---
type: "Bill"
title: "2023 Property Tax Relief"
description: "Valuation changes. For the 2023 property tax year, section 1 of the act reduces the valuation for assessment (valuation) for multi-family residential real property and all other residential real property from the already temporarily reduced 2023 rate of 6.765% of the amount equal to the actual value minus the lesser of $15,000 or the amount that causes the valuation to be $1,000 to 6.7% of the amount equal to the actual value minus the lesser of $55,000 or the amount that causes the valuation to be $1,000. Reimbursement of local governments. The state is currently required to reimburse (backfill) local governmental entities for property tax revenue lost as a result of reductions in valuation enacted in 2022. The act maintains this 2022 backfill mechanism for those property tax reductions. Section 2 provides an additional backfill mechanism to backfill local governmental entities for property tax revenue lost as a result of the additional reductions in valuation enacted in the act. Section 2 requires the state to backfill the following local governmental entities a total of $54,000,000 for the total amount of property tax revenue lost by those local governmental entities as a result of the reductions in valuation in the act in the same manner as the 2022 backfill mechanism, except that:"
jurisdiction: "us/states/co"
legislature: "Colorado General Assembly"
session: "2023B"
identifier: "SB 23B-001"
citation: "Colorado SB 23B-001 (2023B)"
classification: ["bill"]
subjects: []
status: "enacted"
primary_sponsors: ["Chris Hansen", "Chris deGruy Kennedy", "Julie McCluskie", "Steve Fenberg"]
version_count: 11
action_count: 16
vote_count: 12
first_action: "2023-11-17T07:00:00+00:00"
last_action: "2023-11-20T07:00:00+00:00"
source: "openstates"
source_identifier: "ocd-bill/8832e4e0-e4c7-4f4a-869b-8067ee143726"
source_url: "https://leg.colorado.gov/bills/sb23b-001"
source_hash: "c2e890b9f8f8c663a18c774303b0bcfddf872c248bf488e1bba49cac37af18ab"
vintage: "2026-07-01"
source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
retrieved_at: "2026-07-06"
confidence: "reported"
tags: ["legislation", "bill", "us-co"]
---

# Colorado SB 23B-001 (2023B) — 2023 Property Tax Relief

Valuation changes. For the 2023 property tax year, section 1 of the act reduces the valuation for assessment (valuation) for multi-family residential real property and all other residential real property from the already temporarily reduced 2023 rate of 6.765% of the amount equal to the actual value minus the lesser of $15,000 or the amount that causes the valuation to be $1,000 to 6.7% of the amount equal to the actual value minus the lesser of $55,000 or the amount that causes the valuation to be $1,000. Reimbursement of local governments. The state is currently required to reimburse (backfill) local governmental entities for property tax revenue lost as a result of reductions in valuation enacted in 2022. The act maintains this 2022 backfill mechanism for those property tax reductions. Section 2 provides an additional backfill mechanism to backfill local governmental entities for property tax revenue lost as a result of the additional reductions in valuation enacted in the act. Section 2 requires the state to backfill the following local governmental entities a total of $54,000,000 for the total amount of property tax revenue lost by those local governmental entities as a result of the reductions in valuation in the act in the same manner as the 2022 backfill mechanism, except that:

## Version chain

The bill's text revisions, in order — the diff chain from filing to enrollment.

