Property tax hikes dominate Longmont ballot despite big spike in assessments
Despite a public outcry to rein in rapidly rising property taxes and a Colorado inflation rate that stubbornly outpaces much of the rest of the country, the Longmont City Council is asking voters to give them over $40 million a year more for a variety of purposes including a new library, as well as new arts and recreational centers.
All totaled the city has three separate tax increases on the ballot, asking for an additional 7.68 mills worth of property tax increases as well as new sales taxes for what some see as “niceties” during a time of economic uncertainty.
The Longmont Area Chamber of Commerce opposes all three on the grounds of already rising property tax increases and a challenging environment for businesses.
“We are in a difficult time for many of our business owners and residents,” the Chamber said on its website. “While the economy has certainly improved since the pandemic, many of our businesses and residents are hurting more now than during the pandemic due to labor shortages, rising rents, inflation, inventory challenges, and more.”
According to a story in the Longmont Leader, home values in Boulder County (where Longmont is located) spiked this assessment cycle, which ended June 30, 2022. So while home prices may be down now, they were up when homes were assessed for taxes. The median sales price for a single-family home in Boulder County was $940,000 in June 2022, yet, according to the Colorado Association of Realtors, that same house is now worth $842,500, the leader reported.