Colorado Gov. Jared Polis called the state legislature back into special session Thursday to address the issue of rising property taxes, marking the second time in less than a year that lawmakers have met outside of their regular term to work on the issue.

The special session will begin on August 26 and last at least three days, the minimum time required to pass a bill.

“The cost of inaction is too high. We refuse to gamble with our schools, our economy and our future. The proposed ballot measures threaten to cut funding for K-12 and higher education, and Coloradans are counting on us to find a way forward that saves people money on property taxes while preserving these important institutions,” Polis said in a statement.

In exchange for additional legislation to further cut tax rates and limit growth, conservative groups said they would withdraw from the November ballot two ballot bills that state and local officials fear would have disastrous effects on their budgets and ability to provide services. Initiative 50 would set a cap on annual property tax growth statewide. Initiative 108, which has yet to be signed into law, would lower the assessment rate used for property taxes and result in $2.4 billion less revenue in 2026, according to state economists.

Polis said he will not sign any legislation passed during the special session until those two initiatives are taken off the ballot. Supporters of the initiatives have until Sept. 6 to do so.

A deal proposed for the session, worked out behind closed doors, would cut another $255 million in taxes owed in 2026. It builds on Senate Bill 24-233, which lawmakers passed in the final days of this year’s regular session, and would cut taxes by more than $1 billion.

The deal would further reduce residential tax rates for school districts and local governments and keep commercial and agricultural tax rates under SB 233. It would also further reduce the commercial tax rate. It would also impose two-year growth caps on school districts and local governments.

This is the third special session Polis has called as governor.

This article first appeared in Colorado News Linea sister site to the Nebraska Examiner in the States Newsroom network.