The Lake County Commissioners recently had a talk about how increasing property values might affect folks who might find it tough to manage, like those on fixed incomes or renting homes.
This discussion happened because the Colorado General Assembly passed a bill on November 20, 2023. This bill aims to lower property tax rates for single and multifamily homes.
The rates would drop a little after the first $55,000 of a home’s value for the 2023 tax year.
The state also gave more time to County Assessors to work out new property values based on these lower rates and for the County Commissioners to approve the budget for 2024.
Commissioner’s Take on State’s Plan
The Commissioners agreed that recalculating property taxes was a good idea but felt the state’s approach was too broad.
They worried that just cutting the mill levy, which is the tax rate, might limit how much money local governments can use.
They’re figuring out how to help the most vulnerable while still having enough money for the county’s plans.
Have a look at some of the latest trending news:
- St Charles County Residents are Going to Face a Hike in Property tax
- Harris County to Introduce $500 Monthly Support Program
- Lake County’s $26.4M Project to Transform Arlington Heights Road
Understanding the Impact on Public Services
The County uses property taxes to fund things like hospitals and schools. So, if the Commissioners cut the mill levy or the level of service, it’s only a part of the whole situation.
Other groups that collect taxes in the region have until January 10th to tell the County how much tax they want to collect.
Exploring Solutions for Tax Relief
For the next month, the Commissioners will look into different ways to help with taxes and make living costs easier.
They’re thinking about funding programs that assist with housing, changing the tax rate, spreading the word about tax relief programs, pushing for long-term solutions, and putting money into a new Housing Authority to build and keep affordable homes.
Moving Forward to Find Solutions
The Commissioners will keep talking about property taxes until January 9th. That’s when they’ll have a special meeting to finish and approve the budget for 2024.