By Heather Willard | FOX31
Just days after announcing there would be TABOR refunds for Colorado residents in 2025, the state has announced how much money each Coloradan household can expect to receive.
TABOR, or the Taxpayer’s Bill of Rights, is an amendment to the state constitution that limits how much revenue Colorado governments can retain and requires that Colorado residents vote to approve any tax increases. The overages are refunded to Colorado taxpayers.
In an audit released on Oct. 14, the Colorado Office of the State Auditor said the state has $1.4 billion in excess revenue, which translates into TABOR refunds. This is a fair bit lower than what was collected during the 2023 tax year when the state reported it was returning some $3.28 billion to Colorado taxpayers.