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Gov. Polis signs $700 million property tax relief bill, other cost-saving legislation

The state Senate and House approved the bipartisan-sponsored bill nearly unanimously, with only two legislators voting against it.

DENVER — Gov. Jared Polis on Monday signed a host of bills into law that supporters say will save Coloradans money, including a measure to provide property tax relief in 2023 and 2024.

The largest cost-saving measure of the bunch, Senate Bill 238 is expected to offer $700 million in property tax relief by reducing the taxable value of business properties by $30,000, reducing the taxable value of homes by $15,000 and changing assessment rates from 29% to 27.9% for commercial properties and from 6.95% to 6.765% for residential properties.

Video above: Polis pitches property tax relief that includes some money already due back to taxpayers

“Every Coloradan will be able to hold onto a little more green,” Polis said during the bill signing ceremony on Monday. “It’s great progress for the business community, for homeowners to fight rising costs.”

The state estimates the bill will provide homeowners $274 in average property tax refund based on a home value of $500,000, with more for higher-valued properties. For commercial properties, the savings will be around $1,000 by providing 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 legislators voting against it. Republicans and Democrats alike said the measure would help residents at a time of soaring inflation and rising cost of living. 

>9NEWS readers can read the full article at Colorado Politics.

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