Why the Ramp Up in Crime and Property Tax Special Session Analysis

On Friday, November 17, 2023, Kim Monson tackled pressing Colorado issues as the state legislature prepared for a special session on property taxes. Author and commentator Rick Turnquist returned to discuss his essay on Democrat crime policies, while real estate expert Karen Levine and mortgage specialist Lorne Levy provided analysis on the property tax crisis and financial strategies for homeowners.

Crime Policies and Democrat Accountability

Start listening at 31:57 – Hour 1

Rick Turnquist returned to discuss his essay “Exactly Wrong: Democrats and Crime Revisited,” which received significant engagement on social media with over 6,400 reactions. Turnquist connected the tragic case of Jillian Ludwig in Nashville, an 18-year-old killed by a repeat offender released by a Democrat judge, to broader patterns of criminal justice failure across the country.

Turnquist argued that Democrat policies prioritize perceived compassion for criminals over public safety, creating an environment where law-abiding citizens become victims. He noted that Colorado ranks fourth nationally in increasing crime rates, encompassing both property and violent offenses. The discussion touched on the intersection of crime policy with other progressive causes, including transgender ideology in schools, referencing the documentary “Art Club” about a Colorado family’s experience with school counselor manipulation.

“It’s really not compassion. It’s gross dereliction of duty. I mean, one of the core legitimate functions of government is protection of life, liberty, and property. And where Democrats are in charge, they are terrible at protecting life, liberty, and property.”

Rick Turnquist, Author and Commentator

Property Tax Crisis and Tabor Protection

Start listening at 59:44 – Hour 2

Karen Levine brought Colorado Association of Realtors data showing metro Denver home prices down only 1.9% from the previous year, while year-over-year prices actually increased 4.3%. She explained the inventory shortage, with October 2023 showing only 7,800 single-family homes available compared to over 10,000 the previous October, largely because homeowners locked into 3-3.5% mortgage rates are reluctant to move.

The discussion turned to the special legislative session beginning that day. Kim Monson expressed frustration that both Democrat and Republican proposals sought to backfill local government revenues, rather than simply enforcing Tabor’s existing limitation that taxes cannot increase more than inflation plus population growth. Levine criticized the 23-page Republican proposal, questioning why a simple adjustment to the assessment factor required such complexity.

“Right now is definitely a time of opportunity for buyers, because sellers who are on the market in most cases have a reason that they need to sell. So there might be some room to buy down that interest rate to make it more favorable.”

Karen Levine, RE/MAX Alliance Realtor

Mortgage Strategies and Reverse Mortgage Options

Start listening at 71:01 – Hour 2

Lorne Levy reported that interest rates had pulled back nearly half a percent the previous week, creating refinancing opportunities for homeowners who purchased at rates near 8%. He explained how reverse mortgages can provide financial relief for seniors, sharing the example of a woman who will receive $1,100 monthly for life without ever having to repay the loan, with insurance covering any shortfall.

The conversation expanded to address the national credit card debt crisis, which reached a record $1.03 trillion. Levy noted that consolidating high-interest credit card debt into a mortgage, even at 7.5%, represents significant savings compared to rates in the 20% range. He also discussed the growing influence of hedge funds in housing markets, citing CNBC data showing these entities purchased 42.3% of homes in Atlanta and 38.3% in Phoenix during 2022.

“If you can find a home that you like at a payment that you can afford at today’s rate, do it. The home values are going to probably keep going up over time. It’ll be a solid investment to build wealth, and we’ll adjust the rate accordingly as they pull back down the road.”

Lorne Levy, Polygon Financial Group