Skyrocketing Property Taxes in 2023

Today’s Mountain Mail

Special session of CO legislature passes further property tax reductions.

HB 1001 built on passage at the end of the regular legislative session of Senate Bill 233 — a $1.3 billion break that lowered assessment rates for residential and commercial properties and set a 5.5% annual growth cap for property-tax revenues going to local governments.

The new bill lowers residential assessment rates further — from 7.15% to 6.25% for property taxes going to local governments and 7.05% for those going to schools — and expands the new 25% assessment rate for nonresidential properties to include vacant land and state-assessed utilities. It also establishes annual property-tax revenue growth caps of 5.25% for local governments and 6% for schools, though it exempts new construction and revenues reserved for bond repayment and offers flexibility for local governments and schools to grow more after economically slow years.