Colorado lawmakers look to cut property taxes in special session
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Colorado homeowners would get an additional $80 property tax break in a new bill advancing in a special legislative session that began Monday.
Why it matters: The measure is designed as a compromise to end a four-year battle about how to address rising property taxes and make Colorado a more affordable place to live.
State of play: The meager reduction totaling $167 million adds to the $1 billion tax cut put in place in the legislative session that ended in May by lowering assessment rates and capping local government tax growth.
- The combined package hopes to placate outside organizations demanding steeper cuts and ease concerns from state and local governments that lower property tax collections will devastate their budgets.
What they're saying: "We are here today to do a little bit more," Senate President Steve Fenberg (D-Boulder) said, noting the rise in property taxes, which shot up as much as 33% in Denver.
Between the lines: Without the additional tax cuts, conservative organizations intend to seek voter approval in November for much larger property tax breaks, through Initiatives 50 and 108, which total $2.4 billion.
- Top lawmakers and other critics contend the decrease in tax revenue would bankrupt state and local government budgets, threatening core services such as education and health care.
Yes, but: If the legislation passes, the backers of the initiatives have agreed to halt their efforts and adhere to a six-year moratorium on running similar ballot questions.
What's next: The special session is expected to last until Thursday.