Property taxes are set to rise big time next year — will your local government do anything about it?
Local governments in Colorado are set to cash in next year.
With property values skyrocketing, counties, cities, schools and others could collect millions of dollars more in property taxes.
But some local elected officials are asking: Should they really accept all that new money?
“There's not a single taxing authority out there that planned on or needs a 45 percent increase in one year. And that's what we're facing here,” said Teller County Commissioner Erik Stone, a Republican.
Teller, Douglas and Garfield counties are among a number of local governments moving to partially lower property tax bills. Other local governments, including Denver and dozens of other cities and counties, have automatic tax limits that will be kicking in soon.
However, countless other taxing districts have no apparent plans to offer a tax break, and instead may see sizable leaps in their tax revenues. Looming over all this is Proposition HH, a ballot measure that would lower property tax rates statewide. (Prop. HH would also result in smaller TABOR refunds to taxpayers.)