Colorado Springs is expecting to cap 2024 local property tax rate

COLORADO SPRINGS, Colo. (KRDO) -After Governor Jared Polis called a special session last month aimed at addressing property tax increases, city leaders in Colorado Springs got to work trying to figure out how they will bring relief to their portion of your tax bill.

"We're we are reacting to what the state government did and what the legislature did to, to just ensure the city collects essentially very close to what they collected last year," said Councilmember Dave Donelson, District 1.

To do that, the city plans to enact an adjustment to your mill levy rates.

The equations used to assess mill levy rates can be complicated, but in a nutshell, city leaders are looking to lower them by 0.70 mills, which will provide more than $6 million worth of property tax relief across the city.

But Donelson said he does not think it's relief but instead a way for the city to not over-collect.

"The 0.70 mills credit isn’t “tax relief” - it simply reduces the amount that we collect to what we are allowed to keep according to the law (The Taxpayer’s Bill of Rights). Otherwise we would have to refund it," said Donelson.

The mayor said Colorado Springs City Council is expected to give its final approval to the measure in two weeks.