Colorado’s assessed residential property values have increased by an average 35%
That was the foundational lie. Now, the “relief” example says that the 30 percent increase in taxes of $834 would go down to $406. That is still a 15% increase.
“Assessors are bracing for angry calls.” Angry calls? There should be more than angry calls — protests, letters, and elections.As detailed in the April 26 article, the unprecedented and widespread increase in property valuations across Colorado has left many homeowners concerned about the impact on their property taxes.
With median residential value gains ranging from 33% to 47% across various counties, it is evident that housing costs are rapidly increasing, making it difficult for low- and middle-income families to find affordable places to live. By using the additional tax revenue generated from these increased valuations to invest in affordable housing initiatives, lawmakers can help bridge the gap between soaring home prices and the ability of many Coloradans to afford them.
A shared equity mortgage fund allows individuals to buy a portion of a property, with the remaining share owned by a fund or other entity, reducing the homeowner’s upfront cost and monthly payments. Using the windfall from increased property valuations to establish such a fund, lawmakers can make homeownership more accessible and affordable for more residents.
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