Senate Approves Bill to Develop Long-Term Property Tax Solutions

Legislation would create a bipartisan commission to identify long-term solutions to rising property taxes

DENVER, CO – The Senate today approved legislation sponsored by Senate President Steve Fenberg, D-Boulder, and Senator Kyle Mullica, D-Thornton, that creates a commission to develop long-term solutions to rising property taxes in Colorado.

HB23B-1003 would create the Commission on Property Tax to outline plans for long and short-term property tax relief and to provide analysis regarding property tax ballot initiatives filings for the 2024 election. The bipartisan Commission would include legislators, county commissioners from across the state, a property tax administrator and different local government, business, and community leaders representing constituencies impacted by property tax revenue. The goal of HB23B-1003 is to map out potential long-term solutions to property taxes that have been rising since Coloradans voted to repeal the Gallagher Amendment in 2020.

“Steep property tax increases over the past several years have hit Colorado homeowners hard, especially economically vulnerable folks like seniors and those on fixed incomes,” Fenberg said. “The legislation we’re passing this special session delivers meaningful short-term relief, but this is not a short-term problem. We’re committed to working in a bipartisan way to find long-term, comprehensive solutions to address property taxes in Colorado, and this task force ensures we’ll do so hand in hand with partners across the state.”

“Democrats have worked hard to meet the moment and answer the Governor’s special session call by delivering short-term property tax relief to Coloradans,” said Mullica. “Steep property tax increases have stretched families’ budgets for several years now, and if we don’t find a long-term solution it’s only going to get worse. That’s why I’m working on legislation that will convene a bipartisan Commission made up of balanced representation to develop long-term, transformational solutions to rising property taxes that will make Colorado more affordable in the years to come.”

Under HB23B-1003, the Commission would convene by the week of December 18, 2023, and deliver an initial report to the General Assembly and Governor by March 15, 2024. 

HB23B-1003 now returns to the House for concurrence of amendments. Track the bill’s progress HERE.