The Colorado Senate passed a bill Sunday, Nov. 19th, during a special session to lower property taxes next year.
The bill reduces the residential assessment rate from its current 6.765 percent down to 6.7 percent. The legislation also allows multifamily and single-family property owners to exempt between $15,000 and $55,000 from their property values. Republicans strongly oppose the bill.
The legislation also makes $200 million in state funding available to schools and special districts to back-fill any lost revenue because of the lower assessment rate.
It will now work its way through the House before a final vote.
Over in the House of Representatives, lawmakers passed a bill that aims to provide an additional $30 million in rent relief next year. Lawmakers had already passed legislation to provide $35 million in relief. The new legislation increases that total to $65 million which will be given to non-profits which will direct it to landlords.
The special session is expected to finish up today, Nov. 20th.