Statement from Senate Republican Leadership on the Upcoming Property Tax Special Session

DENVER– The Colorado Senate Republican leadership issues the following statement in response to the call for a Special Legislative Session to address property taxes.
“During this year’s legislative session, we succeeded in bringing the people of Colorado the largest property tax cut in our state’s history. As pleased as we are of our monumental achievement, we have always maintained that more work was necessary to bring Colorado taxpayers relief. Now is the time to work on further lowering property taxes, which have skyrocketed in Colorado in the last few years. We are eager to return to the Gold Dome later this month and continue our efforts to bring permanent and substantial relief for Colorado’s taxpayers by lowering property valuation rates for both residential and nonresidential properties. We expect our Democrat colleagues in the majority will choose to work with us and actually consider our solutions as we return to the legislature later this month.”
During this year’s legislative session, the
Senate Republicans succeeded in passing the largest property tax cut in our state’s history
without raiding TABOR.
Senate Bill 24-233
, championed by
Senator Kirkmeyer (R - Weld County)
, institutes a local district revenue growth cap at 5.5%. Any revenues collected above this cap is returned to the taxpayers in the form of temporary property tax credits or temporarily reduced mill levies.
Also this year,
the Senate Republicans succeeded in passing the largest income tax relief in Colorado’s history
with the passage of
Senate Bill 24-228
. The bill, championed by Senate Minority Leader
Paul Lundeen (R - Monument)
, returns approximately $450 million in tax dollars to the people of Colorado by creating new income tax reductions under TABOR, as well adding a sales and use tax cut to the current TABOR refund mechanisms.
Together, Senate Bills 24-233 and 24-228
will bring almost $2 billion in tax relief
to the people of Colorado. Nevertheless, the Senate Republicans are resolved to continue to deliver even more relief to Coloradans.
###