Colorado Governor Calls Special Session to Tackle High Property Taxes

Governor Jared Polis has announced a special legislative session set to begin on August 26, lasting at least three days, to discuss a compromise regarding two contentious property tax ballot measures. This agreement aims to provide approximately $270 million annually in tax relief, contingent upon the withdrawal of the proposed measures by their supporters. Polis emphasized the need for stability and predictability in property tax regulations, stating, "Having this fight every six months to a year is not good for the state." The compromise proposes to cap property tax revenue increases at 5.25% for local governments and 6% for schools, a more moderate approach than the original proposals that sought a 4% cap. The agreement has garnered support from a diverse coalition, including both conservative and progressive groups, with the understanding that future property tax measures will not be introduced if the deal is upheld. Proponents, including representatives from Advance Colorado and Colorado Concern, have expressed their commitment to this arrangement. Polis highlighted the importance of clear communication with voters regarding the cap, allowing local governments to seek voter approval to opt out. The proposed changes also include a reduction in the residential assessment rate for the 2025 tax year and a fixed commercial rate starting in 2027. The governor has stated he will not endorse the legislation until the ballot measures are officially withdrawn, reinforcing his commitment to providing financial relief to homeowners.