Colorado lawmakers begin to advance compromise to further reduce property taxes

Colorado lawmakers convenes a special session to address property tax reform.

A deal struck between legislative leaders, the governor and the groups behind a pair of ballot measures that seek further property tax cuts.

The groups promised to withdraw their initiatives if the deal becomes law.

Failure to pass the compromise would mean voters will decide whether to adopt deeper tax cuts this November .

The House Transportation and Local Government unanimously greenlighted the bill to reduce state education revenue by $ 900,000 in its first year and by double that the following year .

It now awaits a hearing from the House Appropriations Committee .

The Senate Finance Committee voted unanimously to indefinitely postpone the resolution, but several members expressed interest in discussing land value tax during next year's regular session.

The bill would have sent a referral to the 2025 ballot that would have created a new residential property class.

County assessors, while not taking a position on the bill, said it would saddle them with additional workload.

It died on a 7 -3 vote in the House Appropriations Committee .