Colorado voters passed Amendment G years ago, but understanding its impact can still feel like navigating a maze. Simply put, Amendment G protects homeowners from unexpected property tax increases when their property values go up due to reassessment.
Think of it as a safety net. Without it, a booming housing market could lead to significantly higher property taxes, potentially pricing people out of their homes. Amendment G ensures that tax increases are gradual and predictable.
While it doesn't eliminate property taxes altogether, it helps keep them stable, preventing sharp spikes even as property values fluctuate. This provides homeowners with greater financial security and allows them to better budget for their future. Understanding Amendment G is crucial for every Colorado homeowner looking to make sense of their property tax obligations and appreciate the safeguards in place.
