"Understanding the Impact of Colorado's New Property Tax Legislation: What You Need to Know"

Homeowners in Colorado are one step closer to knowing the impact of their 2023 property taxes, which surged by an average of 40% due to the COVID-19 pandemic. After a failed tax measure, Proposition HH, Governor Jared Polis called a special session resulting in Senate Bill 1. The bill provides relief by decreasing the state assessment rate and increasing the deduction amount for calculating taxes. It is estimated to save the average homeowner about $200. However, the exact impact on property taxes in Western Slope counties is uncertain as mill levies have not been certified.