In recent times, residents of Colorado have experienced significant spikes in their property tax bills, with some seeing increases as high as 30% to 70%.
Colorado Governor Jared Polis has taken action to alleviate the burden of property taxes on homeowners by signing a bill on Wednesday
Governor Polis chose to sign the bill into law during a ceremony held outside a residence in Commerce City. The new legislation aims to address this issue by reducing the rate at which property taxes can increase. While this means that homeowners will face lower hikes in their property tax bills, it also implies that they will receive smaller refunds under the Taxpayer Bill of Rights (TABOR).
The assessments for this year’s property taxes are based on the property values from the previous year, which witnessed a sharp surge for numerous residents.
This increase in property values has contributed to the substantial rise in property tax bills, prompting the need for legislative action
By signing this bill into law, Governor Polis aims to provide relief to homeowners who have been grappling with the burden of escalating property taxes. However, the ultimate decision lies with the voters, as their approval is necessary for the measure to take effect.
The implementation of this legislation would offer much-needed respite to homeowners in Colorado, mitigating the impact of soaring property tax bills and potentially creating a more manageable financial situation for residents across the state.
READ ALSO: Things You Should Know About Upcoming SNAP Updates In 2023 Regarding Food Stamps