Colorado House Bill 24B-1001 was introduced to reduce property taxes for businesses. The legislation passed in a special session, provides relief by lowering assessment ratios for commercial properties, starting with a reduction to 27% in 2024 and further decreasing over the next few years.
The bill is part of a broader effort to prevent two potentially damaging ballot measures, which could have led to cuts in essential public services like education, healthcare, and fire response. It also gives more flexibility to local governments to retain revenue, particularly in low-growth cycles, ensuring public services remain funded.
What It Means for Colorado Commercial Property Owners
For commercial property owners, HB24B-1001 provides direct financial relief by reducing the taxable value of your properties, which will result in lower property tax bills. The gradual reduction in assessment ratios means businesses will see steady tax savings over the coming years, helping to improve cash flow and profitability.
Take Advantage of the Latest Tax Relief
While the assessment ratio does not impact the assessed value of your property, it does reduce the tax burden if the assessed value remains unchanged. At Catalyst Property Tax, we specialize in helping commercial property owners navigate these changes. Contact Catalyst Property Tax Consultants today to find out how we can assist you in reducing your property tax burden and fully capitalize on the latest legislation.