Colorado Springs residents receive $20 credit on electric bill due to excess TABOR revenue

COLORADO SPRINGS, Colo. (KRDO) - The City of Colorado Springs announced that in March it will refund an estimated $4.7 million to city residents.

The city says that the refund will be delivered through Colorado Springs Utilities’ billing system by crediting residential and commercial customers on their March bill.

The refund amount is from revenue received by the City in 2022 that exceeded the revenue limits allowed under the Colorado Taxpayers Bill of Rights (TABOR). 

The city says that the property tax revenue in 2024 is expected to exceed the TABOR limit by $6.2 million. That amount is being refunded to property owners in the city as a credit on their 2024 tax bill.  

Credits are only given to accounts within the city of Colorado Springs.  More information can be found here.