A deal to prevent a potential property tax battle in Colorado has cleared a major legislative hurdle, with the House passing a measure to provide additional tax relief to homeowners and property owners. The bill, House Bill 1001, would reduce property tax collections by about $254 million and save the average homeowner about $62 for the upcoming property tax year. The bill also expands tax cuts for nonresidential properties. The true importance of the bill lies in preventing initiatives 50 and 108, which could force deeper cuts to property taxes and strict revenue caps on local governments, from reaching the November ballot.
Lawmakers are now focusing on ensuring that Advance Colorado and its allies do not pursue similar property tax measures for at least six years if the bill passes. Despite frustrations from some lawmakers about the special session process, the bill passed in the House with bipartisan support. The bill’s sponsors emphasized the importance of providing assurances to communities and families that property tax cuts will not severely impact essential services.
The bill now heads to the Senate for final passage, with a vote expected before the end of the week. The successful passage of this legislation would not only provide relief to property owners but also prevent potential ballot measures that could have significant financial implications for local governments. By coming to a bipartisan agreement, lawmakers hope to secure stability in property tax rates for the foreseeable future.
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