Bipartisan legislation to provide real relief to Colorado homeowners and businesses builds upon bold work saving Coloradans money on universal preschool, putting $400 back in Coloradans’ pockets
DENVER — Today, Colorado Governor Jared Polis joined Senator Chris Hansen, Senator Bob Rankin, Majority Leader Daneya Esgar, and community leaders to announce another major money saving measure: bipartisan property tax relief to save Colorado homeowners and businesses money. Colorado currently has among the lowest residential property tax rates in the country, and today’s announcement builds upon the Polis Administration’s work since day one to provide property tax relief to Coloradans and put money back in the pockets of hardworking Coloradans.
“I want to make sure we leave no stone unturned to ensure Coloradans can hold on to more of their hard-earned money. This property tax relief builds on our work to save people money including healthcare savings, free preschool, and sending out $400 rebates as quickly as possible,” said Gov. Polis. “We are acting now to provide immediate relief to homeowners and business owners, help people stay in their homes, and save you money.”
The property tax relief package will provide $700 million in property tax relief over two years for homeowners and businesses. These savings will help families stay in their homes and remain in the neighborhoods they’ve lived in for decades, and will reduce costs for businesses statewide.
“The cost of housing is at an all-time high here in Colorado and people are feeling the pain, which is why we’re working to provide immediate property tax relief that will help families all across the state save money,” said Senator Chris Hansen, D-Denver. “This property tax relief package delivers help to homeowners and businesses as property values continue to rise, and will help more families to stay in their homes, all without cutting education funding or the critical services Coloradans depend on to thrive.”
“With nearly every part of our state seeing rising home values, we are taking action quickly to save people money on their property taxes and housing costs,” said Majority Leader Daneya Esgar, D-Pueblo. “Many small business owners won’t see their property taxes go up at all, even as their properties rise in value. This legislation will also improve the assessment process to make it more fair to taxpayers and builds on our work last year to provide property tax relief to Coloradans and make our state more affordable.”
“We’re doing everything we can to put money back into people’s pockets,” said Rep. Mike Weissman, D-Aurora. “Families are going to save thousands from our efforts to make housing more affordable, lower health care costs, reduce property taxes, make our tax code fairer for hardworking Coloradans, implement free universal preschool and send $400 and $800 refund checks early this September. With Colorado seeing one of the fastest job recoveries in the nation, we’re delivering on our promise to help people afford the rising cost of living by saving them money wherever we can.”
Property tax relief is a part of the Polis Administration and legislature’s commitment to save Coloradans money, including saving people money on healthcare, making early childhood education and child care affordable, implementing universal preschool to help save families $4300 per year, reducing vehicle registration fees, cutting the cost of a state parks pass to $29, reducing payroll taxes, delaying any new fees on gas, and more.
In a rapidly increasing real estate market, this property tax relief package, combined with the property tax reductions passed last year, will reduce property taxes for homeowners by an average of $274 in 2023 on a $500,000 home and will provide significant savings for every business in the state.