Jeff is a digital journalist with the Denver7 team.
DENVER — As Colorado homeowners struggle to navigate rising property valuations and higher tax bills, state leaders on Monday announced a bipartisan bill to bring down property tax bills in the short term and over the next several years.
Legislators said SB24-233 would bring property tax relief to Colorado homeowners by allowing them to exempt 10% off the first $700,000 actual value of the property. For the 2024 property tax bill, the valuation “is 27.9% of the amount equal to the actual value of the property minus the lesser of $30,000 or the amount that causes the valuation for assessment of the property to be $1,000,”
“We will be providing homeowners and business owners with immediate financial relief fostering economic growth across our state and providing stability in local communities,” said Senator Kirkmeyer. “This bill also balances meaningful relief while ensuring the state can maintain its fiscal health, where the state of Colorado will be able to make critical investments still in higher education, in K-12 education, in public safety well into the future.
SB24-233 Senate Bill 233 Bill To Lower Property Taxes In Colorado Colorado Governor Lawmakers Strike A Deal On Property Tax Relief Colorado Legislative Session 2024 Colorado Legislature Colorado Property Taxes Commercial Property Taxes In Colorado Governor Jared Polis
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