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71740CF37BCF4AEB87258A8B0077B227 Hearing Summary


Date Dec 20, 2023      
Location Old State Library

Presentation, Henry Sobanet - Committee Discussion Only

02:47:30 PM  
The committee recessed.
02:58:33 PM  
The committee reconvened.
02:58:53 PM  
Henry Sobanet, Senior
Vice Chancellor for Administration & Government Relations, Colorado
State University, gave a presentation on property taxes.

Their presentation can be found in Attachment C and here:
03:01:22 PM  
Mr. Sobanet discussed how property taxes impact things like local control and sufficient school funding. He explained that lowering property taxes benefits homeowners financially, but detriments other things such as new developments and school funding.
03:06:40 PM  
Mr. Sobanet explained that Colorado has had low residential property taxes and high business property taxes compared to other states, which was caused by the Gallagher Amendment, TABOR, and Amendment 23.
03:09:22 PM  
Mr. Sobanet discussed
the revenue history of the state's General Fund and how low property taxes
have reduced the ability of local government's to fund schools.
03:16:15 PM  
Mr. Sobanet gave
an overview of mechanisms that state and local government can use to impact
property taxes. There mechanisms include assessment rates, mill levies,
caps, time-limited plans, and smoothing. He responded to questions from
the commission on examples of other states who have used smoothing and
time-limited plans to address property taxes.
03:22:05 PM  
Mr. Sobanet responded
to questions from the commission on the efficacy of the current school
finance model and whether their is an alternative to using assessesd values
for determining how much each homeowner is taxed.
03:33:35 PM  
Mr. Sobanet responded to questions from the commission on the correlation between the local share for school funding and the amount of revenue that local governments can collect.
03:36:11 PM  
Mr. Sobanet responded to questions from the commission on whether it would be possible to remove local governments from the property tax process and have the state take on a bigger role.

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