Lawmakers plan to introduce a bill that promises to save both residents and businesses about $700M on their property taxes over the next two years and tries to get ahead of potential ballot measures that could affect assessment rates. via Meghan_Lopez
The bill, which will start in the Senate and have bipartisan sponsorship, will offer two-year relief for property owners in the form of a tax cut.
“Under this legislation, a small business owner with a commercial property valued at $500,000 will actually experience no increase in their property taxes,” said Rep. Mike Weissman, D-Arapahoe. The residential one-time reduction in assessment rates would drop it from 6.95% to 6.77%, while the one-time reduction for commercial assessment rates would be from 29% to 27.9% -– the first commercial rate reduction in four decades, proponents said.
While the relief is only for two years, Polis and the sponsors said the goal is to look for more long-term mechanisms to prevent property taxes from going up in a way that prices people out of their homes or the housing market entirely. Fields maintains that the state still needs some sort of long-term property tax relief solutions and says he may run a different version of this ballot initiative in the future with a property tax cap. For now, though, he supports the idea of temporary relief for both businesses and homeowners.
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