July 24, 2024

Large property valuation increases lead to tax concerns – Greeley Tribune

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Senate President Steve Fenberg, center, works during a special session of the Colorado legislature to pass property tax relief at the Colorado Capitol in Denver on Friday, November 17, 2023. (Photo by Hyoung Chang/The Denver Post)

One of the most consequential stories of 2023 for Coloradans will continue to play out into next year as property owners receive their tax bills.

In May, county assessors across the state issued property valuations as they’re required to do every two years. The valuations, which are used in determining property taxes, increased due to the real estate market activity from June 30, 2020, to June 30, 2022.

The valuations led a record number of Weld residents, about 11,000, to file appeals on their property valuations.

State lawmakers scrambled for solutions to prevent the valuations from causing equally large increases in property taxes, including introducing Proposition HH to the state ballot in November. The measure failed, as opponents argued it would allow the state to retain and spend revenue it would otherwise be required to return to residents.

Lawmakers went on to host a special session, passing some measures to provide relief but warned there was only so much they could do without impacting local governments’ ability to provide services. Gov. Jared Polis has asked taxing districts to lower their mill levies but found few takers.

For Weld County’s property taxes, a 5% growth cap in the county charter will limit the increase after the Weld County Council twice denied commissioners’ requests to retain excess revenue.

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