Colorado

DOR SEEKING TO RECOVER $15 MILLION IN TAX CREDITS

The Colorado Department of Revenue has issued more than 30 subpoenas in an effort to recover more than $15 million in tax credits paid for 'overvalued' conservation easements. The easement program provides credits to farmers and ranchers who chose to sell development rights on their land and preserve it. DOR and Colorado Real Estate Division Director has pledged to aggressively pursue appraisers whose valuations of conservation easements are not credible. In 2001 tax credits amounted to $2.1 million and last year it reached more than $85 million. Colorado ranks second nationally in the use of conservation easements to preserve land, now totaling 1.2 million acres.

PROMISED LAWSUIT FILED ON PROPERTY TAX FREEZE

Independence Institute head Jon Caldera, as promised, organized a group of Colorado residents that filed a lawsuit in December 2007 to overturn a legislative action freezing property taxes in all but three of the State's school districts. The freeze is estimated to generate as much as $114 million in 2008 to fund public schools. If successful, the suit could mean that the freeze would go to voters for a decision. When this legislative action was taken and signed by Governor Ritter, Caldera complaining that the freeze constituted a 'tax increase,' since it effectively raised the taxes of many Colorado residents, and under state law must go to voters for a decision. Legislators and Ritter defended the action saying it was not a tax increase since it did not raise the tax rate, it only froze the mill levies at current levels. Republican State Attorney General ,John Suthers, issued an opinion in April 2007 saying the action constituted a tax increase and required voter approval.

REALTOR DAY AT THE CAPITOL SCHEDULED FEBRUARY 19

Join over 250 Colorado REALTORS at the State Capitol on February 19, 2008 from 11:30am to 4:30pm to learn how the state government works; tour the State Capitol; get updates on issues pertaining to your local community; and to network with fellow REALTORS and Legislators. All this for only $40 (includes lunch, materials and transportation to Capitol from the Hyatt). Register online at www.coloradorealtors.com.