Bipartisan legislation sponsored by Senator Dylan Roberts, D-Frisco, and Speaker Julie McCluskie, D-Dillon, that grants local governments the authority to create property tax rebate programs to address areas of specific local concern including affordable housing development was signed into law on Friday.
SB24-002 will allow local governments to establish property tax incentive programs to address critical issues related to housing, childcare, behavioral health, economic development and other areas of local concern. For example, a municipality will be able to authorize tax credits or rebates that incentivize property owners to convert rental properties from short-term to long-term, boosting the availability of workforce and more permanent housing.
“Local governments are desperate for solutions to our state’s housing crisis and affordability issues, which is why this legislation is so important,” Roberts said. “It will create valuable financial incentives for more long-term affordable rental housing for local workers instead of short-term rentals, more options for childcare, greater support for small businesses, and more. I’m thrilled to see this important bipartisan bill get signed into law and am excited to see how local governments can help their residents save money.”
“There has been a significant rise in the cost of housing, especially on the Western Slope, forcing Coloradans to spend more of their money on housing and less on other necessary costs, like health care and groceries,” said McCluskie. “With our bipartisan legislation becoming law, local governments can address the unique challenges that their communities face, like shortages in workforce housing, childcare, mental health care services, and much more.”
SB24-002 allows a local government to renew a tax rebate or incentive program for up to one year if they find that it has been effective in addressing the area of specific local concern.