DENVER (KKTV) – The Colorado House of Representatives passed bill HB24B-1001 on Wednesday in hopes it will help reduce property taxes.

Both Democrats and Republicans in the House of Representatives expressed their opinions on the bill.

“We want to make Colorado a more affordable place to live, and with this bill we are responsibly providing additional property tax relief while securing funding for our schools, parks, libraries and community facilities,” said Speaker Julie McCluskie, D-Dillon. “Two initiatives from wealthy special interest groups on the November ballot would defund schools, increase emergency response times and strip health care from our most vulnerable Coloradans. Stopping these measures with small changes to last session’s bipartisan property tax package is a victory for Colorado, our schools and local governments.”

A press release from House Republicans said the bill was “not a perfect solution.”

“This bill is a balanced, bipartisan plan to provide additional property tax relief to Coloradans,” said Republican Minority Leader Rose Pugliese of El Paso County. “Our local governments need stability to plan their budgets and provide essential services. It also protects property tax exemptions for our seniors, disabled and veterans in our communities. Our constituents look to us for help and I am proud of the work we have done with this bill to provide them with additional property tax relief.”

The bill will now be presented to the Senate.

Click here to read the bill.

Democrats in the House of Representatives provided charts showing how tax rates are calculated:

Residential Assessment Rates (RARs)

Depending on the growth of the assessed value (AV) between the property tax years 2024 and 2025, there are two ways to adjust the RARs:

*RARs and value allowances apply to and can be combined with the Senior Homestead Exemption.

Assessment rates for non-residential buildings and personal property

Non-residential assessment rates and exemptions apply to both schools and local governments. Oil, gas and producing mines remain excluded from this classification.

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