Colorado Lawmakers Plan for Major Tax Relief Session

Colorado Governor Jared Polis has called a special legislative session starting August 26 to address soaring property taxes and finalize a compromise deal. The session aims to provide an estimated $270 million in tax relief annually, adding up to a billion dollars in total relief when combined with previous measures. The compromise will cap revenue growth at 5.25% for local governments and 6% for schools, and it will reduce the residential and commercial property tax rates. If the deal passes, proponents of two contentious ballot measures, Propositions 108 and 50, will withdraw them. This agreement is supported by various stakeholders, including business groups and local mayors, who warn that the ballot measures could harm public services. The special session marks the second time in a year that Polis has convened lawmakers to tackle property tax issues in the state.