COLORADO — Colorado lawmakers are meeting this week for a special session to figure out how to lower property taxes as home values continue to rise across the state.
The special session will expand on legislation passed earlier this year, SB24-233which changed how property taxes will be calculated for tax year 2025 and beyond. The goal is to prevent a pair of ballot measures from being voted on this November, critics say the ballot questions would significantly reduce revenue coming into the state to pay for schools and other programs.
SB24-233 added revenue limits or how much money can be collected for local taxing districts at 5.5%, there are some exceptions like home rule municipalities and school districts.
One of the biggest changes that came with the bill is the creation of two different assessment rates to calculate taxes for school districts versus all the other taxing districts property owners pay for. Previously, homeowners paid an assessment rate to calculate all of the taxes they owe.
The new bill added separate rates to calculate tax amounts for school districts.
The assessment rates will still vary for various property types, traditionally the rates have been divided up between residential and non-residential. For example, most businesses will have a higher assessment rate of 25% for tax year 2025.
Keep in mind, the specific numbers for these rates are all likely to change during the special session this week, but here's the case under current state law. State lawmakers are considering reducing the assessment rates for both of these formulas during the special session.
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Is it 'truly' affordable to live in Colorado Springs?
How easy is it to find an affordable home? If someone earns $51,000 a year and a third of their income goes to rent, they would need to find an apartment for about $1,280 a month. News5's Eleanor Sheahan takes you on a journey searching for this answer.
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