Governor Polis Signs $700 Million Property Tax Relief Bill, Another Legislation Aimed at Cutting Costs | Legislature
Gov. Jared Polis on Monday signed a series of bills that supporters say will save Coloradans money, including a measure to provide property tax relief in 2023 and 2024.
The biggest saving measure of the group, Senate Bill 238is expected to deliver $700 million in property tax relief by reducing the assessed value of commercial properties by $30,000, lowering the assessed value of homes by $15,000 and raising assessment rates by 29% to 27.9% for commercial properties and 6.95% to 6.765% for residential properties.
“Each Coloradan will be able to keep a little more green,” Polis said during the bill signing ceremony on Monday. “This is great progress for the business community, for owners to fight against rising costs.
The state estimates the bill will provide homeowners with $274 in average property tax rebates based on a home value of $500,000, with more for higher value properties. For commercial properties, the savings will be approximately $1,000 by offering the first reduction in commercial assessment rates in 40 years.
The state Senate and House approved the bipartisan-sponsored bill nearly unanimously, with only two lawmakers voting against it. Republicans and Democrats said the measure would help residents at a time of soaring inflation and rising costs of living.
“This is a half a billion dollar tax cut. Who isn’t excited about this? said Rep. Patrick Neville, R-Castle Rock, co-sponsor of the bill. “When they told me about this, I had no choice but to sign. … Anything we can do to alleviate those taxes, I totally agree.”
During the signing ceremony, Polis also gave its final approval to House Bill 1351which will delay gas costs and reduce vehicle registration costs, saving the average Coloradan just under $13 by the end of 2023, and House Bill 1416to adapt the administrative procedures for appeals in matters of property assessment.
Polis said the bills deliver on the promise he made in his January State of the State address to save Colorados money and make the state more affordable. However, critics said Democrats take credit for addressing accessibility issues caused by their own policies. , accusing the party of trying to appease voters for the upcoming election.
For HB 1351 specifically, the $0.02 per gallon bill delay charge was created by SB21-260 — a 10-year, $5.4 billion plan backed by Democrats to build roads and bridges, create electric vehicle charging stations, boost public transportation and mitigate air pollution.
“I voted against the fees in the first place, I don’t think they should be here,” said Sen. Paul Lundeen, R-Monument, in voting against HB-1351 in May. “When you realize you’re going the wrong direction, the right thing to do is turn around. Instead of turning around, this bill says, “Let’s take a break.” »
Polis is expected to sign six more bills by the end of the day: Senate Bill 6 increases the sales tax revenue a retailer can keep; Senate Bill 146 investing $25 million in the Middle Income Housing Access Program; House Bill 1230 extends the Employment Support and Retention Program; House Bill 1004 delays the increase in driver’s license fees; Senate Bill 124 provides federal income tax relief; and, House Bill 1001 reduces business filing fees.