The Colorado legislature is making progress in its special session dedicated to property taxes and relief for residents grappling with the rising cost of living. On the third day of the session, the House and Senate convened to discuss bills from the other chamber.

In an update at 1:10 p.m., the Senate passed SB23B-001, the most contentious bill of the session, on third reading with a technical amendment. The bill aims to increase the residential property value deduction for taxes to $55,000 for multifamily and single-family residential properties while decreasing the residential assessment rate. It also widens the criteria for local taxing districts to qualify for full reimbursement of lost property tax dollars due to state cuts.

Although the Senate passed a technical amendment, requested by the bill drafters, before the third reading vote, Republicans voted against both the amendment and the bill itself. Now, the bill will move through the House for further votes.

In another update at 11:30 a.m., the state Senate approved two Democratic-backed priority bills via a party-line vote. HB23B-1002 doubles the earned income tax credit for 2023, while HB23B-1008 appropriates funds to the state Department of Treasury to staff the property tax deferral program. The bills received unanimous support from Democrats and opposition from Republicans. These bills now await Governor Jared Polis' signature after passing without changes or amendments.

Following the successful votes, the Senate went into recess to discuss proposed changes to SB23B-001, the property tax relief bill. After the recess, the Senate will conduct a third and final vote on the bill, which will then proceed to House committees and chamber for approval.

Earlier in the day at 11:05 a.m., in the House, Democrats passed a bill to allocate $30 million in rental aid for at-risk tenants, effectively doubling the state's rental assistance fund. The aid will be distributed to nonprofits to ensure tenants can stay in their homes. House Republicans unanimously opposed the bill, criticizing it for not doing enough for renters. However, Democrats stressed that it aims to protect vulnerable renters while also supporting landlords.

The special session, called by Governor Polis in response to the rejection of Proposition HH in the recent election, focuses on addressing property tax increases driven by rising property values in the state. Prop. HH also aimed to provide financial support to school districts, local governments, and special districts reliant on property tax revenue.

As the special session nears its end on Monday, Colorado lawmakers continue to deliberate on various relief proposals, including direct property tax cuts, a flat TABOR refund system, doubling the EITC match, and additional rental assistance. The progress made in passing key bills indicates a commitment to providing relief to Coloradans affected by rising property taxes.

Overall, the special session remains focused on addressing the concerns raised by voters in the recent election and ensuring that Coloradans receive adequate relief.