DENVER (KDVR) — The Colorado House Transportation, Housing and Local Government Committee voted in favor of legislation on short-term property tax relief Sunday afternoon with nine of the committee’s 13 members voting for the measure.

The same bill was previously passed by the Colorado Senate at about noon Sunday.

According to a press release from the Colorado House Democrats, the measure would increase property value exemption for multi-family and single-family residential properties from $15,000-$55,000 and decrease the residential assessment rate from 6.765% to 6.7% for the 2023 tax year.

The bill would additionally transfer $135 million from the general fund to the State Education Fund and would “backfill” school district budgets. It would also appropriate $65 million from the general fund to backfill fire districts and local government services whose funding would be cut through the bill.

House Speaker Julie McCluskie (D-Dillon) said it was important to act swiftly.

“If we don’t act now to deliver property tax reductions, next year’s tax bills could be devastating for Coloradans who are already struggling with the rising cost of living,” said McCluskie in the Democrat’s release. “Our legislation takes $55,000 off assessed home values and reduces the percent of a home’s value that is subject to property taxes. It provides meaningful property tax reductions while protecting schools, fire districts and critical services our communities rely on without using TABOR surplus dollars.”

Rep. Chris deGruy Kennedy (D-Lakewood) echoed her sentiments, saying the bill “makes meaningful reductions in property taxes while protecting funding for K-12 public schools and fire districts.”

“Homeowners and renters alike are struggling with the high cost of housing in Colorado,” said deGruy Kennedy in the release. “The next step is for every local government to take a hard look at their own budget. Property taxes are primarily the concern of local governments, and only they know whether they can afford to go beyond our legislation by lowering their own mill levies.”