Colorado lawmakers begin Special Session for property tax relief

Lawmakers in Colorado gathered at the state Capitol for a Special Session on Friday. They're tackling the issue of rising property taxes in the state after Proposition HH failed in this month's election. 

Last week, Gov. Jared Polis called a special session of the Colorado State Legislature. He says lawmakers need to produce a property tax relief plan before December -- when county accessors finalize tax bills -- or homeowners will face record increases.

To drive home the urgency of the situation, the governor donned safety glasses and took a bat to a glass case with a sign that read, "IN CASE OF NO PROP HH BREAK GLASS."

He pulled out a piece of paper and announced, "Looks like a special session for property tax relief."

Polis said he expects the legislature to use $200 million already set aside for property tax relief, but he says it can also tap the state's reserve fund and TABOR surplus to help backfill lost revenue to local governments and special districts.  

Democrats and Republicans have released competing plans for relief. Lawmakers are expected to work quickly since the Special Session began so close to the Thanksgiving holiday. It takes at least three days to get a bill through both chambers.