The Colorado legislature concluded a four-day special session by making modest cuts to property taxes on Thursday, temporarily ending the political conflicts that have dominated the Capitol. The deal aims to provide long-term relief and stability to over 4,000 entities funded by property taxes, including schools and fire districts.

House Bill 1001, which received final approval from the Senate, builds upon a tax package signed earlier in the year. The new measure adds $254 million in cuts to the previously approved $1.3 billion reductions. It is expected to reduce the average homeowner’s property tax bill by $60-80 in the 2025 tax year and $179 the following year.

The passage of the bill also led to the withdrawal of two ballot measures that proposed stricter growth limits and deeper tax cuts. While the bill received bipartisan support, some lawmakers criticized the lack of involvement in the negotiation process.

Advance Colorado, the group behind the withdrawn ballot initiatives, has agreed not to propose any other property tax-related initiatives for at least six years. However, some legislators remain skeptical about the long-term impact of the deal.

Looking ahead, debates on property tax relief and funding for fire districts are expected to continue in future sessions. Lawmakers introduced various proposals during the special session, setting the stage for further discussions.