Senate Approves Bipartisan Bill to Make Colorado More Affordable, Reduce Property Taxes for Coloradans
SB24-233 would provide permanent property tax relief to save Coloradans money on their property taxes now and in the future
DENVER, CO – Bipartisan legislation to provide permanent property tax relief while protecting funding for public schools earned approval before the Senate today.
SB24-233, sponsored by Chair of the bipartisan Commission on Property Tax Senator Chris Hansen, D-Denver, and Senator Barb Kirkmeyer, R-Weld County, would ensure that Colorado homeowners won’t see an increase in their property taxes for 2024 and reduce statewide local taxes by more than $1 billion.
"Coloradans are depending on us to meet the moment and provide responsible property tax relief that works for them and their families," Hansen said. "I was proud to lead the bipartisan Commission on Property Tax that spent months working hand in hand with partners across the state to develop recommendations aimed at finding a long-term solution to this challenge. This bill, which is based on those recommendations, does exactly that, and will responsibly reduce property tax rates in a way that balances the needs of homeowners with protecting critical funding for schools. I am excited about this opportunity to deliver relief for those who need it most."
In 2025 and beyond, the bill would reduce property taxes by seven to 10 percent compared to current law for homes valued at $700,000 or less. Annual savings would equal $300-$400 for a home valued at $700,000. Savings would depend on local mills and any changes in assessed home values. SB24-233 would also reduce the non-residential assessment rate to 25 percent by 2026.
To offset revenue loss resulting from property tax reductions, the bill would direct $380 million from the State Education Fund to backfill school districts, ensuring public schools remain fully funded.
Finally, SB24-233 would protect Coloradans against future spikes in property taxes by capping local property taxes at 5.5 percent starting in 2025, creating more certainty for homeowners and businesses.
SB24-233 will now move to the House for further consideration. Track the bill’s progress HERE.