GRAND JUNCTION, Colo. (KREX) — In 2021, more homes were purchased than in any previous year totaling more than 63,000. According to the Denver real estate market, while demand was at an all-time high, new listings on the market fell 5.26% over last year.

In the last couple weeks of this year’s legislative session, Governor Jared Polis has announced the transformative property tax relief package, “We are making a simple, but a very important announcement that we are cutting property taxes across the state,” Gov. Polis said.

Governor Polis was joined by state Senators and community leaders to announce another major money-saving measure, bipartisan property tax relief, to save Colorado homeowners and businesses money, “It’ll save the average home owner about $260,” Gov. Polis says.

Colorado currently has among the lowest residential property tax rates in our country, and this package builds upon previous legislature to ensure Colorado’s low rates are maintained, “This is really an extension of the work we did with SB21-293, last year where we delivered $400 million, this is almost double that,” Senator Christopher Joshi Hansen said.

Property values have gone up in Colorado, that’s a great thing if you are fortunate enough to own a home but it’s not a great thing when it comes time to pay the tax bill, “That’s why it’s important that for two years we are going to be providing some substantial, additional property tax relief,” Gov. Polis said.

During that time, state leaders will discuss what mechanism to use to save people money over time, “Making owning a home that much more affordable, now we know there’s a lot more to it, costs have gone up, that’s why we have a comprehensive package on how we can make housing more affordable,” Gov. Polis says.

In total, the package will deliver over $700 million in relief over two years, and there will be a direct back fill of $400 million, but you might be wondering how this impacts county spending, “They will be receiving complete back fill so there should be no impact at all for the budgets for local services, and fire districts to make sure that we don’t have any drop off there,” Senator Hansen said.

Property tax relief is a part of the Polis Administration’s commitment to save Coloradan’s money.

Including saving money on healthcare, making early childhood education affordable, and delaying any new fees on gas.