Property Tax Relief Coming!

Did you know? Colorado's property tax laws are in limbo at the moment, which is why I believe that now is a crucial time to be aware and involved. This is the result of Colorado voters repealing the Gallagher Amendment in 2020. The vote froze the rate at 7.15% for residential properties. In the meantime though, as you know, we've experienced unprecedented value gains in resort communities and the front range.

SB21-293 was a bill passed last year for a temporary (applies to tax years 2022 and 2023) reduction to the residential assessment rate and creates a new "multi-family" classification for residential properties. Here's the gist of it:

  • Multi-family properties will be assessed temporarily at 6.8%

  • All other residential are temporarily reduced to 6.95%

  • Properties classified as agricultural property or renewable energy production property from 29% percent to 26.4%

  • Property tax deferral program included in the bill that the Treasurer's office would be handling. You can read the exact language by visiting the Colorado General Assembly's website.

What was the Gallagher Amendment?

Gallagher provided for a floating residential assessment rate and required all properties other than residential to be assessed at 29% of their value. So, as residential property values went up, the residential rate went down. This Amendment was crushing Colorado's rural communities that weren't seeing the value increases that the front range and resort areas are experiencing.

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