Latest Headlines | Lawmakers Announce Plan To Reduce Property Taxes

Colorado Gov. Jared Polis and state legislators announced plans Monday that they said would help ease property tax increases.

It’s an effort that would help homeowners and businesses in Colorado, the governor said. The plan, which Polis said will be on the November ballot as Proposition HH, would reduce the residential assessment rate from 7.15% to 6.7%, and reduce the taxable value of homes by $40,000 in 2023 and 2024. If passed, the taxable value reduction would continue for primary residences in future years, the governor’s office said.

The governor said during a news conference Monday that, if approved, the average homeowner in Colorado would see their property tax increases be cut by 50%.

This news comes after nine metro Denver area county property assessors announced last week that property valuations saw a double-digit increase in their biannual assessment.

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Title: Latest Headlines | Lawmakers Announce Plan To Reduce Property Taxes
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