(COLORADO SPRINGS) — The City of Colorado Springs announced that in March it will refund around $4.7 million to those living in the city.

The refund is due to excess TABOR revenue collected by the city in 2022. The refund will be distributed through Colorado Springs Utilities by crediting residential and commercial customers on their March bill, which will be about $20 per eligible electric service customer. The credits will only be given to accounts within the city of Colorado Springs.

The City said its property tax revenue in 2024 is expected to exceed the TABOR limit by $6.2 million which will be refunded to property owners as credit on their 2024 tax bill.