The Colorado Legislature convened for an emergency session on Nov. 17. Through their discussions seven bills were introduced to provide relief for the upcoming property tax increases. Four of those bills were signed into law on Monday by Gov. Jared Polis.
“After the people of our state rejected both the Gallagher and the Prop HH amendments, we have a real-life situation where across the state, assessment went up by about 40%,” Polis said Monday. “Most Coloradans’ income didn’t go up by that level. And we need to cut property taxes now.”
Tax bills that will come due in the spring will be reduced under the new property tax relief law. The law will increase the residential deduction from property values from $15,000 to $55,000 and temporarily reduce the assessment rate that determines how much of the property value is taxed. The amount of that impact is determined by the home’s value and the mill levies in the owner’s region.
A rental assistance program with $35 million of federal money will receive a $30 million addition to keep renters from being evicted in the early part of 2024.
Income taxpayers will receive an $800 flat refund due to the new law. Low-income worker who qualify for the federal Earned Income Tax Credit will receive double the 25% match the state usually issues on their Colorado state taxes next year.
