08/29/2024 | Press release | Distributed by Public on 08/29/2024 11:32
DENVER - Today, Governor Polis released a statement on the conclusion of the successful 2024 Special Session which will help address property tax challenges facing hardworking Coloradans and protect Colorado's future.
"Today we took an important step for Colorado to end the property tax wars. With this bipartisan effort, we are saving hardworking Coloradans money on property taxes, saving households money on utility bills, making our small businesses more competitive, and protecting funding for our schools. I thank our legislative leaders for coming together to deliver savings for Coloradans. I look forward to seeing the risky ballot measures pulled down and signing this legislation into law so small businesses and homeowners can keep more of their hard earned money," said Governor Polis.
The framework outlined in this bill reduces the assessment rate for all residential property from 6.4% to 6.25% unless statewide value growth exceeds 5% from 2024 to 2025, in which case it would decrease to 6.15%. It also lowers the assessment rate for schools district mill levies to 7.05 percent from 7.15 percent, unless statewide actual value growth exceeds 5 percent from 2024 to 2025, in which case the rate will decrease to 6.95 percent. The assessment rate for school district mill levies is set at the 2025 level for all future property tax years. Nonresidential assessment rates. For all district mill levies, most nonresidential classes - except for oil and gas, producing mines, improved commercial, and agricultural - from 29 percent to 27 percent.
Savings from this special session, combined with savings from SB24-233 passed earlier this year, will save Coloradans across the state hundreds of dollars on their property taxes. In Denver, the median home price is $709,920 and the average savings for Coloradans on their tax bill will be $233.47 in Tax Year 25 and $259.91 in Tax Year 26. In Adams County, the median home price is $556,660 and the average savings will be $324.22 in Tax Year 25 and $366.42 in Tax Year 26. In Garfield County, with the median home price of $540,700, the average savings will be $188.52 in Tax Year 25 and $214.03 in Tax Year 26. In Pueblo County the median home price is $326,260 and the average property tax savings will be $173.26 in Tax Year 25 and $196.36 in Tax Year 26.
Along with the additional property tax savings provided to homeowners and small businesses during this session, Xcel, Black Hills and Tri-State are required to pass property tax savings from this legislation on to their customers, saving Xcel, Black Hills, and Tri-State customers about $100 per household over the next five years on their energy bills.
The Governor will plan to sign this bill once Initiatives 50 and 108 are pulled from the ballot.
The bipartisan legislation passed during this special session is the latest in a number of steps Governor Polis and the legislature have taken to reduce property taxes. Earlier this year, Governor Polis signed the bipartisan SB24-233, which reduced property taxes by $1.3B for 2024 and 2025, providing an average of $500 in relief for Colorado families, while prioritizing school funding revenue. During the 2023 special session, the General Assembly passed bipartisan legislation to further reduce residential property tax rates to 6.7% of actual value and increased the amount that is exempt from taxation from $15,000 to $55,000. SB22-238, passed with bi-partisan support, reduced the residential property assessment valuation for 2023 and 2024 from 7.15% to 6.765% of actual value and 29% to 27.9% of actual value for nonresidential property.
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