JBC Approves Program to Reduce Certain Property Tax Rates and Save Families Money

Legislation lowers property tax rates for single and multifamily housing, renewable energy property, and agricultural land

DENVER, CO – The Joint Budget Committee (JBC) last week unanimously approved a supplemental request by the Treasury Department to ensure SB 21-293’s Property Tax Deferral Program gets up and running on-time.

This new program, championed by Senator Chris Hansen (D-Denver), lowers property tax rates for single-family and multifamily homes, renewable-energy property, and agricultural land over the next two years. With JBC’s approval of this supplemental request, the Treasury Department is on track to fully implement the Property Tax Deferral Program in January 2023.

“Right now, Colorado families are feeling squeezed, and it’s important that we deliver them relief and help save them money,” said Sen. Hansen, a member of the JBC. “We need to make sure that we’re uplifting every hardworking family as we move Colorado forward, and this law will reduce certain property tax rates while addressing the economic impact the pandemic has had on families to help folks recover, rebuild and thrive.”

The bipartisan legislation, signed into law in 2021, lowers the current 7.15 percent tax assessment rate on residential properties to 6.95 percent  for single-family homes and 6.8 percent  for multifamily properties over the next two years.

In addition, it lowers the 29 percent assessment rate to 26.4 percent for agricultural property and for property used to produce renewable energy. The law also allows property owners to defer payments when valuations grow by more than 4 percent per year, up to $10,000, on their property tax bills until they sell their homes.