Democrats unveil plan to prevent Colorado property taxes from rising quickly

Colorado voters would be asked in November to approve a 10-year plan aimed at preventing property taxes from rising at a historic clip under an eleventh-hour proposal unveiled Monday by Gov. Jared Polis and Democrats in the state legislature.

The effort, which would reduce Taxpayer’s Bill of Rights refunds in order to make up for the cuts, is aimed at combating a dizzying rise in property values that will cause a corresponding jump in homeowners’ and businesses’ tax burden. Property tax bills are in large part determined by property values, and home values increased statewide by an average of 40% over the past two years.

Proponents of the measure say it would cut the projected property tax increase for the average Colorado homeowner by 62% in the 2023 tax year for…