DENVER – In advance of a special session of the Colorado State Legislature, the state Property Tax Commission has reviewed several legislative proposals that are up for discussion.

Governor Jared Polis called the special session earlier this month to discuss the property tax relief. It begins Monday at 10 a.m.

The special session will address two ballot bills – Proposition 108 and Initiative 50 – that are scheduled to go before Colorado voters in November. If passed, these bills would significantly reduce property taxes, which Polis said would jeopardize funding for critical services across Colorado.

“We have tried to ensure that these are not implemented,” said Senator Chris Hansen, chairman of the commission.

Governor Polis calls special session on property tax relief

The commission has been working with ballot measure supporters for weeks to create a framework that would limit the amount of taxes school districts can pay to property owners if supporters withdraw the ballot measures. The last day to withdraw ballot initiatives is early September, so the commission’s goal is to reach an agreement before that deadline.

The commission’s framework would build on Senate Bill 24-233, a bipartisan bill passed during the regular session that allows homeowners to deduct 10% of the first $700,000 of the actual value of their property from their taxes.

Rep. Lisa Frizell told Denver7 she expects between 15 and 20 bills to be discussed during the special session. The commission considered three bills during its meeting.

The bill would reduce county assessment rates to between 6.3 and 6.4 percent, depending on the year-to-year rate of appreciation. School district assessment rates would be between 6.95 and 7.05 percent. Both rates would be lower than the rates established under SB24-233.

“It’s a really delicate situation to balance local government funding that keeps our society civilized and making sure our property owners aren’t overtaxed, which is often the case,” Frizell said.

Polis said he would not sign any legislation passed during the special session until he received confirmation from Colorado’s Secretary of State that Proposition 108 and Initiative 50 were removed from the ballot.

It is not known how long the special session will last, but Hansen hopes to have a resolution by Thursday. Previous special sessions have lasted two to five days.