DENVER, Colo. (KRDO) -- The House Transportation, Housing and Local Government Committee passed legislation yesterday to provide short-term property tax relief. The bill passed committee by a vote of 9-4.
SB23B-001 would increase the property value exemption for multifamily and single family residential properties from $15,000 to $55,000 and decrease the residential assessment rate from 6.765 percent to 6.7 percent for the 2023 tax year.
To offset revenue loss resulting from these property tax reductions, this bill would transfer $135 million of general fund dollars to the State Education Fund to be used to backfill school districts’ budgets, and would appropriate $65 million of general fund dollars to be used to backfill fire districts and local government services.
“If we don’t act now to deliver property tax reductions, next year’s tax bills could be devastating for Coloradans who are already struggling with the rising cost of living. Our legislation takes $55,000 off assessed home values and reduces the percent of a home’s value that is subject to property taxes. It provides meaningful property tax reductions while protecting schools, fire districts and critical services our communities rely on without using TABOR surplus dollars.”Speaker Julie McCluskie, D-Dillon.