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Bill to Safeguard K-12 Education, Lower Property Taxes for Coloradans to be Signed!

Posted on: May 14, 2024
Posted By: CEA Communications
Posted in: Legislative & Political | Press
Tagged: Press Release

CONTACT
Bethany Morris
Colorado Education Association
bmorris@coloradoea.org
432-553-8747

FOR IMMEDIATE RELEASE
May 14, 2024 

Bill to Safeguard K-12 Education, Lower Property Taxes for Coloradans to be Signed!

DENVER, CO — This afternoon, Governor Polis is set to sign SB24-233, Property Tax, a bill that safeguards funding for K-12 education while also providing property tax relief for Coloradans across all four corners of the state. The bill was drafted and debated after months of bipartisan effort from the Commission on Property Tax of, which the Colorado Education Association Vice President, Kevin Vick, served upon.

“After months of hard work on the Commission on Property Tax, a bipartisan, long-term solution to the ever-rising property taxes in the state has been signed,” said Amie Baca-Oehlert, high school counselor and President of CEA. “This piece of legislation will reduce property taxes on hardworking Colorado home and business owners while also protecting school funding.”

SB24-233, sponsored by Senators Chris Hansen and Barbara Kirkmeyer as well as Representatives Chris deGruy Kennedy and Lisa Frizell, will ensure that homeowners in Colorado won’t have an increase in property taxes this year as well as reduce statewide local taxes by more than $1 billion.

Additionally, starting in 2026, the bill provides progressive property tax relief by reducing assessed value by 10% for homes valued at $700,000 or less. The bill would also reduce the commercial property assessment rate from 29% to 25% by 2027. Finally, the bill would also cap local property tax growth at 5.5% starting in 2025. To protect K-12 funding, the bill increases the school rate for residential properties to 7.15%.

Before SB24-233 was introduced, Initiatives 50 and 108 loomed over Colorado, threatening to bring devastating cuts to our schools and local communities. These measures would recklessly cut $3 billion per year from local community budgets, delivering big tax cuts to wealthy homeowners and big corporations but doing very little for seniors, the middle class, small businesses or rural Coloradans. Plugging funding gaps that large would require major cuts to state funding for education, healthcare and transportation. Coloradans need property tax relief, but Initiatives 50 and 108 are the wrong way to do it.

“Unlike Initiatives 50 and 108, SB24-233 brings a balanced approach that demonstrates our commitment to both economic stability and educational excellence in our state. By implementing this legislation, we are ensuring that our homeowners and entrepreneurs receive much-needed relief without compromising the quality of education for our students,” said Baca-Oehlert. “In addition to Initiatives 50 and 108 delivering catastrophic cuts to our communities, we know that voters are confused and are not sold on these measures.”

A recent survey, conducted by Aspect Strategic on behalf of the Colorado Education Association, demonstrates that if the election were held today, fewer than four in ten likely voters would be inclined to support either Initiative 50 or Initiative 108. Read more about that survey in our polling memo.

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About the Colorado Education Association
The Colorado Education Association is a membership-based organization that represents nearly 40,000 Colorado education professionals. The CEA promise to our students and communities is that the members of the Association will lead the way in guaranteeing every student access to the best public education. By working collectively with all education stakeholders, we will provide the best public education for every student and assure Colorado’s standing as an excellent state in which to learn, live, work, and raise a family.

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