Colorado Springs City Council passes property tax reduction Tuesday
The Colorado Springs City Council voted unanimously to approve a 2024 property tax reduction for residents. By capping local rates, the City will provide approximately $6.2 million of property tax relief. The City’s share of property owner’s 2022 property tax bill payable in 2023 was 3.929 mills, which included a temporary mill levy credit of 0.35 mills, equating to approximately 7% of your property taxes. The 2023 property tax rate to be collected in 2024 includes a temporary mill levy credit of 0.70 mills for a total City mill levy rate of 3.579 which is approximately 6.7% of property taxes.