Denver Mayor Hancock wants to ask voters to "De-Bruce" property taxes

Denver Mayor Michael Hancock. (Hyoung Chang, The Denver Post file)

After more than a year of discussion about what to do about the city's unbalanced budget, Denver Mayor Michael Hancock announced that he wants to go to voters for a fix of the city's taxing code.

Hancock is choosing not to go for many of the high-profile recommendations among the 29 ideas that came out of a fiscal task force that met for a year to figure out how to eliminate a $30 million structural gap in the budget.

He will not ask voters to approve a library district, nor will he seek a mill levy hike with revenues specifically for libraries or parks and he won't begin charging residents for trash pick up at their homes.

But he does want to ask voters to allow the city to "de-Bruce" its property taxes ? a simple way of describing a very complicated tax process.

The City and County of Denver, unlike many counties, has never opted out of revenue limits on property taxes imposed under the Taxpayer's Bill of Rights, a process known as de-Brucing, a reference to Douglas Bruce, the author of TABOR.

In 2005, Denver voters approved removing TABOR revenue limits for 10 years on sales taxes but not property taxes. City officials say because of this Denver has forgone $800 million in property tax revenues since 1992.

TABOR mandates that Colorado governments must either refund to taxpayers tax revenue in excess of limits set by a complex formula or get voter approval to keep it. This de-Brucing expires in 2014. Voters would be asked to permanently de-Bruce sales taxes as well as extend it to property taxes.

The tax question would have to be approved by City Council by August for it to get onto November's ballot.

Jeremy P. Meyer: 303-954-1367 or jpmeyer@denverpost.com

final four 2012 bridesmaids winning lottery numbers megamillions winner kansas jayhawks mega millions results louisville