By Marissa Ventrelli | Colorado Politics
With just one day left in the legislative session, an eleventh-hour property tax deal has unanimously cleared two House committees and secured approval at its second reading on the floor.
The bipartisan Senate Bill 233, announced the day before, marks the culmination of months of conversations between the governor, legislators and groups like Colorado Concern, Colorado Counties Inc. and the Bell Policy Center.
This bill gradually decreases commercial property assessment rates from 29% to 25% over three years and introduces two reductions in residential property valuations: from 6.8% to 6.7% for multifamily units and from 7.06% to 6.7% for all other residential properties.