Gov. Polis signs property tax bill passed during Colorado's Special Session

Gov. Jared Polis signed a property tax bill into law after it was passed by Colorado lawmakers during last month's Special Session. Supporters claim the cuts will save homeowners and small businesses over $1.5 billion every year.

The law is also designed to prevent large spikes in property taxes similar to what many Colorado homeowners experienced last year.

The measure passed with bipartisan support.

The Office of State Planning and Budget says the compromise -- combined with another bill passed in the spring -- will cut taxes $200-$300 a year depending on where you live.

Homeowners will save $233 on average next year in Denver, $324 in Adams County, $188 in Garfield County and $173 in Pueblo. The savings go up in 2026.

Taxes will also drop for commercial and industrial property owners, including utilities that are required to pass the savings on to ratepayers. Maybe most importantly, the compromise bill caps future increases at 5% to 6% going forward.