COLORADO SPRINGS, Colo. (KKTV) – Thanks to TABOR, El Paso County property taxpayers should be receiving a refund soon, according to officials with the county.
TABOR stands for the “Taxpayer’s Bill of Rights,” an amendment that was approved by voters in 1992 and limits the amount of revenue the government in the state can both retain and spend.
The announcement from county officials that property taxpayers should receive their refund “soon” came on Monday. According to a news release, El Paso County received approximately $30.7 million in revenue in 2021, above the TABOR revenue limit. As a result, the county will refund those funds back to property taxpayers. This refund represents 41 percent of the overall property taxes El Paso County will collect in 2023.
“El Paso County is the most populous county in the state, and we are proud to be fiscally judicious while providing high-quality services,” said Cami Bremer, Chair of the Board of County Commissioners. “We are rapidly growing and will continue to run a lean and effective government; this TABOR refund demonstrates our ability to do that.”
All property taxpayers, including homeowners and business owners, will receive an equitable share of the $30.7 million refund. On a $500k home, homeowners should expect a $113 refund.
An example of how the refund will be distributed for property tax purposes can be viewed below:
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