Colorado homeowners, no longer protected by the Gallagher Amendment, face unprecedented and unsettling increases in their property taxes next year as the run-up in home prices during the pandemic works its way into the state’s tax base.
no longer protected by the Gallagher Amendment
Over the two-year valuation period, Zillow has home values up 31% in Boulder, 29% in Adams and Broomfield; 27% in Arapahoe, Denver and Jefferson counties. And those are restrained compared to other parts of the state, especially the resort areas. Zillow has Bent County home prices doubling in the two-year period, while home values in San Miguel, Pitkin, Eagle and Routt counties are up 75% or more over the two-year period.
“Everybody that worked on the Gallagher repeal knew there had to be a second act or there would be upward pressure on residential property taxes,” said Kopp. That second act didn’t come, although the Colorado legislature did provide relief last year by shaving $15,000 off residential values and lowering the share or ratio of residential property value subject to property taxes.
Home values are driven by forces far removed from the needs of local government budgets. In the ’00s, loose lending standards set off a wave of foreclosures that pushed home prices down, crimping property tax revenues at a time when demand for public assistance rose. During the pandemic, record low interest rates and supply-chain disruptions that slowed new construction contributed to historic price increases.
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