On Thursday, Gov. Jared Polis called for a special session of the 74th General Assembly to address the upcoming increase in property taxes that will be due in 2024.
The tax increase could be between 40-50% next year, according to some projections due to higher property assessments.
“With voters having turned down the property tax relief with HH, we need to act for short-term relief now,” Polis said.
According to Polis, Proposition HH was meant to be a long-term solution for Coloradan property owners. Without that relief, property owners may have to decide between paying for essential items like food, medications and more and paying for their taxes. Renters may also find themselves wondering how much the increase will be passed onto them, Polis said.
In preparation for Prop. HH, the legislature set aside $200 million for property tax relief for Coloradans. Polis urged the General Assembly to consider using those funds to provide immediate relief in the 2023 tax year.
Polis said the special session is set to begin on Nov. 17 and a decision for immediate relief would need to be made by Thanksgiving in order to have enough time to implement the decision this year.
“I am calling this session to urge the legislature to bridge partisan divides and put people over politics to provide immediate property tax relief to Coloradans facing extreme spikes from their 2023 property bills,” Polis said. “Coloradans are looking to us to reduce property taxes and provide relief to families, and as we always have, we will work to deliver solutions that protect and enhance the Colorado we love.”
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