Colorado legislature passes key bills on the last day of session

DENVER, Colo. (KKTV) – Lawmakers left some of the most important decisions for the final days and hours.

“It has been painstakingly negotiated and worked on over months and months and months,” District 45 Representative Lisa Frizell said.

Before the Colorado legislature adjourned… Lawmakers gave final approval on Senate Bill 233. A bill that supporters say will save Coloradans over one billion dollars on property taxes.

The bill, which has bipartisan support, would give many homeowners a larger exemption and an average of 300 to 400 dollars per year. Frizell says this bill is geared toward avoiding future spikes in your property taxes like many people saw just months ago.

“I know that citizens have felt the pain not just when they saw their property value notice value last May not just when they open their property tax bill,” Frizell said.

How you receive your TABOR refund in years when Colorado has a surplus will also change. The legislature sent a major plan to lower *income tax rates next year by .15% to the governor.

In a statement, Governor Polis said this:

“No one should be priced out of their home because they can’t afford their property tax bill and this bipartisan effort will help support current and future homeowners, as well as the success of Colorado small businesses…. “I also look forward to sales tax reductions in future years under the new TABOR formula to prevent overtaxation.”

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