Senator Jeff Bridges of Greenwood Village raised his hand in support of the Democrats’ priority property tax relief bill during a special session at the Colorado Capitol. Lawmakers are making efforts toward providing economic aid for lower-income Coloradans and address the housing and cost issues affecting homeowners and renters. Despite criticism from Republicans for not advancing enough property tax relief, Democratic legislators are working on a comprehensive relief plan, including a property tax fix and rental assistance, for homeowners and renters.
The special session’s penultimate day saw the passage of two bills to be signed into law by Gov. Jared Polis, which will expand staffing for a property tax deferral program and double the state’s Earned Income Tax Credit program. However, debates around Democrats’ primary tax relief legislation contnued, with Republicans criticizing it for providing insufficient relief while Democrats are defending it as a compromise and starting point for future measures. The bill aims to decrease a home’s value for taxation and cut the assessment rate, aiming to mitigate property tax increases, but Republicans have called for more relief, particularly for commercial property owners.
In addition to property tax cuts and rental assistance, other measures such as doubling the EITC match and providing equal refund checks under the Taxpayer’s Bill of Rights are under consideration. While debates around funding sources for property tax relief have dominated discussions, legislators are expected to finalize the session on Monday, with various bills, including proposals for rental aid, set to make their way to Polis’ desk. Overall, the special session in Colorado has seen a push by Democratic legislators to address a range of economic challenges facing homeowners and renters through comprehensive relief measures.
