Democrats in Colorado have proposed a significant change to the state’s property tax system. Gov. Jared Polis and other leaders want to lower tax rates for residential, commercial and other properties over the next ten years. That would defray some of the rising tax bills that are coming next year because of the state’s hot property market.
The proposal is currently being debated by the state legislature. But it ultimately would have to go before the public — in the form of a ballot question called Proposition HH — and win approval from Colorado voters this November.
The bill comes with some tradeoffs for Coloradans. The typical homeowner could save hundreds of dollars per year or more, compared to the current state of things. But the measure also could reduce TABOR tax refunds by tens or hundreds of dollars per person — depending on their income — in the years ahead.