Colorado state representatives approved legislation to temporarily cut property taxes, voting unanimously Friday to send the bill to the governor’s desk.
Senate Bill 22-238 would temporarily reduce residential and commercial property tax assessment rates, providing $700 million in savings over two years for Colorado homeowners and businesses. Lawmakers and Gov. Jared Polis, who first announced the property tax relief package last week, said the cuts were needed at a time when soaring home values and the recent repeal of the Gallagher Amendment, which had constrained growth in residential property taxes, are driving up tax bills across the state.
SB-238 was led by two members of the influential Joint Budget Committee — Sens. Chris Hansen, a Denver Democrat, and Bob Rankin, a Carbondale Republican — along with Rep. Mike Weissman, an Aurora Democrat, and Patrick Neville, a Republican from Castle Rock. It increases and expands the property tax cuts lawmakers passed last year through Senate Bill 21-293, which temporarily reduced assessment rates for most types of property.