SB 23-108

Senate Bill 23-108 allows local governments in Colorado to offer temporary property tax relief by reducing taxes or providing credits. This relief must be renewed each year and cannot lower school district taxes below a set minimum. The bill was signed into law on June 5, 2023, and will take effect on August 7, 2023. This means that starting in August, local governments can start implementing temporary property tax reductions for residents.

Official Summary

The act allows a local government to provide temporary property tax relief through temporary property tax credits or mill levy reductions and later eliminate the credits or restore the mill levy. A temporary reduction in property taxes must be annually renewed by the local government. A school district may not temporarily reduce its mill levy below an existing statutory minimum mill levy amount. APPROVED by Governor June 5, 2023 EFFECTIVE August 7, 2023 NOTE: This act was passed without a safety clause and takes effect 90 days after sine die. (Note: This summary applies to this bill as enacted.)

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