Hello Jeffco. The Neighborhood Gazette has requested an update on the business climate in Jefferson County (Jeffco). While the Jeffco business climate is a long and continuing discussion, I can update Jeffco on some key points about Jeffco businesses. Property taxes can help make, or break, a small business that owns or rents a building.
One indicator of how the economy is doing is how prompt property tax payments are made. Obviously, during 2020 and 2021 many residential and commercial property tax payments were late and/or short due to COVID. This is one of the reasons why Jeffco and the Jeffco Treasurer’s Office worked with the legislature to pass legislation to allow county treasurers to waive late payment interest and to take multiple payments during 2020 and 2021. In 2022, and so far in 2023, property tax payments have been on time and on target. On-time property tax payments is one indicator that the economy is on a positive uptick, and that residents and businesses are able to pay their property taxes on time with their current budgets.
Every odd year the county assessor, not the treasurer, must determine property value based on the previous year in June. For example, the county assessor is using June of 2022 property values to determine updated property tax assessments, which will be mailed out in May 2023. The timing of all this is based on state law.
The concern I have right now is property tax assessments are predicted to be up 35 to 40 percent statewide. This will have a negative effect on the state economy, residential taxpayers and business taxpayers. I am encouraging the state legislature to pass legislation to either freeze the assessment for 2023, or to lower the assessment rate further. I’ve been contacting Jeffco legislators. For example, based on the preliminary new numbers, my property taxes will increase by approximately $1,000 per year.
If business property taxes go up, or rental property taxes go up, that dollar amount is usually passed on to the consumer or renter. If the state legislature wants to encourage affordable housing and support small business owners, allowing property taxes to increase 35 to 40 percent is not the answer.
Please contact the governor, your state representative and/or your state senator. Time is running out for the legislature to act. Visit https://leg.colorado.gov/legislators for phone numbers and emails.
Businesses in Jeffco have access and support from the Jefferson County Economic Development Corporation (Jeffco EDC). For more information, please visit the Jeffco EDC website: https://jeffcoedc.org/gateway-to-business/
See accompanying sidebars for local business incentives and competitive tax advantages identified by the Jeffco EDC.
Contact Jeffco Treasurer Jerry DiTullio at 303-271-8330.
