Colorado Property Tax Deadline Approaching

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Giulia Carbonaro is a Newsweek reporter based in London, U.K. Her focus is on the U.S. economy, housing market, property insurance market, local and national politics. She has previously extensively covered U.S. and European politics. Giulia joined Newsweek in 2022 from CGTN Europe and had previously worked at the European Central Bank. She is a graduate in Broadcast Journalism from Nottingham Trent University and holds a Bachelor's degree in Politics and International Relations from Università degli Studi di Cagliari, Italy. She speaks English, Italian, and a little French and Spanish. You can get in touch with Giulia by emailing: g.carbonaro@newsweek.com.

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A crucial deadline is looming for the Colorado task force entrusted with finding a solution to the state's skyrocketing property taxes as members are expected to present their plan to legislators by March 15.

As Colorado home values have been rising for years, so have property taxes for the state's homeowners. Though they remain among the lowest in the entire country—at an average effective rate of 0.48 percent, they're well below the national average of 0.99 percent, according to SmartAsset—they're still among the lowest in the country.

Between January 1, 2021, and June 30, 2022, property values across the state increased by an average of 42 percent, The Denver Post reported last month. While experiencing a dip during the housing market correction of late summer 2022 and spring 2023, home prices are currently back on the rise in the state. The average Colorado home value was $527,413 as of January 31, according to Zillow, up 0.2 percent year-on-year.

Property taxes in Colorado have soared in response to the appreciation of homes in the state, but local authorities have so far struggled to find a way to tamper this hike.

Colorado homes
Workers construct a housing development on May 3, 2013, in Denver, Colorado. Property taxes for Colorado's homeowners have been rising for years. John Moore/Getty Images

In November 2023, Colorado voters strongly rejected Proposition HH, a measure backed by Democrats that would have offered homeowners tax relief in exchange for their TABOR refunds. The Denver Gazette reported that the measure was estimated to save the average homeowner $1,200 in the next three years.

The Commission on Property Tax, a task force made of legislators, county commissioners, school district representatives, and others appointed to develop a "permanent and sustainable tax structure for the state of Colorado," expects a real, bipartisan solution.

The task force, consisting of 19 members, was required to meet at least twice a month beginning the week of December 18, 2023, through the week of March 15, 2024. According to the Colorado General Assembly, the task force's goal was to "identify, consider, and evaluate legislative options for a property tax structure that protects property owners from rising tax bills and is sustainable for local governments and public schools."

The recommendation that the task force is expected to present to legislators should contain recommendations supported by 10 or more members for "both short-term and long-term legislative changes that will further the creation of a permanent and sustainable property tax structure for the state."

With the report, the task force can also include an evaluation of proposed initiatives concerning property tax for the 2024 general election.

After submitting its report, the task force will decide whether to continue working past March 15 or end it there. If it decides to continue, it would have until December 31 to report to the governor and the general assembly before being repealed by the same date.

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About the writer

Giulia Carbonaro is a Newsweek reporter based in London, U.K. Her focus is on the U.S. economy, housing market, property insurance market, local and national politics. She has previously extensively covered U.S. and European politics. Giulia joined Newsweek in 2022 from CGTN Europe and had previously worked at the European Central Bank. She is a graduate in Broadcast Journalism from Nottingham Trent University and holds a Bachelor's degree in Politics and International Relations from Università degli Studi di Cagliari, Italy. She speaks English, Italian, and a little French and Spanish. You can get in touch with Giulia by emailing: g.carbonaro@newsweek.com.

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Giulia Carbonaro is a Newsweek reporter based in London, U.K. Her focus is on the U.S. economy, housing market, property ... Read more