Denver—Today, the Senate Finance Committee approved Senator Bob Gardner's (R-Colorado Springs) bill to provide tax relief for residential property owners. The bill, Senate Bill 17-078, lowers the tax rate for storage units used to house personal property by reclassifying them from commercial property to residential.
"Classifying storage units where Coloradans house their keepsakes, or use as additional living spaces as commercial property is simply misleading,” said Gardner. "My bill is a commonsense approach to give hardworking Colorado families the relief they need whether their family is growing or downsizing, and I am glad the committee agreed to help middle class Colorado homeowners today."
Senate Bill 17-078 moves on to a vote of the Committee on Appropriations.