Understanding the Advance Colorado Tax Proposal: What Homeowners in Anthem Need to Know

As a homeowner in the beautiful Anthem community of Broomfield, Colorado, you’re likely aware of the recent surge in property taxes. The Advance Colorado tax proposal aims to address this issue and provide relief to homeowners across the state. Let’s dive into the details and explore how it might impact you.

The Property Tax Situation

1. Historic Tax Increases: Coloradans are currently facing the largest property tax increase in state history, with some areas experiencing tax hikes of up to 30% or more. These double-digit increases can significantly impact family budgets.

2. Proposition HH: In 2023, the Governor and Legislature proposed Proposition HH, which would have increased property taxes even further. However, voters rejected it in a landslide. Clearly, Coloradans were concerned about the impact on their wallets.

The Colorado Tax Rollback Initiative

1. Initiative #50: Already approved for the 2024 ballot, Initiative #50 seeks to permanently cap statewide property tax increases at 4% annually unless voters allow the government to keep more. Think of it as TABOR (Taxpayer’s Bill of Rights) for property taxes.

2. Property Tax Rollback Measure: This measure aims to roll back property taxes to near-2022 levels, erasing most of the current tax increase. It also requires the state government to backfill local districts and protects K-12 education funding.

How It Impacts Anthem Homeowners

1. Residential Assessment Rate: The proposal would reduce the residential assessment rate from 6.7% to 5.7%. This change would restore property taxes close to 2022 levels, benefiting homeowners like you.

2. Commercial Properties: Commercial properties would also see a reduction in the assessment rate, dropping from 29% to 25.5%.

What to Expect

1. Immediate Relief: Beginning in the 2025 tax year, homeowners with properties valued at $700,000 or less can expect a 7-10% reduction in property taxes compared to current law.

2. Long-Term Impact: Altogether, the proposal would reduce property tax collections by an estimated $263 million in 2023, $788 million in 2024, and over $900 million in 20254.

Conclusion

As an Anthem homeowner, you’ll likely welcome any relief from rising property taxes. Keep an eye on the ballot initiatives and stay informed about how these changes will directly affect your family budget. Remember, your voice matters, and initiatives like #50 and the Property Tax Rollback Measure aim to put control back in the hands of Coloradans.

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