Colorado Braces for Budget-Busting Property Tax Hikes Amidst Soaring Home Values

County assessors in Colorado are warning of a historic and unprecedented property tax increase, with some areas seeing a jump of up to 70%, generating upwards of $3.5 billion. Legislators passed a bill last year providing $1 billion in relief, but the increase is beyond what anyone expected. Conservative-leaning Advance Colorado Institute is working on a ballot measure to permanently cap property tax increases at 3%, while State Sen. Chris Hansen is working on a bill that would provide relief, saying a cap isn't the answer. The legislature set aside about $200 million in the budget for property tax relief, but Fields says that's not enough when the increase will be more than $3.5 billion.