(The Center Square) – The ballot items are withdrawn, ink is dry on the bill and everyone is claiming victory as Coloradans will see a reduction in property taxes after years of spikes.

“Today, Colorado taxpayers are the winners,” Michael Fields, president of Advance Colorado, said in a statement.

Advance Colorado and Colorado Concern worked to gather thousands of signatures to get two items on the November ballot to “cut and cap” property taxes. Many Democratic legislators joined local municipalities, fire districts and school districts in stating the passage of the initiatives would have significant negative impacts on those entities since operating revenue comes from property taxes.

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Before announcing the special legislative session, Governor Jared Polis negotiated a deal where a bill favorable to Advance Colorado’s objectives would be passed in exchange for the ballot initiatives being withdrawn.

“Our goal over the past two years has been to solve the state’s property tax crisis through a significant and permanent property tax cut and an enforceable cap to prevent future tax spikes,” Fields said. “Coloradans across the political spectrum have made it clear that they need substantial and meaningful property tax relief. Today, that is what this new law delivers.”

House Bill 24B-1001 changes property value assessment rates beginning in the 2024 property tax year. The law modifies a property tax growth limit for some local government entities and creates a property tax growth limit for school districts.

“I’m proud to sponsor this bill that will help Coloradans keep more of their hard-earned money while smoothing the fluctuations in property taxes in the future,” House Minority Leader Rose Pugliese, R-Colorado Springs, said in a statement. “This collaborative effort is delivering much-needed relief for the people of our state.”

The bill Polis signed Wednesday would only take effect if Senate Bill 24-233 took effect. Signed into law by Polis May 14, no part of it would have taken effect if voters approved the two November ballot measures. The law changes property valuation assessments beginning in the 2024 property tax year, sets a property tax limit, and changes the property tax deferral program.

“Today we answered the calls of hardworking Coloradans who urged us to reduce the property tax rate,” Polis said in a statement. “This tax cut builds on our efforts to lower the cost of housing in our state, ensuring life in Colorado is more livable and affordable for everyone.”

Polis office provided estimated property tax savings for the following areas:

• Denver: Median home price is $709,920; average savings will be $233.47 in tax year 2025 and $259.91 in 2026.
• Adams County: Median home price is $556,660; average savings will be $324.22 in 2025 and $366.42 in 2026.
• Garfield County: Median home price is $540,700; average savings will be $188.52 in 2025 and $214.03 in 2026.
• Pueblo County: Median home price is $326,260; average savings will be $173.26 in 2025 and $196.36 in 2026.
• El Paso County: Median home price is $514,820; average savings in 2025 will be $143.30 and $160.82 in 2026.