By Gabrielle Franklin | Fox 31 News
The governor on Wednesday officially signed into law the property tax agreement designed to keep two initiatives off this year’s Colorado ballot. Now that the deal is done, FOX31 is taking a closer look at the impact it could have on your wallet.
Property owners should still expect high property taxes this year, but state leaders say the increase will be lower than if the compromise had not been passed and if ballot initiatives 50 and 108 failed. If 50 and 108 passed without lawmakers reconvening for a special session, there could have been devastating impacts on funding for local services.
Lawmakers celebrated the end of what they called property tax wars with groups that often bring property tax measures, but some concerns around the effects still exist. The deal builds on the Senate bill designed to reduce property taxes that passed earlier this year.