On November 7, 2023, the voters of Colorado rejected Proposition HH. The measure was aimed to offer property tax relief and allocate funds to education and local governments. Governor Jared Polis has taken swift action by calling the Colorado Legislature back into a special session, set to begin November 17.
Rising property valuations, with median increases of 40%, have prompted the need for immediate action to prevent a looming property tax increase. Waiting until the regular session in January would be too late for adjustments. While policy details are still in flux, a plan needs approval by December 10 to ensure accurate financial figures for the upcoming year.
Republicans and conservatives are calling for meaningful property tax relief in this special session. Michael Fields, President of Advance Colorado, one of the primary opponents of Proposition HH, called for genuine leadership and a substantive solution to address the crisis head-on. He emphasized that the special session should not be a perfunctory exercise but a dedicated effort to provide meaningful relief to taxpayers.
Our dedicated local team at Ryan will continue to monitor this situation and are available to answer questions. Click on the link below to get in touch today.
TECHNICAL INFORMATION CONTACTS:
Richard Edwards
Principal
Ryan
480.878.6193
richard.edwards@ryan.com
Matt Poling
Principal
Ryan
720.524.0022
matt.poling@ryan.com
The material presented in this communication is intended to provide general information only and should solely be seen as broad guidance and not directed to the particular facts or circumstances of any individual who may read this publication. No liability is accepted for acts or omissions taken in reliance upon the content of this piece. Before taking (or not taking) any action, readers should seek professional advice specific to their situation from Ryan, LLC or other tax professionals. For additional information about this topic, please contact us at info@ryan.com.