Property Tax Committee meets to find solutions following Prop HH failure

COLORADO SPRINGS, Colo. (KRDO) - A new committee tasked with overhauling Colorado's property tax system met for the first time Wednesday. Over the next three months, the committee will construct a new system for gathering property taxes while meeting every two weeks.

State Senator Mark Baisley is one of 19 lawmakers on that committee, which is bi-partisan and partially staffed by County Commissioners.

 "I came in expecting the worst and I'm walking away feeling very, very positive about it. It seems promising to me. When you get a balance like that, then you know what? People just work together," Baisley said.

Following the overwhelming defeat of Prop HH, Governor Polis called a special legislative session to reduce skyrocketing property taxes. Two things came out of that meeting, the first being a slight reduction in residential property taxes as a band-aid solution. The second was a committee formed to address the issue on a deeper level.

"Property taxes are based on the valuation of our property. That's a total disconnect from budgets. You know, what is the need?" Baisley said.

He's hoping for a complete change in the way that Colorado thinks about property taxes. The committee started today by getting educated on how Coloradans' properties, both commercial and residential are taxed currently.

"I was actually really concerned coming into today, but I looked at the property, the evaluations, and so on, how we're taxed. There are only like six variables and I'm a math guy," Baisley, who is an aerospace engineer said. "It's simply an algebraic formula to me. And so I'm looking at it going this is not hard. This just simply needs to make sense. And actually, it should be simplified."

The group of lawmakers will continue to meet until March when they will hopefully propose a complete Bill. Baisley says that there is still room for an extension until the end of the year if needed.