Colorado Legislature Approves Major Property Tax Reform

In a bid to stabilize property taxes, Colorado lawmakers pass significant legislation amidst looming ballot initiatives.

Senate Bill 233 proposes a 7-10% reduction in property taxes for homes valued under $700,000, aiming to alleviate financial pressures on homeowners.
The legislation also includes a cap on property tax revenue growth at 5.5%, with local districts retaining the option to seek voter approval for increases.
Commercial property taxes are set to decline, with assessment rates reducing annually until they reach 25% by 2027.
The bill attempts to counteract potential budget shortfalls from ballot initiatives that could significantly lower assessment rates.
Efforts to restore wetland protections erased by a recent Supreme Court decision were also finalized, ensuring environmental safeguards.