After receiving official notice that risky Initiatives 50 and 108 were removed from the ballot, I signed a new bipartisan law House Bill 24B-1001 - Property Tax this month.
This new law provides immediate as well as ongoing property tax cuts for hardworking Coloradans by cutting the residential and commercial property tax rates and capping future increases. The law saves Coloradans money on utility bills while ending the property tax wars and protecting our schools and local taxing districts from the devastating effects of the proposed ballot initiatives.
We answered the calls of hardworking Coloradans who urged us to reduce the property tax rate. This tax cut builds on our efforts to lower the cost of housing in our state, ensuring life in Colorado is more liveable and affordable for everyone. Savings from this special session, combined with savings from SB24-233 passed earlier this year, will save Coloradans across the state hundreds of dollars on their property taxes.
I thank the legislators for coming together to provide our fellow Coloradans with more bipartisan property tax relief and a stronger cap to prevent major future increases. I look forward to continuing our work to ensure Colorado remains the best state to live, grow a business, and raise a family in.
Providing Tax Cut For Colorado Greenhouses and other Agricultural Businesses
On September 6, I signed HB24B-1003, Business Personal Property Tax Exemptions at Gotham Greens’ greenhouse in Aurora.The bill will help Colorado greenhouses and other agricultural businesses save more, and make certain property tax exemptions permanent, including an exemption for equipment used in greenhouses to grow food.
We are breaking down barriers and cutting taxes for Colorado greenhouses, helping to keep more money in the pockets of the hardworking Coloradans who help strengthen our economy. The growing indoor agriculture sector is water and land efficient and can produce crops year round; this tax cut will help attract additional investment to this key area and support our growing businesses.
