COMMERCE CITY ~ Governor Jared Polis, alongside Representatives Chris deGruy Kennedy and Mike Weismann, Senate President Steve Fenberg and Senator Chris Hansen, signed a law that will refer property tax changes to the ballot and provide major property tax cuts for seniors, businesses and homeowners. This proposal is in response to the increasing cost of housing in Colorado, with homeowners receiving notices showing increases in the value of their homes between 30-40% and up to 70% in some communities.

The proposal gives Colorado voters the opportunity this November to vote on a ballot measure to prevent significant increases in their property taxes. It is estimated that the average homeowner will save $1,078 over the next two years and over $3,417 over the next five years. Seniors who moved and lost their senior homestead exemption will be able to claim the benefit again and save an average of $5,700 over the next five years. Businesses with $1 million in property value will save an average of $4,306 over the next two years and $12,402 over the next five years. In 2024, there will be $900 million in property tax relief and $167 million in retained revenue for backfill; while in 2025 there will be $1 billion in property tax relief and $358 million in retained revenue for backfill.

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"This common-sense proposal cuts taxes for property owners, seniors and businesses and ensures the funding for local service providers," said Governor Polis. "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."

In addition to 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; Governor Polis also signed SB23-304 Property Tax Valuation sponsored by Senators Chris Hansen and Steve Fenberg, Representatives Bob Marshall and Shannon Bird which is designed to save businesses money by providing them with more certainty and transparency when it comes to commercial property valuation.

If approved by voters this November, this proposal would cut expected increases on average home values from $1,073 under current law down to just $615 (Realtors data shows that average home values increased from $503,000 at June 2020 -the start of valuation period -to$723,000 at June 2022 -the end of valuation period).

The Governor's office is hopeful that this proposal will provide much needed relief for Colorado homeowners as well as businesses while also ensuring that local service providers are adequately funded.

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