{"id":25120,"date":"2024-10-27T10:15:00","date_gmt":"2024-10-27T16:15:00","guid":{"rendered":"https:\/\/dh.durangoherald.com\/tj\/renters-dont-benefit-from-property-tax-cuts-experts-tell-colorado-legislative-panel\/"},"modified":"2024-10-27T16:15:00","modified_gmt":"2024-10-27T16:15:00","slug":"renters-dont-benefit-from-property-tax-cuts-experts-tell-colorado-legislative-panel","status":"publish","type":"post","link":"https:\/\/dh.durangoherald.com\/tj\/renters-dont-benefit-from-property-tax-cuts-experts-tell-colorado-legislative-panel\/","title":{"rendered":"Renters don\u2019t benefit from property tax cuts, experts tell Colorado legislative panel"},"content":{"rendered":"

\"New
New apartments stand south of the Colorado River in Glenwood Springs. (Nathaniel Minor\/CPR News)<\/span>Nathaniel Minor\/CPR News<\/span><\/figcaption><\/figure>\n

Experts told Colorado\u2019s property tax commission on Thursday that rate cuts and tax decreases don\u2019t often translate into savings for renters but that tax hikes can lead to higher rents.<\/p>\n

This comes after three rounds \u2013 and two special legislative sessions \u2013 of rate cuts over the past year in the Legislature, and criticism from progressive lawmakers that the focus on the state\u2019s property taxes benefits homeowners and ignores renters.<\/p>\n

There has been \u201csome conversation over the last couple of years that a reduction in property taxes, or some property tax relief, would in some way be a benefit that is passed on to tenants. This is not something that we have ever seen happen. We know that rents are going up,\u201d Melissa Mej\u00eda, the head of state local policy for the Community Economic Defense Project, told the bipartisan Commission on Property Tax during a hearing focused on equity impacts.<\/p>\n

Rent is a \u201cfunction of what the market can bear,\u201d she said.<\/p>\n

\u201cLandlords are looking to make revenue,\u201d she said. \u201cWe often see that property tax increases are blamed for increases in rent, but that has never come with a corresponding decrease in rent. We have never seen voluntary decreases in rent with any of our clients.\u201d<\/p>\n

The commission includes state and local elected officials and other stakeholders.<\/p>\n

The Legislature passed property tax rate cut bills during a special session in 2023, the regular 2024 session and during another special session in 2024, amounting to over $1 billion in relief for property owners.<\/p>\n

But renters are unlikely to see many direct benefits from those legislative efforts.<\/p>\n

\u201cRenters are paying more property taxes through higher rents than our owners,\u201d said Drew Hamrick, the general counsel for the Colorado Apartment Association.<\/p>\n

\u201cThe only revenue source for a rental housing provider is rent. So every operating cost, ultimately, is paid for in the form of higher rents,\u201d he said.<\/p>\n

It can be an indirect effect, he said, and just because a property\u2019s taxes increase by 15% does not mean rent will also increase by that much. Supply and demand have a bigger impact on rent prices, but higher property taxes can trickle down to cause higher rent. High property taxes can also deter development that increases supply and keeps rents down.<\/p>\n

To read more stories from Colorado Newsline, visit www.coloradonewsline.com<\/em><\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

apartments stand south of the Colorado River in Glenwood Springs. (Nathaniel Minor\/CPR News)Nathaniel Minor\/CPR News Experts told Colorado\u2019s property tax commission on Thursday that rate cuts and tax decreases don\u2019t often translate into savings for renters but that tax hikes can lead to higher rents. This comes after three rounds \u2013 and two special […]<\/p>\n","protected":false},"author":1,"featured_media":25121,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"tags":[120,28,453,1264],"naviga_topic":[],"class_list":["post-25120","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-colorado","tag-headlines","tag-housing-and-urban-planning","tag-property-tax"],"acf":[],"author_name":"dh_admin","_links":{"self":[{"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/posts\/25120","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/comments?post=25120"}],"version-history":[{"count":0,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/posts\/25120\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/media\/25121"}],"wp:attachment":[{"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/media?parent=25120"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/categories?post=25120"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/tags?post=25120"},{"taxonomy":"naviga_topic","embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/naviga_topic?post=25120"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}