Gov. Jared Polis on Wednesday signed into law two measures tied to property tax relief for homeowners and commercial property owners, with a backdrop of a home in Commerce City that could soon be on the market.
Joe Medina has lived in that ranch-style home for 43 years, but taking care of it has gotten to be too much, he said. He's ready to downsize, but fears losing his senior homestead exemption, which saves him $600 to $700 per year.
A ballot measure, Proposition HH, which is tied to one of the measures Polis signed, would allow him to take his senior exemption to his next residence without having to wait 10 years, as is currently required for a new property.
Senate Bill 303 would take a portion of the TABOR surplus, which pays for TABOR refunds, and divert it for at least 10 years to homeowners and commercial property owners for property tax relief.
The measure attempts to address skyrocketing property taxes, the result of substantial increases in property values, as well as the 2020-voter approved repeal of the Gallagher Amendment, which kept property taxes low.
But opponents of the measure, including the conservative nonprofit Advance Colorado Institute, announced Wednesday they added more than a dozen plaintiffs in a lawsuit challenging the bill adopted by legislative Democrats on the last day of the 2023 session.
>Read the full article at Colorado Politics.
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