Colorado Passes House Bill 24B-1001 to Cut Property Taxes

Colorado lawmakers passed House Bill 24B-1001, a bipartisan effort to lower property taxes statewide. Signed by Governor Jared Polis, the bill reduces tax assessment ratios for both residential and commercial properties. Commercial ratios will drop from 27.9 to 27% in 2025, with further reductions through 2027. Residential property owners will also see lower tax ratios, contingent on statewide property value growth.

The bill aims to stabilize the tax environment and prevent harmful ballot initiatives that could cut local services. While praised for offering tax relief, critics say it may favor larger businesses. Supporters, however, see it as crucial for building economic competitiveness and safeguarding public services.