Supporters of dueling property tax measures in November’s vote have agreed to pull back after a bill was approved on Friday to ease the burden on taxpayers.
The bill aims to reduce the tax burden that comes with rising property values. It was introduced on Monday and went through both houses of the General Assembly in its final 10 days. It caps the amount of value that can be charged on properties for the tax years of 2023 and 2024.
At its unveiling, Gov. Jared Polis said it would save the owner of a $500,000 home an average of $274 a year. Being simply chalked out as required tax refunds under the Taxpayer Bill of Rights or in the form of lost revenue, would cost the state an estimated $700 million over two years, funded through one-time money .
The measure was designed to end proposed ballot initiatives, including one from State Representative Colin Larson, R-Littleton, to limit property tax increases to 3%. But those supporters, including others backed by liberal and conservative groups, put down their symbolic arms in signing affidavits in the form of political peace treaties.
Hansen said he hopes the bill gives the public the confidence in the legislature to “be able to react to the urgency of the moment. I think that’s one of the great things about the legislative process. We can, when needed, Can work smartly. We can act fast.”
He hoped to spend the buffer created by the mill to establish a long-term solution to the property tax volatility.
Larson ended up voting for the bill, but didn’t drop criticism that he believed the $200 million in tax refunds was being used to fund it—essentially, it’s taking money. That’s what taxpayers will get back anyway and call it additional relief, he said.
He admitted that people are going back on their point.
“At the end of the day, $500 million is a significant amount of relief,” Larsen said. “And when they went back on their word, and while it should have been more, and while I’m very disappointed, I’m not going to sit here and vote on giving money to those who need it. “
Henson declined to comment on Larson’s characterization.