The Colorado House of Representatives has approved a bill to establish a commission aimed at addressing the issue of increasing property tax payments in the state. The bill, known as HB23B-1003, which passed with a vote of 39-21, seeks to create the Commission on Property Tax Task Force to come up with both long-term and short-term solutions for property tax relief. The task force would consist of legislators, a property tax administrator, as well as local government and community leaders, and it is specifically focused on finding ways to address the rise in property taxes since the repeal of the Gallagher Amendment in 2020. The sponsor of the bill, Rep. Marc Snyder, emphasized the importance of developing strategies to provide relief for hard-working Coloradans while ensuring funding for essential services.
If the bill is passed by the Senate and signed into action by Gov. Jared Polis, the task force is set to convene by the week of November 27 and is expected to deliver a report to the Legislative Council by March 1, 2024. The goal of the task force is to not only address the immediate concerns of property tax payments but also to map out long-term solutions that can make the state more affordable for its residents. By gathering input from a diverse group of stakeholders, including community leaders and government officials, the commission aims to develop a comprehensive approach to provide property tax relief while safeguarding critical services such as education and emergency response.
The passing of this legislative measure reflects a proactive effort by Colorado’s lawmakers to tackle the affordability crisis in the state and ensure that property tax payments do not disproportionately burden its residents. By convening the task force and establishing a timeline for delivering solutions, the state is taking a significant step towards addressing the challenges posed by rising property taxes and ultimately creating a more sustainable and equitable tax structure.
