Providing Major Property Tax Relief for Homeowners, Seniors, Businesses: Governor Polis Signs Bills into Law to Provide Real Property Tax Relief to Coloradans
COMMERCE CITY - Governor Polis, alongside Representatives Chris deGruy Kennedy and Mike Weismann, Senate President Steve Fenberg and Senator Chris Hansen, signed a law that refers property tax changes to the ballot and provides major property tax cuts for seniors, businesses and homeowners. The cost of housing continues to go up and as a result, Colorado homeowners received notices showing increases in the value of their homes between 30-40% and up to 70% in some communities. Coloradans are demanding action and this proposal is a long-term solution to provide property tax relief and keep housing affordable for the next decade.
This proposal gives Colorado voters the opportunity this November to vote on a ballot measure to prevent significant increases in their property taxes.
With this proposal: the average homeowner will save $1,078 over the next two years and over $3,417 over the next five years.
With this proposal: Seniors who moved and lost their senior homestead exemption will be able to claim the benefit again and save $5,700 (average) over the next 5 years.
With this proposal: A business with $1 million in property value will save $4,306 over the next two years and $12,402 over the next five years (average).
With this proposal: in 2024: $900 million in property tax relief and $167 million in retained revenue for backfill.
With this proposal in 2025: $1 billion in property tax relief and $358 million in retained revenue for backfill.
“This common-sense proposal cuts taxes for property owners, seniors and businesses and ensures the funding for local service providers. This money-saving plan builds upon our work to deliver real results for Coloradans by providing over $1 billion in property tax relief over the past two years. I’m looking forward to taking this proposal to Colorado voters in November,” said Gov. Polis.
Governor Polis signed SB23-303 Reduce Property Taxes And Voter-approved Revenue Change sponsored by Senators Steve Fenberg and Chris Hansen, Representatives Chris deGruy Kennedy and Mike Weissman to reduce property taxes paid by Colorado homeowners and businesses by $1 billion per year for at least the next decade if approved by voters in November.
This proposal builds upon the Polis administration’s work in partnership with the legislature to save people money on property taxes, and would cut the expected increase in property taxes on the average home from $1,073 under current law to $615 (Realtors data shows the average home value increased from $503,000 in June 2020, the start of the valuation period, to $723,000 in June 2022, the end of the valuation period).
Governor Polis also signed SB23-304 Property Tax Valuation sponsored by Senators Chris Hansen and Steve Fenberg, Representatives Bob Marshall and Shannon Bird to save businesses money and provide businesses with more certainty and transparency in commercial property valuation.