441E875333C39AB68725889C00556927 Hearing Summary CLICS/CLICS2022A/commsumm.nsfPUBLICBILL SUMMARY For NATIONAL PERSPECTIVE ON PROPERTY TAXES - LINCOLN INSITUTE OF LAND POLICYINTERIM COMMITTEE LEGISLATIVE OVERSIGHT COMMITTEE CONCERNING TAX POLICY & TASK FORCEDate Aug 12, 2022 Location SCR 357 National Perspective on Property Taxes - Lincoln Insitute of Land Policy - Committee Discussion Only Attachment Tag File Name Attachment A http://www2.leg.state.co.us/CLICS/CLICS2022A/commsumm.nsf/0/02B862AF929B...$File/Attachment A.pdf?OpenElement Attachment A.pdf 09:33:00 AM Chair Hansen called the meeting to order. He discussed the agenda and upcoming meetings. 09:33:35 AM Ms. Bethany Paquin, representing the Lincoln Institute of Land Policy, came to the table to provide a presentation on a national perspective on property taxes. Her presentation may be found in Attachment A and online here: https://leg.colorado.gov/content/ilocctptf2022ascheduleandmeetingmaterials 09:35:42 AM She began the presentation by highlighting local governments reliance on property taxes. She noted that property taxes are the primary funding source of municipal governments as well. She discussed property tax and the funding of K-12 education. 09:44:18 AM Ms. Paquin continued by discussing Colorado's property tax burden and distinctive features of Colorado's property tax system. 09:45:16 AM She continued by discussing the residential and commercial homestead classification ratios with other metropolitan areas. She noted Colorado has a rank of 16th in the nation for per capita property tax. 09:47:39 AM In response to a committee questions, Ms. Paquin discussed a circuit breaker property tax relief program. 09:55:41 AM Mr. Greg Sobetski, Legislative Council Staff, came to the table to answer a question about Colorado's circuit-breaker property tax program, the PTC rebate, and the property tax deferal program. 09:56:28 AM Ms. Paquin continued by discussing state-imposed property tax limits and noted that Colorado is one of 18 states with assessment limits. 10:03:30 AM Ms. Paquin concluded her presentation by highlighting several resources for further information.