"Gov. Polis Calls for Property Tax Relief: Urges Local Officials to Act"

Colorado Governor Jared Polis has signed a law to reduce property taxes, providing historic property tax relief that will subtract $55,000 per home from state property tax valuation and reduce the residential assessment rate to 6.7%. While these savings will help, Polis is urging local governments to further reduce their property tax rates to make communities more affordable. He has written to every local government board chair asking them to take action and has directed the Department of Local Affairs to provide a toolkit of options for districts to lower rates. Polis emphasizes the need to address the affordability crisis in Colorado, where rising property taxes, high-interest rates, and a scarcity of homes contribute to the increasing cost of living for families.