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SB23-303 is part of a legislative package to reduce property taxes and would send TABOR rebates of $661 for single filers or $1,322 for joint filers if Prop HH is approved by voters in November
DENVER, CO - The House today passed part of a legislative package to lower property taxes for homeowners and businesses and create a flat TABOR refund mechanism that will increase refunds for Coloradans making under $100,000, while simultaneously protecting funding for critical community services. SB23-303 passed the House in a final vote of 39 to 7.
“Coloradans are facing large increases in property taxes, which is why we’re bringing this legislation to help Colorado homeowners, businesses, and renters from rising costs,” said Rep. Chris deGruy Kennedy, D-Lakewood. “We carefully crafted this bill to reduce property taxes without cutting the essential community services that they fund. If voters approve of Prop HH this November, Coloradans can expect to save over $1 billion over the next two years, making it easier to afford necessities while maintaining quality K-12 education, fire district funding, and many other services.”
“When Coloradans received their property assessment in the last few weeks, we knew we needed to act quickly to help hardworking Coloradans and seniors afford their quickly escalating property taxes,” said Rep. Mike Weissman, D-Aurora. “This property tax proposal expands the Homestead Exemption so seniors, who often live off a fixed income, can better afford homes that fit their health needs without disqualifying them from significant property tax relief.”
SB23-303 creates a long-term solution to prevent growing home values from raising property taxes, and creates limits that protect homeowners and businesses from steep unexpected increases in their property taxes.
Coloradans will vote on this package in November, and if approved these measures will provide sustainable, long-term reductions to property tax rates while delivering immediate savings on property taxes this year. Combined with property tax reductions the legislature previously enacted via SB22-238, this proposal will cut the average homeowner’s tax increase in half, saving $1,264 on average over the next two years. In total, this package would provide between $900 million and $1.6 billion annually in property tax reductions for homeowners and businesses in Colorado.
Other property tax reductions and protections proposed in this plan include:
Reducing the residential assessment rate from 7.15 percent to 6.7 percent in 2023 and 2024, and continuing this reduction for primary residences.
Incrementally reducing the business property assessment rate from 29 percent to at least 26.9 percent by 2032.
Reducing the taxable value of residences by $50,000 in 2023 and 2024, and continuing this reduction for primary residences in future years.
Capping the growth in district property tax collections excluding school districts at inflation and allowing local governments to override the cap after giving notice to property owners.
Protecting funding for public education and backfilling revenue to fire districts, water districts, ambulance and hospital districts in areas of the state that aren’t growing as fast by dedicating a portion of the state TABOR surplus to backfill.
Providing seniors who currently receive the Homestead Exemption a larger reduction of $140,000 and allowing them to continue to receive this reduction if they move.
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