Colorado

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Colorado

PROPERTY TAX FREEZE REVENUE FORECAST MORE THAN DOUBLES

The first year revenue projection from a school finance measure that freezes property tax rates in nearly all Colorado school districts has risen to $114 million from the initial forecast of $48 million. The Democrat controlled legislature passed the freeze this year at Governor Ritter’s request and the new forecast has Republican lawmakers calling for repeal. Critics have called the freeze a tax increase that must go to voters for approval, a charge the conservative Independence Institute agrees with. Institute President, Jon Caldera says the organization plans to sue to overturn the freeze. In a recent radio interview Ritter was asked if he planned to reverse his position or reduce the impact of the freeze, it was clear that he plans no change and expects that all the additional revenue will go to K-12 education. For us, we can expect shrill and partisan debate when the legislature convenes in January.

DOC FEE INCREASE PROPOSED FOR AFFORDABLE HOUSING FUND

The Colorado Housing Investment Fund Coalition (CHIFC) was charged by the Blue Ribbon Panel to research a funding source for a statewide housing investment fund with a dedicated and dependable source of public revenue of affordable housing throughout Colorado. The CHIFC has reviewed many options and is currently recommending an increase in the State Documentary Fees of real property. Currently the fee is .01 per a hundred dollars the CHIF would like this fee to be an increase of .04 per every hundred dollars for residential to .05 per $100 and an increase of .01 on every hundred for commercial to .02 per $100. The Colorado Association of REALTORS will be researching further on the details and potential impact this fee increase would have on Colorado REALTORS.