DENVER, Colo. (KRDO) — The House Transportation, Housing and Local Government Committee passed legislation yesterday to provide short-term property tax relief. The bill passed committee by a vote of 9-4.
SB23B-001 would increase the property value exemption for multifamily and single family residential properties from $15,000 to $55,000 and decrease the residential assessment rate from 6.765 percent to 6.7 percent for the 2023 tax year.
To offset revenue loss resulting from these property tax reductions, this bill would transfer $135 million of general fund dollars to the State Education Fund to be used to backfill school districts’ budgets, and would appropriate $65 million of general fund dollars to be used to backfill fire districts and local government services.