DENVER ~ In a move to provide much-needed relief to Coloradans, Governor Jared Polis signed HB24B-1001 - Property Tax into law today. The bill, sponsored by Representatives Julie McCluskie and Rose Pugliese and Senators Chris Hansen and Barbara Kirmeyer, aims to save Coloradans money on their property tax bills while also protecting funding for schools and local governments.

The signing of this bill comes after the removal of two risky initiatives, 50 and 108, from the ballot. Governor Polis expressed his gratitude towards the legislators for coming together to provide bipartisan property tax relief and a stronger cap to prevent major future increases.

According to Senator Chris Hansen, this legislation is the result of more than six years of work in crafting sustainable and responsible property tax reform. He emphasized the importance of partnership, compromise, and a shared commitment to the people of Colorado in creating this policy.

Representative Julie McCluskie echoed this sentiment, stating that the bill builds on previous efforts to lower the cost of housing in Colorado. She also highlighted the potential negative impacts of Initiatives 50 and 108, which would have defunded schools, lengthened emergency response times, and stripped healthcare from vulnerable Coloradans.

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The savings from this special session combined with those from SB24-233 passed earlier this year will result in hundreds of dollars in savings for Coloradans on their property taxes. In Denver alone, with a median home price of $709,920, homeowners can expect an average savings of $233.47 in Tax Year 25 and $259.91 in Tax Year 26.

Senator Barb Kirkmeyer expressed her pride in sponsoring this historic legislation that will provide much-needed relief while also protecting critical services. House Minority Leader Rose Pugliese also praised the collaborative effort behind this bill.

Overall, this legislation aims to make Colorado a more affordable place to live for all its residents. Governor Polis emphasized the importance of ensuring that everyone can afford to live in the state, and this bill is a step towards achieving that goal.

The signing of HB24B-1001 - Property Tax into law marks another success for Colorado in securing a stronger future for its residents. With previous efforts such as ending the negative factor for education funding and establishing sustainable funding paths for higher education and Medicaid providers, this bill adds to the progress made in protecting the state's well-being.

Coloradans can look forward to seeing the impact of this legislation on their property tax bills in the coming years, with an average savings of 5.6% and 6.3% in Tax Years 25 and 26, respectively. The signing statement for HB24-1001 can be viewed for more information on this bill.

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