Also happening today, it's the final day of our state's
legislative session,
and there's plenty of stuff they still have to finish
and some stuff that probably won't get finished.
Well, on the docket, a bill that would give homeowners
relief from high property taxes that passed the Senate.
So let's break down what that means for you because
this will have a financial impact on everyone who owns
a home.
Courtney.
Yep, good morning. That's exactly right.
Those homeowners and of course those business owners as well.
It's kind of all intertwined into this bill that those
state lawmakers are working at,
as we speak at the Capitol right here behind us
in downtown Denver.
Now, this is big news for Sky,
high property taxes, a new bill that's already making major
progress at the Capitol and kind of came in last
minute.
Now, the problem started years ago when the Gallagher Amendment
was repealed from that amendment and made sure commercial property
taxes made-up the majority of the state's property tax revenue.
But that hurt some businesses and voters moved to get
rid of it.
Now this last minute bill sponsors say we'll make sure
a difference in property values doesn't hurt rural areas in
the state,
where values tend to be a lot lower than more
populous areas,
say like Denver versus Kiowa,
or there's more small cities across our state.
Now that's important because services need that money and those
taxes to help fund.
Now if you take a peek at Zillow,
the average home value in the state of Colorado is
just around $550,000.
It might be a little bit higher that especially especially
more dense populations now sponsors for this bill saying.
A 7 to 10% reduction for homes capping at $700,000
or less statewide is a way to make sure the
relief helps everyone,
but even homes of more value will still receive that
discount.
The biggest winner are businesses and homeowners because.
They are not going to be seeing the spikes,
but also because we are reducing property taxes in the
state of Colorado.
By $1.3 billion in 2025.
Now sponsors for this bill,
they say it will bring some relief to Coloradans who
obviously owned those properties.
Now, we do know that two lawmakers,
they did vote against it,
but they were the only two that did.
And possibly today, since today is the last day,
they could make some changes because there are several layers
to this bill.
Of course, we'll bring that update if it becomes available.
But for now, live in Denver,
Courtney from Fox 31. All right,
a lot to track, Courtney.
Thank you.