Possibility of large property tax bills create concern, spark ideas

Re: “Big property tax hikes in ’24,” April 27 news story

“Unprecedented Gains” in home valuations will result in unprecedented property tax increases, reports The Post. That’s messed up. We homeowners have zero control over housing prices. We bought our houses because we needed a place to live. Why should we pay far higher taxes simply because the housing market has gone ballistic?

The Post notes there will be “intense pressure on the legislature to provide relief” following these massive property tax increases. That sounds absurd: raising taxes on the one hand, which will necessitate providing “relief” on the other. How about gradually stepping up our home assessments over several years instead of all at once? That would allow us fixed-income seniors more time to adjust our budgets.

I know that politicians have an insatiable appetite for tax dollars. The housing market boom has them seeing dollar signs — our dollars, dropping windfall into their laps. Is there any hope for property tax relief in the upcoming tax dollar-feeding frenzy?

Don Shirley, Littleton

Re: “Polis, lawmakers propose relief,” May 2 news story

We were lied to about repealing Gallagher. We are being lied to about property tax relief. The Gallagher repeal started with “Without increasing property tax rates …” That was the foundational lie. Now, the “relief” example says that the 30 percent increase in taxes of $834 would go down to $406. That is still a 15% increase. Fifteen percent! Do they really think that property owners are so stupid that we cannot do math? Who is going to propose the initiative for the ballot that will restrict increases in property tax revenue to inflation plus 1%?

John Fechenbach, Highlands Ranch

My property value might increase by as much as 47% in 2024? The unbridled indecency of such a thing, flung out by incompetency, will impact those of us on fixed incomes to a breaking point. When it comes to breaking points, a variety of things can happen.

“Assessors are bracing for angry calls.” Angry calls? There should be more than angry calls — protests, letters, and elections.

Craig Marshall Smith, Highlands Ranch

As detailed in the April 26 article, the unprecedented and widespread increase in property valuations across Colorado has left many homeowners concerned about the impact on their property taxes. The unexpected windfall from these increases presents lawmakers with an opportunity to invest in communities and housing, particularly affordable housing, and to consider creating a shared equity mortgage fund. This approach will help address the growing affordability crisis in the state and ensure that all residents can benefit from the booming real estate market.

With median residential value gains ranging from 33% to 47% across various counties, it is evident that housing costs are rapidly increasing, making it difficult for low- and middle-income families to find affordable places to live. By using the additional tax revenue generated from these increased valuations to invest in affordable housing initiatives, lawmakers can help bridge the gap between soaring home prices and the ability of many Coloradans to afford them. This investment will also contribute to more equitable and diverse communities, providing opportunities for residents across a range of income levels to thrive.

A shared equity mortgage fund allows individuals to buy a portion of a property, with the remaining share owned by a fund or other entity, reducing the homeowner’s upfront cost and monthly payments. Using the windfall from increased property valuations to establish such a fund, lawmakers can make homeownership more accessible and affordable for more residents. This will help address the housing affordability crisis and stimulate economic growth by allowing more individuals to build equity and wealth through homeownership.

Greg Whitman, Denver