Navigating Colorado’s Uncertain Property Tax Landscape

In November 2023, the state of Colorado faced a pressing issue as Governor Jared Polis reconvened the Colorado Legislature to tackle the substantial increases in commercial and residential assessments for 2023. The voters rejected the governor’s proposed property tax reduction efforts in Proposition HH, leading to a need for special legislation. Changes were made to residential assessment ratios and a property tax task force was created to present recommendations to the legislature in April. As tax bills are now being issued, residents are seeing varying changes in mill levies across different counties in the state. The future of property taxes in Colorado remains uncertain, with ongoing discussions and potential ballot initiatives in the works.

Ryan Principal Matt Poling provides insights into the reasons behind these developments and their significance for property owners.