"While this is an important first step to reining in Coloradans' property tax burden, it cannot be the last."
DENVER (Sept. 5, 2024) – After Governor Polis signed bipartisan property tax relief into law, NFIB State Director Tony Gagliardi issued the following statement commending lawmakers for their efforts to lower Coloradans’ property tax bill, without raiding the Taxpayer Bill of Rights (TABOR) refunds.
“As the foundation of Colorado’s economy, small business owners are grateful to Governor Polis and the General Assembly for coming together to provide greater predictability in our property tax system, while protecting Coloradans’ TABOR refunds. By cutting the current tax assessment rate and capping its annual growth, this agreement provides needed relief to our job creators, homeowners, and working families.
“While this is an important first step to reining in Coloradans’ property tax burden, it cannot be the last. Pushing this issue off for another six years or until another tax debacle arises would be wrongheaded. Instead, ahead of the next regular session, lawmakers should focus on further reducing Coloradans’ tax bill, so we can compete with our neighbors, improve our economic environment, and allow more family-owned businesses to thrive.”
Background:
During the 2023 regular session, NFIB Colorado successfully defeated ballot Proposition HH, which under the guise of property tax relief, put Coloradans’ TABOR refunds at risk of being eliminated.
The compromise agreement reached during the special session between Gov. Polis, Sen. Barbara Kirkmeyer, Sen. Chris Hansen, Rep. Julie McCluski, and Rep. Rose Pugliese, and the business community cuts property taxes without touching Coloradans’ TABOR refunds.
Small business owners will benefit these tax cuts in 2025. As reported by the Colorado Sun, “In the 2025 tax year, most nonresidential property taxes will begin falling from 29% today to the 25% commercial tax rates found in Senate Bill 233 by the 2027 tax year.”
