Republican Colorado lawmakers unveiled a comprehensive tax relief plan while calling on Governor Jared Polis to convene a special legislative session to address property taxes.
Despite being in the minority in the House and Senate, Republicans are eager to take action on taxes to alleviate the burden on Colorado residents.
House Assistant Minority Leader Rose Pugliese, a Republican representing Colorado Springs, emphasized the plan’s commitment to delivering “clean tax relief to Coloradans” and avoiding political games.
She noted that the cost of living increases affecting Coloradans extend beyond property taxes, prompting their plan to address multiple aspects of the tax system.
The Republican proposal aims to expand the state’s senior homestead exemption to allow any home purchased and lived in as a primary residence to receive the exact property tax benefit, doubling the exemption to $200,000.
This measure is designed to provide much-needed financial relief to seniors in the state.
Additionally, Republicans are proposing a reduction in the residential property tax rate, bringing it down from 7.15% to 6.7%.
Notably, this rate mirrors the rate under Proposition HH but without the need for backfilling lost revenue through Taxpayer’s Bill of Rights refunds.
Their plan also includes an exemption for the first $50,000 in home value, further lightening the property tax burden on homeowners.
Colorado Republicans Push for Income Tax Cut
Beyond property tax cuts, Colorado Republicans are advocating for a reduction in the state income tax rate, aiming it at 4.0%.
Last November, Colorado voters approved a measure to lower the income tax rate from 4.55% to its current 4.4%.
The Republican lawmakers plan to introduce legislation to implement these proposals during either a particular session or the next regular legislative session.
Senate GOP spokesman Josh Bly confirmed this intention.
During a debate over Proposition HH, Governor Polis, who supports the measure, expressed his interest in seeing further income tax reductions.
He also indicated a willingness to consider more property tax relief, whether in January, November, or December, emphasizing the importance of addressing these financial challenges for Colorado residents.
Senator Minority Leader Paul Lundeen, a Republican representing Monument, stressed the situation’s urgency, emphasizing that waiting until mid-January would be too late to address the upcoming property tax deadlines in February.
He called on the governor to heed the voices of the people and bring the legislature back to Denver to take action promptly.
Colorado voters will have the opportunity to decide on Proposition HH in the upcoming election on November 7, as discussions surrounding tax relief and property taxes continue to gain momentum.
Source: The Center Square