DENVER - Earlier today, Governor Polis, legislative leadership and legislators announced a bipartisan, long-term solution to save Coloradans money on their property taxes, building on the billions of dollars in savings the state has provided over the last three years. 

This proposal will ensure that Colorado homeowners don’t see an increase in their property taxes for 2024. In 2025 and beyond, this proposal would reduce property taxes by 7-10% compared to current law for homes valued at $700,000 or less, meaning between $300-$400 in savings for homeowners. Savings will depend on local mills and any changes in assessed home values. Governor Polis called on the legislature to cut property taxes for Coloradans in his 2024 State of the State address. 

Here is what education, business, real estate and community leaders are saying about this historic solution. 

“The Colorado Education Association applauds the bipartisan effort to find a responsible legislative solution to rising property tax costs and hope that this compromise will preclude continued ballot brinkmanship. CEA is particularly grateful for the prioritization and protection of public education funding in SB 24-233. Schools are the cornerstone of our society, and CEA remains deeply committed to the cause of ensuring that every child in Colorado has access to the resources and supports they need for a high-quality public education,” said Amie Baca-Oehlert, Colorado Education Association President. 

“In representing the statewide business community on the property tax commission, it was critical to ensure that reductions in both residential and nonresidential property rates were included in the final recommendations. Businesses and individuals across Colorado have faced historic rate increases that threaten our economic growth on a broad scale, from driving up the cost of doing business to exacerbating the housing affordability crisis. This solution is a balanced approach for critical property tax relief while protecting voter-approved bonds for housing and infrastructure needs across the state,” Loren Furman, President & CEO, the Colorado Chamber of Commerce.

“The Colorado Association of REALTORS applauds the legislative commitment to providing long-term property tax relief, especially meaningful relief on commercial properties. This bill is good for Coloradans and provides critical stability for property owners,” said the Colorado Association of REALTORS.

“I am pleased with the bipartisan tax bill being introduced today. Involving county commissioners as part of the task force and CCI early on giving local leaders a seat at the table early in the process has resulted in a workable tax bill that will benefit all Coloradans and is a step in the right direction,” said Commissioner Dan Williams, Teller County.

“This is an excellent example of the Colorado way. When we are at our best, we come together on behalf of the people of this great state to solve our toughest challenges. This agreement will provide meaningful property tax relief while protecting funding for our state’s critical services, like higher education. This is a responsible path forward and I thank all those who compromised to reach the agreement,” said Todd Saliman, President, the University of Colorado. 

“The hard work of finding common ground is the basis of our system. A deal that can find support on both sides of the aisle, with property tax relief and funding for essential public services is something we are delighted to endorse,” said Dr. Tony Frank, Chancellor of CSU System.

“As the Community College Chancellor, I am proud to express my full support and appreciation for this bipartisan property tax relief package that has emerged from extensive months of listening and discussion. This effort and thoughtful process plays a crucial role in protecting our local districts, including our k-12 education systems, thereby alleviating the strain on the state General Fund in future years that higher education institutions often compete for,” said Colorado Community College System Chancellor Joe Garcia.  

“CCI is proud to have worked closely with the Property Tax Commissioners, legislators, and the Governor's office to provide meaningful property tax relief for Coloradans. While we recognize this may not be the perfect plan, we appreciate the teamwork and the effort to reach a bipartisan solution. It truly is the Colorado Way to bring all parties to the table to work together to solve complex problems,” said Don Suppes, President of CCI Board of Directors (Delta County).