Colorado’s Taxpayer’s Bill of Rights keeps lawmakers from raising taxes without voter approval. But it still allows for some changes to the state tax code without going to the ballot.
Democrats and some Republicans in the legislature this year significantly altered property tax rates, tax loopholes and tax credits that will affect the wallets of people across the state. Proponents of the changes say they are among the biggest adjustments of the tax code in Colorado history.
Here are five big changes awaiting Gov. Jared Polis’ signature before going into effect and what you need to know about them:
Your property tax bill will shrink
Senate Bill 293 would drive down property assessment rates in the 2022 and 2023 taxation years for certain subcategories of property.
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