How can property taxes jump 40% since 2023 when values are basically flat in most areas? Is there anything you can do about it? In 2022, with property values and in turn taxes surging, the Colorado governor signed a grand bargain to save on property taxes in exchange for the removal of a ballot initiative that would have capped property tax increases to inflation. As we can see from the numbers it hasn’t worked out so well as property taxes are surging. Why are we seeing this surge now in 2025 (due 2026)?
What happened in 2022 regarding Colorado property taxes?
Colorado legislature passed Senate Bill 22-238 in 2022, which temporarily reduced assessment rates for residential properties in 2023 and 2024.
These temporary reductions are going away, meaning that homeowners will see higher property tax bills in 2026, even if their property value doesn’t increase.
What about Mill levies?
The Colorado Constitution requires voter approval for any increases in mill levies by taxing authorities. Voters may approve mill levy increases to support specific local initiatives, such as funding for schools or other projects. Colorado voters have been more than generous with mill levies.
In almost every election, especially in Denver, there have been increases in mill levies for libraries, schools, homeless, and everything else you can possibly imagine. These mill levies are accounting for a surge in property tax bills as shown above.
What can you do about your surging Colorado property tax bill?
Unfortunately, currently there is nothing you can do. The window to appeal property taxes in Colorado for the year has closed so you can’t do anything in regards to the value. Furthermore, mill levies were voted and approved in the last several election cycles that are now be being billed to taxpayers.
What can taxpayers do in the future to prevent higher Colorado property taxes
First, if your value is higher than it should be, you should appeal the value in the next cycle. Furthermore, voters should think long and hard about saying yes to every single ask by counties, schools, etc… as we can see above they are leading to a surge in property taxes.
Colorado’s Surge in property taxes preventable
The surge in property taxes in Colorado is absolutely preventable. There should be a ballot initiative that caps property tax increases to inflation. For example, property taxes could only increase 2% above the inflation rate. This initiative was slated to go to voters before the grand bargain for the temporary reprieve in taxes. Now, we are paying for this bargain in the form of higher property taxes due to increases in the assessment rate.
When you couple the assessment rate increase with the huge surge in voter approved mill levies there is a crisis of escalating costs. Unfortunately, I’m not sure how to educate voters that continuing to fund everything is not actually solving tough issues. For example Denver has spent millions on homelessness and yet the homeless population is still surging! Why are taxpayers continuing to throw money at higher mill levies? Cities throughout Colorado have a huge spending problem.
The surge in property taxes in Colorado is not a one time event, look for this trend to continue due to higher mill levies and the state legislature. This will ultimately lead to a further affordability issue throughout the state.
Additional Reading/Resources:
- https://www.vaildaily.com/news/colorado-property-taxes-rising-2026/
- https://www.commonsenseinstituteus.org/colorado/research/taxes-and-fees/does-sb24-233-provide-taxpayer-relief-and-predictability
- https://gis.colorado.gov/proptaxmap/?page=MapView&views=Tax-calculator
- https://coloradohardmoney.com/guide-to-appeal-colorado-property-taxes-and-win/
- https://coloradohardmoney.com/category/colorado-property-taxes/
- https://coloradohardmoney.com/portland-is-a-stark-warning-for-denver-homelessness-doubles-spending-increases-impact-on-real-estate/
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Glen Weinberg personally writes these weekly real estate blogs based on his real estate experience as a lender and property owner. He is the owner of Fairview Commercial Lending. Glen has been published as an expert in hard money lending, real estate valuation, financing, and various other real estate topics in Bloomberg, Businessweek ,the Colorado Real Estate Journal, National Association of Realtors Magazine, The Real Deal real estate news, the CO Biz Magazine, The Denver Post, The Scotsman mortgage broker guide, Mortgage Professional America and various other national publications.
Glen resides in Colorado, lends in Colorado, owns property in Colorado, and services loans in Colorado which provides a unique real estate prospective of what is actually happening on the ground both in Denver and throughout Colorado. My goal of this real estate blog is to provide an honest assessment of what I see happening in Colorado real estate and how it will impact real estate owners, buyers, realtors, mortgage professionals, etc…
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