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November 20, 2023

Colorado Democrats Deliver on Property Tax Cuts

Proposal protects funding for schools, fire districts and critical services

DENVER, CO - The House passed legislation to provide short-term property tax relief while protecting our schools, fire districts, and other local services Colorado communities rely on. The bill passed by a vote of 42-18.

“Hardworking Coloradans deserve real solutions that ease the affordability crisis, which is why we delivered urgent property tax cuts while protecting funding for schools, fire departments and critical services like our first responders,” said Speaker Julie McCluskie, D-Dillon.  “This responsible package delivers real results for the people who need it the most – hardworking families, Coloradans on fixed incomes and the people feeling the greatest impacts of our affordability crisis - without jeopardizing our state’s reserves or impacting Coloradans’ TABOR refunds.” 

“I’m proud that we have passed this legislation to responsibly provide property tax reductions for the hardworking Colorado families who need it the most,” said Rep. Chris deGruy Kennedy, D-Lakewood. “This short-term solution will reduce upcoming property tax bills and offer Coloradans some support while local governments look into how they can better tackle property tax increases at the local level. This legislation, alongside the entire package of bills we passed in this special session, will help Coloradans stay afloat amidst the impacts of the housing crisis.”

SB23B-001 would increase the property value exemption for multifamily and single family residential properties from $15,000 to $55,000 and decrease the residential assessment rate from 6.765 percent to 6.7 percent for the 2023 tax year. To offset revenue loss resulting from these property tax reductions, this bill would transfer $146 million of general fund dollars to the State Education Fund to be used to backfill school districts’ budgets, and would appropriate $54 million of general fund dollars to be used to backfill fire districts, ambulance and health districts, and local government services.

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