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Colorado Politics: Polis, lawmakers, others strike deal expected to reduce property taxes by $1.3 billion in first year

With three days left in the 2024 session and under the threat of at least one ballot measure, Gov. Jared Polis, lawmakers, nonprofits and business leaders announced a deal on property tax legislation that would reduce the assessment rates for commercial property and valuations for homeowners.

In its first year, the deal is expected to cut taxes by $1.3 billion, which proponents described as the largest property tax reduction in 20 years.

He commended the efforts of Scott Wasserman of the Bell Policy Center and Loren Furman from the Colorado Chamber of Commerce, who were in every conversation for weeks and set aside differences of opinion.

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