Colorado Governor Jared Polis announced he would vote for a tax cut
Governor Jared Polis will vote for Proposition 120, the voting measure that gives other Democrats a break as it would lower property tax assessment rates for multi-family residential properties and lodging properties.
Polis, who expressed his position Monday at the request of the Colorado Sun, did not explain why he voted for the proposal, which is on the Nov. 2 ballot and supported by the Conservatives.
A spokesperson then removed the governor from the position.
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âYou asked him how he planned to fill out his ballot and the governor told you how he did it as a Colorado voter,â said Conor Cahill, spokesperson for the governor, in a written statement. “The governor did not officially endorse these electoral measures or campaign for or against them, he was simply answering the question posed.”
The position is sure to attract the ire of fellow Democrats, who argue that Proposition 120 will hurt local government coffers and that Senate Bill 293, the temporary property tax reduction measure passed by the legislature this year, is enough to help counter rising property values.
“Proposition 120 is a step backwards for Colorado and will undermine funding for schools, fire protection and water districts,” said State Senator Chris Hansen, a Democrat from Denver who sits on the committee. mixed budget, in a written statement.
Proposition 120: Voters will decide if Colorado’s property taxes will drop – at least for some
If approved by voters, Proposition 120 would reduce property tax assessment rates for multi-family dwellings to 6.5% from 7.15% as of 2022. If you owned a property affected by a worth $ 300,000, you would pay $ 1,950 per 100 mills (one mill is a payment of $ 1 on every $ 1,000 of assessed value) versus $ 2,145.
The rate for accommodation properties would also be reduced to 26.4% from 29%. If you owned an affected property valued at $ 300,000, you would pay $ 7,920 versus $ 8,700.
But opponents of Proposition 120 are most worried about the possibility that the ballot measure could trigger a widespread tax cut.
The proposal initially aimed to reduce all residential property tax assessment rates to 6.5% and all commercial property tax assessment rates to 26.4%, which would result in a reduction in local tax revenue by more than ‘a billion dollars. But Senate Bill 293, which was pushed by Hansen and other state lawmakers worried about the potential impact on revenues, severely limited Proposition 120 by creating new tax subcategories. which would in turn limit the reduction in the rate of the ballot measure to residential properties and multi-family accommodation.
ð³ï¸ð³ï¸ ELECTION 2021: What you need to know to vote and about Proposition 119, Proposition 120 and Amendment 78. ð³ï¸ð³ï¸
Colorado Rising Action executive director Michael Fields, a conservative tax policy activist who leads the campaign for Proposition 120, has pledged to take legal action to strike down Senate Bill 293 if 120 passes .
Senate Bill 293 lowered the property tax assessment rate for the 2022 and 2023 tax years for the following property subcategories:
- Single-family properties are taxed on 6.9% percent of the estimated value, compared to 7.15%
- Multi-family properties are taxed at 6.8%, compared to 7.15%
- Agricultural ownership rate increased from 29% to 26.4%
- Real estate used to produce renewable energy is taxed at 26.4% of the assessed value, compared to 29%
The appraisal rate works like this: if the fair market value of the property is $ 1 million, its assessed value for tax purposes is $ 264,000 if it is considered a commercial property covered by the project. Senate Bill 293. If it is considered residential property covered by Senate Bill 293, its assessed value is $ 69,000.
Senate Bill 293 was introduced and passed as Proposition 120 supporters gathered signatures to secure its place in the November ballot.
Fields said he believed a judge would find Senate Bill 293 unlawfully aimed at his measure. “They cannot get down on their knees or adjust our voting initiative when it is already over.”
Scott Wasserman, an opponent of 120 who heads the liberal-leaning Bell Policy Center, lambasted the governor for voting in favor of the measure.
âIt is not for nothing that all progressive organizations and organizations like the 20 Club oppose Prop. 120,â Wasserman said. âThis is a reckless political coup funded by the same interests that launch attacks on the governor’s leadership. If he thinks he’s somehow making “peace in our time” with these people, I think he’s miscalculating very badly. “
Wasserman also said he thinks Polis’ vote for the measure is a signal that the governor believes in the legality of Senate Bill 293. “I think he signals a lot of confidence,” Wasserman said.
This is not the first time that the governor has taken a position contrary to his party on a question of voting on tax policy. Last year he praised Proposition 116, the successful income tax rate reduction measure.
In August, Polis said he was in favor of eliminating Colorado’s income tax.
The governor also said on Monday he would vote against Amendment 78, which would change the way the state approves federal government spending, legal regulations and other non-state sources.
Last week Polis approved Proposition 119, the ballot issue that would increase the recreational marijuana sales tax rate to pay for after-school enrichment programs for Colorado students.