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November 19, 2023

Property Tax Relief Passes Committee

Proposal protects funding for schools, fire districts and critical services

DENVER, CO - The House Transportation, Housing & Local Government Committee today 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 committee by a vote of 9-4.

“If we don’t act now to deliver property tax reductions, next year’s tax bills could be devastating for Coloradans who are already struggling with the rising cost of living,” said Speaker Julie McCluskie, D-Dillon. “Our legislation takes $55,000 off assessed home values and reduces the percent of a home’s value that is subject to property taxes. It provides meaningful property tax reductions while protecting schools, fire districts and critical services our communities rely on without using TABOR surplus dollars.”

“Homeowners and renters alike are struggling with the high cost of housing in Colorado,” said Rep. Chris deGruy Kennedy, D-Lakewood. “This bill makes meaningful reductions in property taxes while protecting funding for K-12 public schools and fire districts. The next step is for every local government to take a hard look at their own budget. Property taxes are primarily the concern of local governments, and only they know whether they can afford to go beyond our legislation by lowering their own mill levies.”

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 $135 million of general fund dollars to the State Education Fund to be used to backfill school districts’ budgets, and would appropriate $65 million of general fund dollars to be used to backfill fire districts and local government services.

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