By Jennifer McRae

DENVER (CBS4)– A proposal would help Coloradans save money on rising property taxes in the midst of the hot housing market. That plan was unveiled Monday by Gov. Jared Polis.

It would be immediate relief that would save the average Colorado homeowner $274 on property taxes. For small business owners, it would be closer to $1,200 in savings.

(credit: CBS)

State lawmakers are proposing this $700 million relief package to address rising home prices and give homeowners a little relief.

Polis said there is more work to do, “It provides the immediate tax cuts that people need to stay in their homes and certainly allows for a discussion among all the stakeholders about what we need to do in the long term to protect Coloradans from higher property taxes because of the higher values of their homes.”

This is a two-year relief package proposal that would last through 2024.

Jennifer McRae