DENVER– Today, Senate Bill 23-108 passed unanimously in the Senate. Championed by Senator Mark Baisley, the bill will allow local governments to temporarily reduce property taxes by providing tax credits or reducing the mill levy and later eliminate the tax credits or restore the mill levy.
Senator Baisley’s bill comes at a critical time amidst record inflation and skyrocketing cost of living in this state. The average Denver-metro household is spending $921 more per month compared to 2020. As reported by the Bureau of Labor Statistics, the Denver-metro area had the fourth highest inflation among 23 cities since 2020.
“Coloradans continue to struggle financially, and that is why I am very glad to see this bill pass in the Senate,” Senator Baisley said. “By allowing local governments to temporarily reduce mill levies, we are creating a real opportunity to support Coloradans during this affordability crisis created by unfortunate liberal policies.”
Senate Bill 23-108 was one of three Republican tax relief bills considered last month. Senate Bill 23-106 would have indefinitely extended a tax credit allowing Colorado veterans to deduct certain federal retirement benefits from their income; Senate Bill 23-107 would have extended a current property tax exemption to seniors and disabled veterans who have to change residencies due to medical necessity. Both Senate Bills 23-106 and 23-107 were killed along party lines in the Senate State, Veterans, & Military Affairs Committee last month.
The bill will be considered in the House in the following weeks.