Lawmakers propose $274 in property tax cuts for average Colorado homeowner

DENVER (KDVR) — As inflation hampers spending energy and property taxes proceed to rise throughout the state from a booming market, the governor is outlining what lawmakers are doing to place extra money again in Coloradans’ pockets.

This comes after Gov. Polis introduced an early return on a tax rebate price $400, due to the Taxpayers Invoice of Rights.

Lawmakers will introduce a property tax reduction package deal earlier than the session wraps as much as the tune of $700 million in reduction over two years. One-time funding for this was put aside when Polis signed the lengthy invoice.

The property tax financial savings comes all the way down to roughly $274 per yr for householders with properties valued at $500,000. The financial savings could be increased if the house is price extra.

The proposal additionally consists of cuts to industrial property taxes, reducing the speed from 29% to 27.9%. Colorado voters authorised repealing the Gallagher Modification in 2020, which required the state to attract a majority of property tax income from companies over residents.

“This represents the primary non-residential evaluation drop in Colorado in 40 years,” stated CEO of the Denver Metro Chamber of Commerce J.J. Ament. “It permits employers to rent extra workers, spend money on that progress to proceed to subject Colorado’s restoration.”

You’ll be able to watch the announcement on FOX31 NOW within the participant above.