Special Session Tracker 2023
Lawmakers are debated a range of issues at the Colorado General Assembly during their 2023 Special Session. This tracker focuses on the topics in bills with majority support and will be updated throughout the session as the proposals are subject to change.
Property Tax Reduction
Property tax is a local tax, but the state controls important levers, including the assessment rate and the amount of value taxed.
Proposal: Reduce assessment rate to 6.7 percent from 6.765 percent and exempt the first $55,000 in a home’s value from taxation. For the a home valued at $400,000, which was the median home value in Colorado at the last assessment, this is a savings of 42 percent on the expected tax increase.
Local Government Backfill
Local governments count on property taxes to provide services residents expect.
Proposal: $200 million to fully reimburse schools and fire districts for any losses. Other districts with less revenue growth than the rate of inflation will receive backfill. Districts in which value has increased by less than 15 percent over the prior year also will receive backfill. All backfill comes from General Fund.
Rental Assistance
Helping low- to moderate-income renters afford to stay in their homes.
Proposal: $30 million to assist renters earning 80 percent of area median income or less who are at risk of eviction or displacement.
Earned Income Tax Credit
The EITC helps working families afford basic expenses. It’s the most effective way to target assistance to renters at risk of losing their homes.
Proposal: Colorado would raise its state EITC to 50 percent of the federal EITC. Currently, Colorado’s EITC is 25 percent of the federal credit.
TABOR rebate
State tax dollars collected above TABOR limits can be used in several specific ways, including rebates to taxpayers.
Proposal: Flat refund checks, estimated to be more than $800, for each Colorado taxpayer.
