Colorado State Senate passes property tax relief on third day of special session

Posted at 5:28 PM, Nov 19, 2023
and last updated 2023-11-20 07:23:38-05

DENVER — On the third day of Colorado’s special session, one of the arguably most controversial bills passed the Senate on the third reading.

“This is real relief for real people that live in our district,” said Sen. Christopher Hansen, D-Denver.

After Colorado voters said no to Prop HH, Colorado senators said yes to a property tax relief bill aimed at helping with the fast-rising property values in our state.

The bill will increase the residential property value deduction to $55,000 and decrease the residential assessment rate.

Republicans strongly opposed the bill.

“It adds all kinds of complexity and it takes advantage of TABOR which that notion was rejected by the voters of Colorado,” said Sen. Mark Baisley, R-District 4.

It will now work its way through the House before a final vote.

Colorado State Senate passes property tax relief on third day of special session

Over in House chambers on the third day of special session, the Democratic majority passed a bill to send an additional $30 million in rental aid to keep at-risk renters housed. The money will be given to non-profits which will direct it to landlords.

“I think that it's really important that we make sure we keep people in our house in their houses. It with every possible measure, regardless of whether you're a renter or you own property,” said Rep. Tim Hernandez, D-Denver.

The special session is expected to finish up on Monday.

Today two priority bills have now passed in both chambers and are headed to the governor's desk. One doubles the earned income tax credit for 2023 and the other appropriates money to staff the property tax deferral program.

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