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Thursday, April 25, 2024

The Company’s Stewart Seeligson Talks Colorado’s Newest Property Tax Plan with Mansion International


Colorado’s Newest Property Tax Plan—Initiative 50—would cap annual property taxes at any time when revenues are anticipated to develop quicker than 4%. The proposal isn’t so simple as it appears although, and Mansion International had Stewart Seeligson, managing associate at The Company Telluride, weigh in. See the excerpt beneath and skim the total article on Mansion International.

 

Q: Are you able to clarify how Initiative 50, the proposal to cap property taxes in Colorado, would work if handed?

A: Colorado voters are at the moment digesting two totally different proposals that promise to deal with the difficulty of property taxes skyrocketing on account of surging residence values. Every of them threatens to lift extra questions than solutions. 

This November, voters might be requested to vote on Proposition HH, which proposes to scale back property tax valuations for a lot of classes of residences however will concurrently scale back the Taxpayers Invoice or Rights—generally known as TABOR—refunds. In November 2024, they could have an opportunity to vote on one other poll measure, generally known as Initiative 50, which proposes a statewide cap on annual property taxes at any time when revenues are anticipated to develop quicker than 4%.

“Proposition HH is developing this November, and Initiative 50 has been put collectively nearly as a response to Proposition HH,” mentioned Stewart Seeligson, managing associate at The Company Telluride.

Supporters declare it gives a easy, statewide answer to the hovering property taxes attributable to a scorching property market, however opponents have questioned how the measure will work, provided that property tax charges in Colorado range from county to county. The proposal doesn’t lay out any mechanism by which the state and native governments would collectively make modifications in accordance with the phrases of the cap—or whether or not every metropolis and county would take the identical strategy. So for now, it’s not doable to say how Initiative 50 would change a person home-owner’s tax invoice.

In precept, Initiative 50 takes a considerably related strategy to TABOR, Seeligson mentioned. 

“TABOR limits the quantity of revenues that the state legislature can retain or spend, and Initiative 50 would restrict the quantity by which property taxes would go up,” he mentioned. “The intent is to guard the home-owner from an enormous improve in property taxes, however it’s troublesome to do on a state stage as a result of all of the native communities are pretty autonomous in how they put ahead the mechanisms of their very own native property taxes. Usually, these funds keep inside a county.”

Learn Extra >

 



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