The solution to Colorado’s property tax problem could be coming soon

COLORADO SPRINGS, Colo. (KRDO)- The solution for Colorado's property tax problem could be coming soon.

Governor Jared Polis has called for a special session of the general assembly to deliver further property tax relief to Coloradans and get Initiative 108 and Initiative 50 off the November ballot.

Governor Polis called the special session in part to avoid what he calls the risky and devastating impacts of Prop. 108 and Initiative 50.

He said these initiatives would jeopardize funding for critical services in the state like education, municipal bonds, and borrowers' ability to fund important projects like housing and schools.

Initiative 50 would amend the state constitution to enact a strict cap on annual statewide property tax growth.

Initiative 108 would cut property taxes by $2.4 billion while reducing funding for school districts by $750 million according to a preliminary fiscal study.

The deadline to submit a draft bill to be discussed during the special session was Saturday morning. This week the submitted drafts will be made public.

One of those drafts will be the result of an agreement between political organizations Advance Colorado and Colorado Concern and state leaders--including Governor Polis.

According to a press release put out by Advance Colorado and Colorado Concern the bill will do the following:

• Cut the effective residential property tax rate to 6.3% or 6.4% depending on assessment growth.
• Cut the commercial property tax rate to 25%
• Implement a property tax cap of 5.25% for local governments and 6% or inflation growth for school districts
• Ensure clear and non-biased ballot language in the required vote of the people to opt out of the local cap

Governor Polis has said he will not sign any legislation passed during the special session until the proponents of Initiative 108 and Initiative 50 pull the measures from the ballot.