Next Steps
Strategies to Reduce the Burden
The Board of County Commissioners recognize the additional burden the 2023 reassessment has had on not just property owners, but the community.
It’s already very expensive to live and work in Summit, and we’re considering all options to bring tax bills down for property owners.
We are committed to making sensible budget decisions to ensure one-time revenue gains are invested wisely for periods when they fall.
Below are some of the changes that were made to assist with 2023 property tax bill and existing programs that are available to property owners.
Senate Bill 23B-001
When Proposition HH did not pass on the ballot in November, Governor Polis convened a special legislative session. During that session, the State Legislature passed Senate Bill 23B-001, with the goal to provide property tax relief throughout the state.
SB23B-001 includes:
Reducing the residential assessment rate from 6.765% to 6.7%
Increasing the temporary residential value adjustment from $15,000 to $55,000
The measure also included adjustments to various statutory deadlines to allow offices time to implement the changes and maintained a backfill mechanism for some local governments that qualify.
According to an article from Colorado Public Radio, with SB23B-001, a home worth about $500,000 living in an area with a mill levy of 85 would save about $226 on their 2023 property tax bill. The amount will vary for each homeowner depending on the value of their home and the mill levy in their area.
Visit our Taxes page to learn how property taxes are calculated.
Tax Exemption Programs
The State of Colorado offers exemptions property owners who meet certain requirements.
Senior 65+ Exemption Requirements
Must be at least 65 years old on January 1st of the year the application is filed.
Must be the owner of record for at least 10 consecutive years prior to January 1st.
The home must serve as their primary residence for at least 10 consecutive years prior to January
Disabled Veteran Exemption Requirements
Must have received a service-connected disability that was been rated by the federal Department of Veterans Affairs as one hundred percent permanent through disability retirement benefits, OR medically retired at 100%; and
Must have owned and occupied the property since January 1st of the year in which the Veteran is applying. In some circumstances ownership by a spouse or by a trust or other legal entity may be considered acceptable.
For more information about these programs, please visit this link to the Assessor's Office.
Property Tax Deferral Programs
The State of Colorado also offers a program to defer either the full or half amount of your taxes due as a lien against your property.
For more information, please this link to the Treasurer's Office.
Proposition HH
Senate Bill 23-303 sent Proposition HH to the voters in November. It did not pass.
If it would have passed, the complex proposal to change Colorado's tax rules included:
Reducing the residential assessment rate from 6.765% to 6.7%
Increasing the temporary residential value reduction from $15,000 to $50,000
Use TABOR surplus to backfill some of the funding local districts would lose based on reduced assessment rates and actual values
Everyone would get an equal TABOR refund