Headline: Property Tax Spike in Colorado Sparks Concern and Action Among Residents
Marleen Gamble, an 84-year-old retired X-ray technician, found herself in a difficult situation this year when faced with a 20 percent increase in her property tax bill. With no other means to pay it, she began selling off her belongings, piece by piece, in order to make ends meet.
This story is not unique to Ms. Gamble, as skyrocketing property taxes have become a sudden source of alarm for many residents in Colorado and other booming states in the Rocky Mountain West. The pandemic real estate boom has led to a surge in home values, resulting in higher property taxes for many homeowners.
State and local governments are scrambling to find solutions to provide relief to residents, while also balancing the need for increased services due to the influx of newcomers. In Montana, Gov. Greg Gianforte convened an emergency task force to address the issue, while in Wyoming, legislators passed bills granting exemptions and limiting annual increases.
In Colorado, where the Taxpayer’s Bill of Rights limits spending and new taxes, voters rejected a proposal to tap into future tax refunds for immediate relief. Governor Jared Polis responded by convening a special session of the state legislature and forming a task force to find a more permanent solution.
The surge in property taxes can be attributed to various factors, including the timing of property value assessments and the failure of many local governments to reduce mill levy rates. The repeal of the Gallagher Amendment in 2020 also played a role in the increase in property taxes.
Despite the challenges, Colorado homeowners have been paying less than many counterparts in other states. However, the increase in property taxes has put some residents at risk of not being able to afford to stay in their communities, particularly retired individuals on fixed incomes.
To address the issue, some counties are rolling out rebate programs to provide relief to eligible homeowners. However, the debate over how to overhaul the tax structure and provide sustainable funding for essential services continues.
As the legislature works to find solutions before the session adjourns in May, residents like Marleen Gamble and others across Colorado are hoping for a resolution that will alleviate the burden of skyrocketing property taxes and ensure the sustainability of their communities.
