At the state Capitol on Monday, Colorado lawmakers are set to vote on a new bill aimed at addressing the housing crisis. A Property Tax Incentive bill would potentially address rising property tax rates by offering property tax credit rebates.
If the bill passes into law, for example, municipalities and counties would be able to give out tax credits or rebates that incentivize property owners to convert rental properties from short-term rentals to long-term rentals and workforce housing.
Current law allows counties and municipalities to give tax incentives to promote certain uses of real property, like installing renewable energy fixtures.
Bill sponsors say the bill would directly improve an area of specific local concern related to the use of real property in the county.
This year, homeowners in Colorado are experiencing an unprecedented property tax increase, with some communities seeing an increase of nearly 50%.
An incentive program would be established and adopted by the Board of County Commissioners. These incentive programs would be evaluated on an annual basis.
The goal of the bill is to address critical issues related to housing and economic development. The bill heads to the state House next.
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