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SB24-233 would provide long-term property tax relief to save Coloradans money on their property taxes while protecting K-12 funding
DENVER, CO – The House today passed bipartisan legislation sponsored by Speaker Pro Tempore Chris deGruy Kennedy that would provide permanent property tax relief to homeowners and businesses while protecting funding for public schools. SB24-233, which passed by a vote of 57-6, will build on the billions of dollars in temporary savings the state has provided over the last three years.
“After months of hard work on the Commission on Property Tax, I’m proud that we have come up with a long-term, bipartisan solution that will save Colorado homeowners and small businesses money on property taxes,” said Speaker Pro Tempore Chris deGruy Kennedy, D-Lakewood. “This legislation will responsibly reduce property taxes in a meaningful way to save people money while protecting school funding. Today we made clear that there is no reason for deep-pocketed special interests to move forward with ballot measures that would devastate our communities, school funding, and public safety resources.”
SB24-233 is sponsored by members of the bipartisan Commission on Property Tax Speaker Pro Tempore Chris deGruy Kennedy and Representative Lisa Frizell, R-Castle Rock. The bill would ensure that Colorado homeowners won’t see an increase in their property taxes for 2024 and reduce statewide local taxes by more than $1 billion.
In 2026 and beyond, the bill would reduce property taxes by seven to 10 percent compared to current law for homes valued at $700,000 or less. Annual savings would equal $300-$400 for a home valued at $700,000. Savings would depend on local mills and any changes in assessed home values. SB24-233 would also reduce the commercial property assessment rate to 25 percent by 2027, down from 29 percent.
To offset revenue loss resulting from the next year of property tax reductions, the bill would backfill school districts, ensuring public schools remain fully funded.
Finally, SB24-233 would protect Coloradans against future spikes in property taxes by capping local property tax growth at 5.5 percent starting in 2025, creating more certainty for homeowners and businesses. Local governments would still have the opportunity to temporarily or permanently opt out of the cap by a vote of the people.