Douglas County is moving in the right direction.
I’ve written to the taxing authorities asking them to lower their mill levies in light of the 40% increase in property valuations. So far, two of them have told me the following:
Public entities that might receive a significant increase in tax revenue due to large increases in assessed property valuations, only applies to entities that are not subject to the Taxpayer Bill of Rights (TABOR) constitutional amendment, often referred to as “de-bruced” entities. However, two of the taxing authorities are not “de-bruced,” meaning it is subject to all the provisions of TABOR.
Under TABOR, which was approved by voters in 1992, there are limitations on how much tax revenue can increase as a result of higher assessed property valuations. Essentially, TABOR imposes a maximum annual percentage change in property tax revenue, which is calculated based on inflation in the prior calendar year plus annual local growth. Additionally, TABOR sets a strict 5.5 percent limit on property tax increases.
Some public entities, which are not subject to TABOR limitations or have been granted approval by their voters to “de-bruce,” have expressed interest in voluntarily limiting the windfall they receive from the substantial increases in assessed property valuations. These entities have more flexibility in managing their tax revenues compared to those subject to TABOR restrictions.
The South Library District (Salida’s Library) has been de-Bruced too. Here’s the answer I received from Matthew Burkley President, Salida Regional Library Board of Trustees when I asked.
“In response to your recent email, on Nov 7, 2000 the Chaffee County voters passed referendum 5A which allowed the library to “collect, retain and spend all revenues received from any source”. Please see the DOLA website for more information.”
Wow! What an obtuse answer. A simple yes or no would have sufficed.
Here are all the taxing agencies that have been “de-Bruced”. That is, they are not subject to the 5.5% limit on property tax increases as set out in TABOR. They can keep their mill levy at last year’s level and reap the taxes from the 40% increase in property valuations.
- Chaffee County Fire Protection District
- Northern Chaffee County Library District
- Poncha Springs
- South Arkansas Fire Protection District
- Southern Chaffee County Regional Library District
Looks like Julie is talking about using the general fund, and not TABOR. Ben is saying the Democratic plan offers some relief.
The Colorado Dems and Jared Polis want you to think they are saving you money after their Special Session. The truth is that their Special Session FAILED to provide meaningful property tax relief, and instead rewarded special interests, hijacked TABOR, and redistributed tax money.
Senate Bill 1, the primary vehicle for those efforts, would reduce valuations of all residential properties for the 2023 tax year by $55,000 and cut their tax-assessment rate from 6.765% to 6.7% for this year. After the bill passed both chambers on a purely partisan, Democrat-led vote, Gov. Jared Polis was scheduled to sign it into law at 5:30 p.m. Monday.
Since the State Legislature FAILED to provide meaningful property tax relief during the Special Session, it’s up to local governments to Lower the Mill Levy!
Your county, city, school and special districts CAN lower your property taxes!
Reach out to them now!