The Colorado director of a small business advocacy group hailed a proposed legislative compromise he said would offer certainty on property taxes along with relief.

Colorado Gov. Jared Polis called for a special legislative session starting on Aug. 26 and focusing on property tax relief.

Tony Gagliardi, state director of the National Federation of Independent Business in Colorado,  praised the effort.

“For far too long, Coloradans have watched their property taxes skyrocket. These increases, on top of inflation, are unsustainable for hardworking families and job creators alike,” Gagliardi said. “By cutting property taxes and lowering state spending, this compromise agreement will give business owners greater predictability in the property tax  system while providing needed relief. This is an important first step to reining in Colorado’s property tax.”

Polis said an agreed upon framework reduces assessment rates and adjusts local and school district caps. By one estimate, Colorado property owners will save $270 million on taxes in addition to relief provided by other state legislation. In addition, Xcel Energy and Black Hills have agreed to pass on property tax savings to customers of the two utilities.

The agreement is contingent on proponents of Proposition 108 and Initiative 50 removing those initiatives from the November election ballot. Polis said he won’t sign any legislation enacted during the special session until the measures are pulled from the ballot.

“We are focused on saving Coloradans money on property taxes and, in doing so, protecting school funding and higher education, preserving our economic competitiveness and avoiding risky ballot measures,” Polis said. “The cost of inaction is too high. We refuse to gamble with our schools, our economy, our future. Proposed ballot measures threaten to gut funding for K-12 and higher education, and Coloradans are counting on us to find a path forward that saves people money on property taxes while preserving these critical institutions.”