COLORADO PROPERTY TAXES GOING UP
February 16, 2022 - Douglas Myser
Colorado property taxes going up. It seems that the housing boom has a few downsides, as property taxes in certain areas are going up. Colorado is facing a massive property tax increase in the coming years due to a large number of factor's contributing to the state's growing real estate market, as the tax system's biennial assessment calendar, and the looming expiration of measures adopted to ease the shock of tax hikes, according to a study by the business coalition Colorado Concern. "You look at these numbers, and you see that we are in the process of pricing ourselves out of our own state," said Mike Kopp, president and CEO of Colorado Concern and a former Republican state senator from Golden. Colorado property taxes are going up. "And that has implications for families, for younger workers, for seniors on fixed income, people in gentrifying neighborhoods. And it has implications for small businesses as well." Businesses that fall behind on taxes, may need Tax Resolution Services. Colorado property taxes going up.
The report, prepared by Anderson Analytics, said property owners in Colorado will get hit with 20% property tax increases on average over the next four years if the state doesn't come up with a solution. Kopp said that solution will likely include a ballot measure, though he added that discussions with legislators and key stakeholders are ongoing. "We have to change some of the features of the status quo, or people simply are not going to be able to afford to live here." he said.
What is happening in Colorado is the same thing that happened in certain areas of California starting about 20 years ago. In most parts of San Francisco, Los Angeles, parts of San Diego as well, the increases in the prices of real estate eventually caused many households to simply not be able to afford home ownership. The other result was an increase in traffic and crime, and eventually many businesses left California for the interior states where less population meant a better lifestyle, and more affordable housing.
It seems that some parts of the interior of the country are now being overwhelmed, just like many of the coastal areas years ago. Its only a matter of time, until most areas of the country have the same problems.