Senate Signs Off on Bipartisan Legislation to Save Coloradans Money on Property Taxes

SB22-238 will save median Colorado homeowner $274 a year 

DENVER, CO - The Senate today signed off on bipartisan legislation sponsored by Senator Chris Hansen, D-Denver, and Senator Bob Rankin, R-Carbondale, that will save Coloradans millions of dollars on their property taxes over the next two years.

SB22-238 will provide $700 million in property tax relief over two years for homeowners and businesses, helping families stay in their homes and cutting costs for businesses statewide. 

“The cost of housing is at an all-time high here in Colorado and people are feeling the pain, which is why we’re working to provide immediate property tax relief that will help families all across the state save money,” Hansen said. “This property tax relief package delivers help to homeowners and businesses as property values continue to rise, and will help more families to stay in their homes, all without cutting education funding or the critical services Coloradans depend on to thrive.”

The bill allocates $500 million in 2023 to reduce the nonresidential property tax rate from 29 percent to 27.9 percent, and will reduce the tax rate for residential property from 6.95 percent to 6.76 percent. The bill also reduces the taxable value for commercial properties by $30,000, and $15,000 for residential properties.

Further, SB22-238 provides an additional $200 million to extend the property tax relief enacted last year by SB21-293. These savings will reduce property taxes for homeowners by an average of $274 in 2023 on a $500,000 home, and will provide significant savings for every business in the state.

SB22-238 will now move to the House for further consideration. Follow the bill’s progress HERE.