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Washington Examiner: Last-minute bipartisan bill in Senate would reduce Colorado property taxes

A bill to lower property taxes was introduced with bipartisan sponsorship in the Colorado Senate and supported by a wide range of organizations with two days left in the 2024 session.

If passed by the General Assembly and signed into law, Colorado homeowners wouldn’t see an increase in their property taxes for 2024, according to a media release from Democratic Gov. Jared Polis. Senate Bill 24-233 would reduce property taxes between $300 and $400 – a 7% to 10% cut compared to current tax rates – for homes worth $700,000 or less. The bill also would cap local property tax rates at 5.5% in 2025.

“Businesses and individuals across Colorado have faced historic rate increases that threaten our economic growth on a broad scale, from driving up the cost of doing business to exacerbating the housing affordability crisis,” Loren Furman, president and chief executive officer of the Colorado Chamber of Commerce, said in a statement. “This solution takes a balanced approach to providing critical property tax relief while also preserving funding for local services and protecting voter-approved bonds for housing and infrastructure needs across the state.”

Read more here.