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Polis seeks $200M more to fight property tax hike, rejects eliminating 2 cent gas tax increase

Polis said the December revenue forecast showed residential assessed values will increase 26.5% in the upcoming tax cycle.
Credit: AP
Colorado Gov. Jared Polis speaks during a news conference on the west steps of the state Capitol about legislative plans for the upcoming session Monday, Jan. 10, 2022, in Denver. Leaders are aiming to expand access to health care as well as reduce costs, make the state more affordable by reducing child care and housing costs, improving the education system and taking steps to insure safe communities. (AP Photo/David Zalubowski)

DENVER — Gov. Jared Polis Tuesday unveiled changes to his 2023-24 state budget proposal, less than a week before the start of the 2023 legislative session.

At the outset, the governor rejected suggestions of eliminating the 2 cent-a-gallon gas tax hike that is slated to go into effect on July 1. His administration, backed by his allies in the legislature, suspended that tax hike last year in response to soaring inflation.   

Polis said the budget reflects the mandate he and the General Assembly Democrats received from voters in the November election.

"We ran on a lot of these key issues," he said, including reducing housing costs and pursuing climate goals.

The biggest budget changes include setting aside another $200 million from the general fund to boost an already significant amount — $700 million — to address escalating property taxes in both 2023 and 2024.

Polis told reporters at the governor's mansion Tuesday that the December revenue forecast showed residential assessed values will increase 26.5% in the upcoming tax cycle, which will lead to large property tax increases for both homeowners and commercial building owners. 

>Read the rest of the article at Denver Gazette.

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