The future of Colorado’s property tax structure — and the way to pay for it — entered a new phase Wednesday with Gov. Jared Polis signing into law a set of bills that aim to blunt the sharpest tax increases associated with rising property values.
But as the governor sat down to give the bills his signature, he noted this was just him doing his part — the next step is voters doing theirs. The proposals laid out inonly go into effect if voters approve the measure, Proposition HH, this November. If approved, it would allow property owners to deduct $50,000 from their property’s value and lowers the percentage used in calculating how much is owed.
“Because of the very strong economy and very strong TABOR surplus, we are able to do both, we are able to not jeopardize or cut funding for our schools and provide important property tax relief today,” Polis said at the bill signing.