additional & Necessary Property Tax Relief for Hardworking Coloradans
Governor urges counties, municipalities, and special districts to consider reducing their mill levies to provide property tax relief for Coloradans and utilize new state law
DENVER - Last week, the legislature completed a special session that delivered real property tax relief for Coloradans. During the special legislative session, Governor Polis, in partnership with the legislature, took action, passing a new law to reduce property tax valuations by $55,000 per home and reducing residential assessment rates to 6.7% across the state, saving Coloradans money.
The Governor’s focus on more housing now seeks to cut red tape to increase housing supply, including for more affordable types of housing and transit-oriented communities and an issue that contributes to the cost of rent and homeownership in Colorado is rising property taxes.
Governor Polis previously signed a law that permits local governments to temporarily lower their mill levy and provide additional property tax relief to their constituents. Today, the Governor urged local governments and school districts to utilize this new law to help provide immediate tax relief to Coloradans.
“Hardworking people in Colorado cannot afford a 40% increase in their tax bills, or even a 20% increase. Wages have not gone up by anything close to this amount, and high inflation and interest rates are creating an affordability crisis for many Colorado families,” Governor Polis wrote in letters to local and special tax districts and school districts.
“I appreciate that you work hard to pass a budget that is responsive to the needs in your community. With the historic rise in property values, most districts can make significant rate cuts and still maintain strong revenue growth at or above the rate of inflation. I urge you to consider this and reduce your mill levy as much as possible. I recently signed bipartisan legislation providing statutory authority for you to temporarily reduce your mill levies, so you can lower your levies this year without risking a permanent loss of revenue in an uncertain future. Across the state, districts like yours can help provide needed property tax relief,” the Governor wrote.
The recent successful special legislative session led to the approval of new laws delivering historic property tax relief that, combined with previously passed property tax relief, will subtract $55,000 per home from state property tax valuation and reduce the residential assessment rate to 6.7%. Coloradans living in a $500,000 home will save an average of about $505 on their 2023 property tax bill from the statewide efforts.
The Governor signed a new law yesterday creating a property tax task force which drew bipartisan support from county commissioners.
“I have asked the Department of Local Affairs (DOLA) to provide guidance to you on options that you can take to lower rates this year while preserving your budgetary flexibility. DOLA’s guidance is attached to this letter,” the Governor continued.
This year is like nothing we’ve seen before. Property owners are now looking to their local elected officials for help during this challenging time. Each and every one of Colorado’s four thousand taxing jurisdictions should be a part of this solution by reducing rates, even if by a small amount. If we all work together - the state and every local government - we can ensure homeowners throughout Colorado are protected,” Governor Polis wrote.
The Governor further praised Colorado Mountain College's special district, for their plans to reduce their mill levy significantly across Eagle, Grand, Jackson, Lake, Garfield, Pitkin, Summit, and Routt counties. Colorado Mountain College district, which encompasses Eagle, Grand, Jackson, Lake, Garfield, Pitkin, Summit, and Routt counties. Colorado Mountain College plans to reduce its mill levy to keep revenue growth near inflation (5.7%).
Read the Governor’s letter to local governments and school districts, as well as guidance from the Department of Local Affairs.
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