Two initiatives designed to reduce property taxes for Coloradans were pulled off the November ballot this year because lawmakers and advocates succeeded in negotiating terms for a rare second special legislative session to tackle soaring valuations.

As early as the end of July, discussions around efforts to halt Proposition 108 and its companion measure, Proposition 50, in exchange for a special session on property taxes and local government revenue began, setting the stage for Gov. Jared Polis to ask the legislature to reconvene.

Colorado Counties Inc. convened a special meeting at which 64 of the 66 attendees expressed support to ask Capitol leaders to convene a special legislative session.

Backed by Colorado Concern, Proposition 50 had already qualified for the ballot, and Proposition 108 had also turned in enough signatures. Proponents were confident it would make the ballot, too.

Proposition 108 would have reduced assessment rates to 5.7% for residential properties and 24% for commercial properties. Proposition 50, a constitutional amendment, would have capped tax revenue growth to 4% and require voter approval for local governments to retain dollars above the limit.

In Colorado, there is no state property tax. Only local governments — such as counties, school districts, cities, towns and special districts — may impose and collect property taxes. That revenue funds school operations and local services, such as road maintenance, police departments, fire protection, water and sewer infrastructure, parks and libraries.

The special session began on Aug. 26 and lasted for three and a half days, resulting in House Bill 24-1001.

The Senate voted, 30-4, in favor of the bill, with the House also passing the measure, 45-18.