DENVER — Ahead of a special session for the Colorado state legislature, the state's Commission on Property Tax reviewed several bill proposals set to be discussed.
Governor Jared Polis called the special session earlier this month to address property tax relief. It will begin Monday at 10 a.m.
The special session will address a pair of ballot measures — Proposition 108 and Initiative 50 — that are set to go before Colorado voters in November. If approved, the measures would significantly cut property taxes, which Polis argued would jeopardize funding for critical services across Colorado.
"We've been trying to make sure that those are not going to be implemented," said Senator Chris Hansen, the commission's chairman.
The commission has been working with proponents of the ballot measures for weeks to create a framework that would cap the amount that school districts would be allowed to tax property owners, so long as supporters withdraw the ballot measures. The last day to withdraw ballot initiatives is in early September, so the commission's goal is to come to an agreement before that deadline.
The commission's framework would build upon Senate Bill 24-233, a bipartisan bill passed during regular session that allows homeowners to exempt 10% off the first $700,000 actual value of their property.
Representative Lisa Frizell told Denver7 that she expects to see between 15 to 20 bills discussed during the special session. The commission reviewed three bills during its meeting.
The proposed legislation would lower assessment rates for the county to between 6.3 to 6.4 percent depending on the rate of value increase from year to year. School district assessment rates would be between 6.95 to 7.05 percent. Both rates would be lower than what was established under SB24-233.
"It is a really tricky situation, creating a balance between local government funding that keeps our society civilized and making sure that our property owners are not overly taxed, which they often are," said Frizell.
Polis said he would not sign any legislation passed during the special session until he gets confirmation from the Colorado secretary of state that Proposition 108 and Initiative 50 were pulled from the ballot.
It's unknown how long the special session will last, but Hansen hopes to have a resolution by Thursday. Previous special sessions have lasted two to five days.
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