Colorado faces a $1.2 billion budget deficit, preventing reimbursement to local governments for lost revenue from the senior property tax exemption. Over 11,000 residents in Mesa County depend on $5 million annually in tax relief. The exemption specifically helps homeowners aged 65 or older, facing increasing property taxes since the repeal of the Gallagher Amendment in 2020. If the state does not fund this program in 2024, local taxing entities may struggle to maintain essential services, impacting vulnerable residents who rely on such financial relief.
The state reimburses local governments for lost revenue only when the budget allows, currently facing a $1.2 billion deficit and failing to provide funds.
More than 11,000 Mesa County residents rely on a $5 million annual tax reduction for local government relief, risking increased burden on local taxpayers.
The senior property tax exemption, costing the state nearly $180 million next year, is crucial for seniors facing rising property taxes since 2020.
If the Legislature does not fund the senior exemption, essential services provided by local taxing entities may be severely impacted, affecting vulnerable populations.
#colorado-budget #property-tax-exemption #senior-relief #local-government-funding #taxation-challenges
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