Colorado owes taxpayers a total of 1.7 billion in TABOR refunds

The Colorado state government owes taxpayers a total of $1.7 billion in refunds mandated under the Taxpayer’s Bill of Rights.

The state collected roughly $1.4 billion more in revenue during the 2024 Fiscal Year than allowed under TABOR, according to a state audit. The state already has roughly $290 million in outstanding TABOR refund liability at the beginning of the fiscal year, bringing the total refund amount to about $1.66 billion.

Passed by voters in 1992, TABOR limits the annual growth in revenue to the inflation rate, plus population change. Any amount raised above the limit must be returned to taxpayers.

Colorado has three refund mechanisms — a property tax exemption reimbursement through the local government, a temporary reduction in the income tax rate, and a six-tier sales tax refund that distributes money based on people’s adjusted gross income.

“The excess state revenues are expected to trigger all three of the refund mechanisms,” Maya Rosochacova, the state audit manager, said in a news release.

Once the state has begun processing refunds next year, people can check the status by going to the Colorado Department of Revenue’s website: colorado.gov/revenueonline/_/#1.