Voters likely to overrule legislative fix to address property tax spike, head of Denver chamber warns

J.J. Ament, CEO of the Denver Metro Chamber of Commerce, warned Monday that legislators didn’t go far enough in providing property tax relief and that two ballot measures proposing more draconian fixes could win this November.Colorado voters will likely side with two ballot measures promising greater property tax relief than what a bipartisan legislative compromise rushed through in the session’s final hours is offering, the head of the Denver Metro Chamber of Commerce warned Monday..

Ament said Gallagher needed to be repealed to relieve the crushing burden commercial property owners were facing. But despite promises to homeowners they wouldn’t be left vulnerable, the legislature sat on promised reforms for three-and-a-half years until a run-up in home values and a record surge in property tax bills forced the issue., was soundly defeated by Colorado voters last November, which resulted in the legislature convening a committee to study reforms.

“The bottom line, under SB24-233, Coloradans will still see an increase in property taxes from what is being paid today,” Kelly Caufield, executive director of the Common Sense Institute, a pro-business think tank that the chamber supports, said in a press release., predicts that Colorado homeowners will pay similar amounts in property taxes next year and could face higher property tax rates in 2025 under the new bill even if home values don’t rise.

If interest rates drop in the coming months, releasing pent-up demand and causing home prices to surge another 20% in the next two-year cycle, then the owner of that house would be looking at paying $3,875 in property taxes come 2025, CSI estimates.

Source: Real Estate Daily Report (realestatedailyreport.net)

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