Colorado Springs will refund millions of dollars in excess taxpayer money to residents through their utility bills this month.

Officials said in a news release Friday the city will refund an estimated $4.7 million to residents. The refund will be credited to Colorado Springs’ Utilities residential and commercial customers on their March bill, coming out to about $20 per customer living in city limits with active electric service.

The refund is from revenue the city received in 2022 exceeding the allowable limit of Colorado’s Taxpayers Bill of Rights, or TABOR. TABOR caps the amount of tax revenues local governments can keep each year, using a formula based on population growth and inflation. Governments can only keep revenues over that cap with voter approval; otherwise, taxpayers would receive a refund.

Friday’s news release said city officials expect Colorado Springs’ 2024 tax revenue to exceed the limit by $6.2 million. That amount is being refunded to city property owners as a credit on their 2024 tax bill.

For more information, visit coloradosprings.gov/2022TABOR.

FILE PHOTO: U.S. one hundred dollar notes are seen in this picture illustration taken in Seoul February 7, 2011. REUTERS/Lee Jae-Won

Lee Jae Won