1. **Committee Amendment** (committee substitute) — [source](https://leg.colorado.gov/sites/default/files/2023b_sb001_h_thl_001.pdf)
2. **Engrossed (11/18/2023)** (committee substitute) — [source](https://leg.colorado.gov/sites/default/files/documents/2023B/bills/2023b_001_eng.pdf)
3. **Final Act (11/20/2023)** (committee substitute) — [source](https://leg.colorado.gov/sites/default/files/documents/2023B/bills/2023b_001_enr.pdf)
4. **Introduced (11/17/2023)** (committee substitute) — [source](https://leg.colorado.gov/sites/default/files/documents/2023B/bills/2023b_001_01.pdf)
5. **PA1 (11/17/2023)** (committee substitute) — [source](https://leg.colorado.gov/sites/default/files/documents/2023B/bills/2023b_001_s_fin_01.pdf)
6. **PA2 (11/19/2023)** (committee substitute) — [source](https://leg.colorado.gov/sites/default/files/documents/2023B/bills/2023b_001_h_thl_01.pdf)
7. **PA3 (11/19/2023)** (committee substitute) — [source](https://leg.colorado.gov/sites/default/files/documents/2023B/bills/2023b_001_h_thl_app_02.pdf)
8. **Reengrossed (11/19/2023)** (committee substitute) — [source](https://leg.colorado.gov/sites/default/files/documents/2023B/bills/2023b_001_rn2.pdf)
9. **Rerevised (11/20/2023)** (committee substitute) — [source](https://leg.colorado.gov/sites/default/files/documents/2023B/bills/2023b_001_rer.pdf)
10. **Revised (11/19/2023)** (committee substitute) — [source](https://leg.colorado.gov/sites/default/files/documents/2023B/bills/2023b_001_rev.pdf)
11. **Signed Act (11/20/2023)** (committee substitute) — [source](https://leg.colorado.gov/sites/default/files/2023b_001_signed.pdf)

## Votes

- REPASS — **23–12** (pass) · upper
- CONCUR — **23–12** (pass) · upper
- COW * — **13–21** (fail) · upper
- COW * — **14–20** (fail) · upper
- COW * — **12–22** (fail) · upper
- COW * — **13–21** (fail) · upper
- BILL — **23–12** (pass) · upper
- COW * — **13–21** (fail) · upper
- COW * — **12–22** (fail) · upper
- COW * — **34–0** (pass) · upper
- AMEND — **22–13** (pass) · upper
- BILL — **42–18** (pass) · lower

## Sponsors

- Chris Hansen — primary (person)
- Chris deGruy Kennedy — primary (person)
- Julie McCluskie — primary (person)
- Steve Fenberg — primary (person)

## Timeline

The legislative action history — every referral, reading, and vote.

- **2023-11-20T07:00:00+00:00** Governor Signed `executive-signature`
- **2023-11-20T07:00:00+00:00** Sent to the Governor `executive-receipt`
- **2023-11-20T07:00:00+00:00** Signed by the Speaker of the House
- **2023-11-20T07:00:00+00:00** Signed by the President of the Senate
- **2023-11-20T07:00:00+00:00** Senate Considered House Amendments - Result was to Concur - Repass
- **2023-11-20T07:00:00+00:00** House Third Reading Passed - No Amendments `passage, reading-3`
- **2023-11-19T07:00:00+00:00** House Second Reading Special Order - Passed with Amendments - Committee
- **2023-11-19T07:00:00+00:00** House Committee on Appropriations Refer Amended to House Committee of the Whole `committee-passage, referral-committee`
- **2023-11-19T07:00:00+00:00** House Committee on Transportation, Housing & Local Government Refer Amended to Appropriations `referral-committee`
- **2023-11-19T07:00:00+00:00** Introduced In House - Assigned to Transportation, Housing & Local Government `introduction`
- **2023-11-19T07:00:00+00:00** Senate Third Reading Passed with Amendments - Floor `passage, reading-3`
- **2023-11-18T07:00:00+00:00** Senate Second Reading Special Order - Passed with Amendments - Committee, Floor
- **2023-11-17T07:00:00+00:00** Senate Second Reading Special Order - Laid Over Daily - No Amendments
- **2023-11-17T07:00:00+00:00** Senate Committee on Appropriations Refer Unamended to Senate Committee of the Whole `committee-passage, referral-committee`
- **2023-11-17T07:00:00+00:00** Senate Committee on Finance Refer Amended to Appropriations `referral-committee`
- **2023-11-17T07:00:00+00:00** Introduced In Senate - Assigned to Finance `introduction`

## Source

OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/8832e4e0-e4c7-4f4a-869b-8067ee143726`. Confidence: reported (aggregated from official Colorado legislature records).