Saving Coloradans money on their property tax bills, protecting funding for schools and local governments, making Colorado small businesses more competitive, while avoiding risky ballot measures

DENVER - On September 4, 2024, after receiving official notice that risky Initiatives 50 and 108 were removed from the ballot, Governor Polis signed HB24B-1001 - Property Tax, sponsored by Representatives Julie McCluskie and Rose Pugliese and Senators Chris Hansen and Barbara Kirmeyer, into law.

“Today we answered the calls of hardworking Coloradans who urged us to reduce the property tax rate. This tax cut builds on our efforts to lower the cost of housing in our state, ensuring life in Colorado is more liveable and affordable for everyone. I thank the legislators for coming together to provide our fellow Coloradans with more bipartisan property tax relief and a stronger cap to prevent major future increases. I am proud to sign this tax cut into law and look forward to continuing our work to ensure Colorado remains the best state to live, grow a business, and raise a family in,” said Governor Polis.

“Building on the bipartisan success of SB24-233, this legislation represents the culmination of more than six years of work to craft sustainable, responsible property tax reform in the wake of the Gallagher repeal,” said Senator Chris Hansen, D-Denver. “This new law is the product of partnership, compromise, and a shared commitment to the people of Colorado. The Commission on Property Tax, local governments, schools, and countless other stakeholders all have been involved in a public discussion of an extremely complicated problem – resulting in policy that provides both meaningful relief to taxpayers and stability for essential community services. In recent years, we have been able to secure a stronger future for Colorado by ending the negative factor for education funding, establishing sustainable funding paths for higher education and Medicaid providers, and now with this policy, we can avoid the devastating impacts of Initiatives 50 and 108 and protect the progress we’ve already made.”

“We are committed to making Colorado a more affordable place to live, and with this new law we’re delivering additional property tax relief to homeowners and small businesses in a responsible way while protecting funding for our schools, parks, libraries and community institutions,” said McCluskie. “Two initiatives from wealthy special interests on the November ballot would de-fund schools, lengthen emergency response times, and strip health care away from our most vulnerable Coloradans. Stopping these measures with small changes to the bipartisan property tax package from last session is a win for Colorado, our schools and local governments,” said Speaker Julie McCluskie.

Savings from this special session, combined with savings from SB24-233 passed earlier this year, will save Coloradans across the state hundreds of dollars on their property taxes. In Denver, the median home price is $709,920 and the average savings for Coloradans on their tax bill will be $233.47 in Tax Year 25 and $259.91 in Tax Year 26. In Adams County, the median home price is $556,660 and the average savings will be $324.22 in Tax Year 25 and $366.42 in Tax Year 26. In Garfield County, with the median home price of $540,700, the average savings will be $188.52 in Tax Year 25 and $214.03 in Tax Year 26. In Pueblo County the median home price is $326,260 and the average property tax savings will be $173.26 in Tax Year 25 and $196.36 in Tax Year 26. In El Paso County, the median home price is $514,820, and the average savings in Tax Year 25 will be $143.30, and in Tax Year 26 will be $160.82. These reflect 5.6% and 6.3% savings, respectively.

“I’m proud of this historic legislation that will give Coloradans much needed property tax relief, while protecting critical services that we all rely on. People and businesses have been struggling with the high cost of living in our state and this will put a couple hundred additional dollars back into people's pockets. Colorado is at its best when everyone can afford to live here and we came together to help make that happen,” said Senator Barb Kirkmeyer.

“I’m proud to sponsor this bill that will help Coloradans keep more of their hard-earned money while smoothing the fluctuations in property taxes in the future. This collaborative effort is delivering much-needed relief for the people of our state,” said House Minority Leader Rose Pugliese.

View the signing statement for HB24-1001.