Denver lawmakers pass bill to provide $700 million in property tax relief

COLORADO SPRINGS, Colo. (KRDO) -- Denver legislators passed a bill on Monday to provide $700 million in property tax relief. Funds from the tax relief will be handed out over the next two years.

The bill will save homeowners about $275 per year on average.

Nonresidential property taxes will also drop more than two percent, allowing significant savings for businesses.

The bill is awaiting final approval from the Colorado Governor.