Colorado Concern Proposes Ballot Measure to Roll Back Property Valuations
On the eve of a special session called by Governor Jared Polis, Colorado Concern, a group of top business executives, has announced its aim to provide relief to homeowners and businesses by rolling back property valuations to 2020 levels.
According to Colorado Concern's president and CEO, Mike Kopp, this move would cap the growth of property value to prevent "runaway property tax bills." The group also argues that this would establish a "true market rate" for tax calculation purposes and would only reset upon the sale or major improvements of a property.
Kopp argues that taxpayers should not be penalized for the hot economic environment that caused property prices to soar. He says, "It is imperative to protect taxpayers from painful price shocks in the future if the system is not changed."
The governor's call for a special session included a request for short-term property tax relief for the 2023 assessment year. However, Colorado Concern believes this is not enough and is pushing for "broad structural changes" to the tax assessment system.
Critics, however, point out that the proposal by Colorado Concern is not a real solution and instead deflects from the real issue. They argue that a short-term fix will not address the long-term problem of rising property taxes.
Already, some dividing lines have emerged between Republicans and Democrats regarding the use of TABOR dollars for relief.
Republicans are opposed to using TABOR funds, while Democrats are pushing for it to be redirected to local governments. This has raised concerns as voters previously rejected a similar proposal, Proposition HH, for property tax relief.
In a statement, Colorado Concern highlighted the significant increase in property taxes that far outpace wage growth. The group cited an average 40% valuation increase for homeowners, with some jurisdictions facing over 70%. This, they argue, is a result of "runaway" valuations, and a more comprehensive solution is needed.
The group also claims their proposal would provide a more transparent and simplified tax assessment system for businesses. They argue that the current system is encumbered by a "5,000 page handbook" that is difficult for assessors and taxpayers to navigate.
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Despite their proposal, Kopp emphasizes that this is only the beginning of the process, and they are willing to work with leaders in the state Capitol to find a solution that protects taxpayers. He concludes, "We look forward to working with civic and business leaders outside the legislative arena to implement a plan that truly addresses the issue of soaring property taxes."
Critics, however, are calling for real, long-term solutions that are not just temporary fixes.