The Colorado
budget is $3 billion in the hole, and the Joint Budget Committee posted its
“Staff Budget Balancing FY 2020-2021” document April 11, 2020.
Our state Sen. Bob
Rankin and Rep. Julie McCluskie are on the Joint Budget Committee and have signed
on to the recommendation to suspend the Homestead Tax Exemption to free up
$163,578,262 toward decreasing the budget deficit.
While the law took
effect in 2002, legislators voted not to fund it in 2003, 2004, 2005, 2009,
2010 and 2011. This exemption has allowed many owners to remain in the homes
they love.
Section 3.5 of
Article X of the Colorado Constitution grants the property tax exemption to
qualifying senior citizens and disabled veterans. The property tax exemption is
50% of the first $200,000 of actual property value.
The $3 billion
deficit does not take into account the effects this COVID-19 pandemic will have
on our state. This 2020 legislative session began $100 million in the red just
from the READ Act and full-day kindergarten funding. From there, the numbers increased to the
current $3 billion.
It is
objectionable to place a burden on seniors and disabled veterans because the
state overextended itself.
The Joint Budget
Committee also recommends suspending the annual PERA direct distribution,
freeing up $225 million. Ask our legislators how they can consider a decision
that can affect public employee retirees.
Colorado is required to have a balanced budget, and it is important to remind legislators that they spend our money. To add a greater burden on Coloradans, particularly with this pandemic, is unacceptable.