Colorado legislature aims to finalize property tax relief, other aid

Colorado lawmakers have returned to the State Capitol on Monday morning for the fourth — and possibly final — day of a special session aimed at providing relief from skyrocketing property taxes, rents and other cost-of-living expenses for Coloradans.

The House and Senate both reconvened shortly after 10 a.m.. Together they have five bills scheduled for final floor votes and, if needed, discussions to reconcile details between the versions passed by each chamber. The outstanding bills include the majority Democrats’ main property tax relief measure.

Lawmakers successfully passed two of the Democrats’ other priority bills on Sunday, with those headed to Gov. Jared Polis for his signature. The rest proceeded through preliminary votes to ensure they could be scheduled for final votes Monday.

Those that passed were HB23B-1002, which doubles the state’s match to 50% for the federal Earned Income Tax Credit for 2023 returns filed early next year; and HB23B-1008, which appropriates money to the state Department of Treasury to staff a property tax deferral program.

The governor called the special session after the state’s voters rejected Proposition HH in the Nov. 7 election. The ballot measure had targeted a reduction in homeowners’ upcoming property taxes, which rising due to surging property values across the state that average about 40% at the median. The measure also would have sent money to school districts, local governments and special districts that rely on property tax revenue for their annual budgets.

The major property tax relief bill, heavily opposed by Republicans, passed the Senate on Sunday and is set to be heard in the House on Monday. If the House passes it with amendments, it will need to return to the Senate for a concurrence vote.

The bill would raise the deduction from residential properties for tax purposes to $55,000, up from $15,000. It also would reduce the assessment rate that is used to determine how much of that value will be taxed under mill levies set by local taxing authorities.

Another bill still on the table is one that, at Polis’ request, would create a property tax task force to convene by June 2024. The panel would be charged with recommending tax reforms and other proposals to reduce property taxes to the General Assembly by October. The text of the bill was significantly changed on Sunday ahead of final votes on the rewritten version.

Other remaining bills include one that would increase the state’s allocation for a rental assistance program — which is aimed at preventing evictions — by $30 million, increasing the current fiscal year’s budget to $65 million. The money would go to nonprofit organizations and, in turn, to landlords to keep at-risk tenants in their apartments and homes. It must be spent by June 30.

The House had a late Sunday night, adjourning for the day just before midnight — with only minutes to spare before the deadline to take preliminary floor votes on its remaining bills and make them eligible for final votes Monday. Otherwise, the session would continue through Tuesday because of timing rules.

Colorado lawmakers have returned to the State Capitol on Monday morning for the fourth — and possibly final — day of a special session aimed at providing relief from skyrocketing property taxes, rents and other cost-of-living expenses for Coloradans.

The House and Senate both reconvened shortly after 10 a.m.. Together they have five bills scheduled for final floor votes and, if needed, discussions to reconcile details between the versions passed by each chamber. The outstanding bills include the majority Democrats’ main property tax relief measure.

Lawmakers successfully passed two of the Democrats’ other priority bills on Sunday, with those headed to Gov. Jared Polis for his signature. The rest proceeded through preliminary votes to ensure they could be scheduled for final votes Monday.

Those that passed were HB23B-1002, which doubles the state’s match to 50% for the federal Earned Income Tax Credit for 2023 returns filed early next year; and HB23B-1008, which appropriates money to the state Department of Treasury to staff a property tax deferral program.

The governor called the special session after the state’s voters rejected Proposition HH in the Nov. 7 election. The ballot measure had targeted a reduction in homeowners’ upcoming property taxes, which rising due to surging property values across the state that average about 40% at the median. The measure also would have sent money to school districts, local governments and special districts that rely on property tax revenue for their annual budgets.

The major property tax relief bill, heavily opposed by Republicans, passed the Senate on Sunday and is set to be heard in the House on Monday. If the House passes it with amendments, it will need to return to the Senate for a concurrence vote.

The bill would raise the deduction from residential properties for tax purposes to $55,000, up from $15,000. It also would reduce the assessment rate that is used to determine how much of that value will be taxed under mill levies set by local taxing authorities.

Another bill still on the table is one that, at Polis’ request, would create a property tax task force to convene by June 2024. The panel would be charged with recommending tax reforms and other proposals to reduce property taxes to the General Assembly by October. The text of the bill was significantly changed on Sunday ahead of final votes on the rewritten version.

Other remaining bills include one that would increase the state’s allocation for a rental assistance program — which is aimed at preventing evictions — by $30 million, increasing the current fiscal year’s budget to $65 million. The money would go to nonprofit organizations and, in turn, to landlords to keep at-risk tenants in their apartments and homes. It must be spent by June 30.

The House had a late Sunday night, adjourning for the day just before midnight — with only minutes to spare before the deadline to take preliminary floor votes on its remaining bills and make them eligible for final votes Monday. Otherwise, the session would continue through Tuesday because of timing rules.