Voters in Longmont crush trio of property tax-hiking measures
In the same election that saw Colorado voters reject Proposition HH, a fatally-flawed state-wide property tax measure, voters in Longmont thoroughly devastated a trio of local ballot measures seeking to significantly raise both property and sales taxes in the city of a little over 100,00 residents.
The three measures–all referred to voters by the city council–added up to of 6.78 mills worth of additional property taxes, with accompanying sales tax hikes, totaling over $40 million in new revenue per-year for what some opponents referred to as “niceties” such as a new library, as well as new arts and recreational centers.
The tax asks came at a time of already looming property tax increases due to skyrocketing assessments, mixed with economic uncertainty.
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 houses 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.
That June 2022 figure, nearly $100,000 more, is what property taxes will be based on.
The impact of the three measures on a $565,000 home in Longmont added up about $300 extra a year, not including the .35 of one percent increase to sales taxes.