The Colorado Springs City Council voted unanimously today to approve a 2024 property tax reduction for residents. By capping local rates, the City will provide approximately $6.2 million of property tax relief.
“Because of new property assessments, property taxes have increased for many. Early in my administration, we identified that we could take this proactive step to provide relief and avoid potential TABOR limits,” said Mayor Yemi Mobolade. “Thank you to City Council for working quickly to help get this relief for residents.”
The City expects to exceed the property tax revenue limits allowed under the Colorado Taxpayers Bill of Rights, also known as TABOR. The City chose to proactively reduce the amount of property tax owed to the City, instead of collecting the taxes and either refunding the money later or asking voters to keep the taxes for another purpose.
The City’s share of property owner’s 2022 property tax bill payable in 2023 was 3.929 mills, which included a temporary mill levy credit of 0.35 mills, equating to approximately 7% of your property taxes. The 2023 property tax rate to be collected in 2024 includes a temporary mill levy credit of 0.70 mills for a total City mill levy rate of 3.579 which is approximately 6.7% of property taxes.