DENVER– This week, the Colorado Senate Republicans returned to the state capitol and succeeded in delivering even more property tax relief for the people of Colorado. 

Thanks to efforts spearheaded by Ranking JBC Member Barbara Kirkmeyer, House Bill 24B-1001 will deliver hundreds of millions of dollars in property tax relief for the people of Colorado by cutting the current tax assessment rate and capping its annual growth. 

“Coloradans from every corner of our state are crying for property tax relief,” Senator Kirkmeyer said. “Some of my constituents, including my 94-year-old neighbor, have told me they might have to move out of the home they have lived in for decades because property taxes have jumped so dramatically. I am proud to have led this effort to return a permanent cap on the annual assessment rate increases and cut the current assessment rate. This bill will finally give Coloradans the immediate and permanent property tax relief they have desperately requested.” 

House Bill 24B-1001 makes numerous changes that will provide much-needed tax relief for the people of Colorado. First, the bill cuts property tax assessment rates for residential, nonresidential, and vacant properties starting in the 2025 tax year. Second, the bill will lower local governments’ property tax revenue limits and create school property tax limits. Third, the bill provides relief for our state’s seniors by making adjustments in valuation for qualified senior primary residences.

The Senate Republicans also succeeded in stopping the Democrats’ disastrous resolution, which, if passed, would have made it difficult for Coloradans to lower their taxes. House Concurrent Resolution 24B-1001 was passed in the House but was withdrawn by Democrat sponsors following pressure from the Colorado Senate Republicans.

This year, the Senate Republicans fought tirelessly to deliver real and substantial economic relief for Coloradans. House Bill 1001 accompanies the Senate Republicans’ Senate Bill 24-233, which passed earlier this year. The bill brought Coloradans $1.3 billion in property tax relief– the largest property tax cut in our state’s history.

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