Colorado lawmakers are considering a bill [House Bill 1083 (HB21-1083)] that would permit the State Board of Assessment Appeals (the “Board”) to increase values when a taxpayer appeals their property tax. Ryan urges property owners with holdings in Colorado to contact lawmakers to register their concerns about this bill.
The bill was filed Tuesday, February 16, 2021 in the Colorado Senate and set for hearing in the Transportation and Local Government Committee on Wednesday, February 24 at 1:30 p.m. The bill would amend CRS § 39-8-108 by deleting subsection 5(a), which currently bars the Board from increasing a property’s value from that set by the county board of equalization. This change potentially will have a chilling effect on the willingness of property owners to appeal their valuations to the Board and increase property taxes. Read more here.
We are recommending that all taxpayers that own commercial property, state assessed property, or residential properties contact their legislators to explore creative solutions to oppose this heavy-handed bill.
TECHNICAL INFORMATION CONTACT:
Matt Poling
Principal
Ryan
303.222.1845
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.