Colorado Legislature Approves Property Tax Relief Deal

Bipartisan agreement aims to prevent drastic budget cuts by withdrawing controversial ballot measures.

The deal reduces residential property tax rates to 6.3%-6.4% and commercial rates to 25%.
It caps property tax revenue growth for local governments at 5.25% and school districts at 6%.
The agreement ensures stability for local services by extending state backfill through 2025.
Progressive Democrats criticized the deal for benefiting wealthier homeowners disproportionately.
Governor Polis is expected to sign the bill, prompting the withdrawal of Propositions 50 and 108.