Property tax, TABOR bills pass committee

GRAND JUNCTION, Colo. (KJCT) - On Friday state lawmakers convened for a special session at the state capitol to address the property taxes you will pay next year.

Governor Jared Polis called upon lawmakers to fix costly bills many Coloradans are expected to face. This happened after voters rejected proposition HH in the November election.

Since the special session two of the seven democratic backed priority bills are now heading to Gov. Polis’s desk. HB23B-1002 doubled the earned income tax credit for 2023.

HB23B-1008 allocated money to the state Department of Treasury to staff the property tax deferral program.

The bill to provide equal tabor refunds and property tax relief passed committee. SB23B-001 will increase the property value exemption for multifamily and single-family residential properties from $15,000 to $55,000 and decrease the residential assessment rate from 6.765 percent to 6.7 percent. The bill was passed with a 9-4 vote.

SB23B-003 will change the tabor refund mechanism for the 2023 tax year to provide equal refunds for all taxpayers. Over 60%of filers and everyone making under $100,000 per year would receive higher tabor refunds under this bill. The bill passed with a 7-4 vote.

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