The following is a news release from the Colorado House Republicans, and a release from the Colorado House Democrats is also posted
(Denver, CO – August 28, 2024) – Minority Leader Rose Pugliese and Assistant Minority Leader Ty Winter expressed their support today for the successful passage of a new property tax relief bill. While acknowledging that the bill is not a perfect solution, both leaders emphasized that this new law represents a significant step forward in providing additional and certain property tax relief to the people of Colorado.
“This bill is a balanced, bipartisan plan to deliver additional property tax relief to Coloradans,” said Minority Leader Rose Pugliese. “Our local governments need stability to plan their budgets and provide essential services. It also protects the Homestead Exemption for our seniors, disabled, and Veterans in our communities. Our constituents are looking to us for help and I am proud of the work we have done in this bill to provide them with additional property tax relief.”
The newly passed law comes after months of debate and collaboration among lawmakers, who sought to address the rising property tax concerns impacting Colorado residents. The bill introduces measures aimed at reducing the tax burden on Coloradans.
Assistant Minority Leader Ty Winter added, “This bill may not solve every issue, but it is a clear indication that we are committed to finding solutions that work for Colorado. The people of this state deserve leaders who will fight to make Colorado more affordable.”
Bipartisan Bill to Responsibly Reduce Property Taxes and Protect Colorado’s Future Passes House
DENVER, CO – The House today passed HB24B-1001, sponsored by Speaker Julie McCluskie and Minority Leader Rose Pugliese, that will reduce property taxes while protecting critical community institutions like public schools, health care, fire response, libraries, water infrastructure, and municipal parks, playgrounds and recreation centers.
“We are committed to making Colorado a more affordable place to live, and with this bill we’re delivering additional property tax relief in a responsible way while protecting funding for our schools, parks, libraries and community institutions,” said Speaker Julie McCluskie, D-Dillon. “Two initiatives from wealthy special interests on the November ballot would de-fund schools, lengthen emergency response times, and strip health care away from our most vulnerable Coloradans. Stopping these measures with small changes to the bipartisan property tax package from last session is a win for Colorado, our schools and local governments.”
Democrats have stepped up to avoid steep property tax hikes and are leading a multi-year effort to deliver meaningful relief while protecting critical funding for schools and local services. In May, the General Assembly passed SB24-233 by a vote 92-8 to responsibly reduce statewide local taxes by more than $1 billion, prevent future spikes in property taxes, and protect critical services that Coloradans rely on. HB24B-1001 makes minor adjustments to SB24-233 in order to avoid devastating ballot measures from wealthy special interests.
Irresponsible ballot measures would reduce revenue for public schools, fire departments, health care, libraries, water infrastructure, and public outdoor recreation by nearly $3 billion. If passed, they would risk the major strides Colorado Democrats have made to boost public education funding and eliminate the Budget Stabilization Factor and would lead to draconian cuts to fire response and public safety.
HB24B-1001 reduces property taxes in a responsible way while protecting funding for crucial institutions, especially Colorado’s K-12 public schools. Using SB24-233 as the baseline, the bipartisan bill reduces assessment rates and lowers the revenue caps, but includes significant new flexibility for schools districts and local governments by allowing them to retain revenue above the growth cap if in the prior assessment cycle, they did not reach the cap.
The House also adopted an amendment to direct the Property Tax Commission to evaluate the property tax changes made in SB24-233 and HB24B-1001 and report on how Colorado’s tax code does or does not deliver relief to the people who need it the most.
Residential Assessment Rates (RARs)
Depending on the growth in assessed valuation (AV) between property tax years 2024 and 2025, there are two options for adjustments to RARs:
*RARs and value exemptions apply to and stack with the Senior Homestead Exemption.
Nonresidential and Personal Property Assessment Rates
Nonresidential assessment rates and exemptions are for both schools and local governments. Oil, gas and producing mines remain excluded from this classification.
Colorado Democrats have passed legislation in recent years to reduce the cost of housing, health care, and child care. In the 2024 legislative session, Colorado Democrats passed new laws that will provide two years of free college, reduce evictions, and boost the incomes of hardworking families with new tax credits.
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