This year, the Colorado Senate Republicans succeeded in passing Senate Bill 233, the largest property tax cut in our state’s history, all without raiding Coloradans’ TABOR refunds.
Championed by ranking JBC member Barbara Kirkmeyer, the bill institutes a local district revenue growth cap at 5.5%, and returns any revenues collected over this cap. The bill also reduced assessment rates for both commercial and noncommercial properties. Homeowners can expect to see residential rates decrease over the next two years, ultimately resting in 2026 at 6.95% after a 10% reduction on the first $700,000 of actual value. Homeowners in school districts can expect their assessment rate to be capped at 7.15% after a $55,000 reduction of actual value. The assessment rate for commercial property taxes will be capped at 27% in 2025, 26% in 2026, and 25% in 2027 and beyond.
Total Relief: $1.3 BILLION
SPONSOR: Senator Kirkmeyer
STATUS: SIGNED INTO LAW
This year, the Colorado Senate Republicans succeeded in passing Senate Bill 233, the largest property tax cut in our state’s history, all without raiding Coloradans’ TABOR refunds.
Championed by ranking JBC member Barbara Kirkmeyer, the bill institutes a local district revenue growth cap at 5.5%, and returns any revenues collected over this cap. The bill also reduced assessment rates for both commercial and noncommercial properties. Homeowners can expect to see residential rates decrease over the next two years, ultimately resting in 2026 at 6.95% after a 10% reduction on the first $700,000 of actual value. Homeowners in school districts can expect their assessment rate to be capped at 7.15% after a $55,000 reduction of actual value. The assessment rate for commercial property taxes will be capped at 27% in 2025, 26% in 2026, and 25% in 2027 and beyond.
Total Relief: $1.3 BILLION
SPONSOR: Senator Kirkmeyer
STATUS: SIGNED INTO LAW
Total Relief: $450 MILLION
SPONSOR: Senator Lundeen
STATUS: SIGNED INTO LAW
Thanks to the Colorado Senate Republicans, the people of Colorado will receive the largest income tax cut in our state’s history. Senator Lundeen’s Senate Bill 228 created new income tax reductions under the Taxpayers Bill of Rights, and added a sales and use tax cut to the current TABOR refund mechanisms. In total the people of Colorado can expect to receive about $450 million in tax relief thanks to this bill.
Thanks to the Colorado Senate Republicans, the people of Colorado will receive the largest income tax cut in our state’s history. Senator Lundeen’s Senate Bill 228 created new income tax reductions under the Taxpayers Bill of Rights, and added a sales and use tax cut to the current TABOR refund mechanisms. In total the people of Colorado can expect to receive about $450 million in tax relief thanks to this bill.
Total Relief: $450 MILLION
SPONSOR: Senator Lundeen
STATUS: SIGNED INTO LAW