Polis proposes $40K off values

The fate of property tax policy will likely be in the hands of Colorado voters this November as lawmakers and the governor try for long-term solutions to the state’s skyrocketing property values.

Gov. Jared Polis and the members of the Democratic majorities in the state Senate and House of Representatives unveiled Monday a proposal that would chop $40,000 off the valuations that steer total property taxes owed, reduce the overall residential assessment rate and expand and enhance the senior homestead exemption, among other changes.

In all, the owner of a $600,000 house who just saw their valuation increase by about 30% — the state average is 33% — would see their expected tax increase drop from about $834 next year to about $406, according to an analysis from the governor’s…