SENATE BILL 22-238
BY SENATOR(S) Hansen and Rankin, Bridges, Buckner, Danielson,
Fields, Hinrichsen, Jaquez Lewis, Kolker, Lee, Moreno, Pettersen,
Rodriguez, Story, Winter, Fenberg;
also REPRESENTATIVE(S) Weissman and Neville, Amabile, Baisley,
Benavidez, Bernett, Bird, Bockenfeld, Carver, Cutter, Daugherty, Duran,
Esgar, Exum, Froelich, Geitner, Gonzales-Gutierrez, Hooton, Jodeh,
Lindsay, Lontine, Luck, McCormick, McKean, Michaelson Jenet, Mullica,
Ortiz, Pelton, Pico, Ransom, Ricks, Sandridge, Snyder, Soper, Sullivan,
Titone, Van Beber, Van Winkle, Will, Williams, Young, Garnett.
C
ONCERNING REDUCTIONS IN REAL PROPERTY TAXATION FOR ONLY THE
2023 AND 2024 PROPERTY TAX YEARS , AND, IN CONNECTION
THEREWITH
, REDUCING THE ASSESSMENT RATES FOR CERTAIN
CLASSES OF NONRESIDENTIAL PROPERTY AND ALL RESIDENTIAL
PROPERTY AND THE AMOUNT OF ACTUAL VALUE TO WHICH THE RATE
IS APPLIED FOR ALL RESIDENTIAL REAL PROPERTY AND COMMERCIAL
PROPERTY FOR
2023; REDUCING THE ASSESSMENT RATES FOR ALL
MULTI
-FAMILY RESIDENTIAL REAL PROPERTY TO A SET AMOUNT FOR
2024; REDUCING THE ASSESSMENT RATES FOR ALL RESIDENTIAL REAL
PROPERTY OTHER THAN MULTI
-FAMILY RESIDENTIAL REAL PROPERTY
FOR
2024 BY AN AMOUNT DETERMINED BY THE PROPERTY TAX
ADMINISTRATOR TO CUMULATIVELY WITH THE OTHER PROVISIONS OF
THE BILL REDUCE STATEWIDE PROPERTY TAX REVENUE FOR
2023 AND
NOTE: This bill has been prepared for the signatures of the appropriate legislative
officers and the Governor. To determine whether the Governor has signed the bill
or taken other action on it, please consult the legislative status sheet, the legislative
history, or the Session Laws.
________
Capital letters or bold & italic numbers indicate new material added to existing law; dashes
through words or numbers indicate deletions from existing law and such material is not part of
the act. 2024 BY A SPECIFIED AMOUNT; REDUCING THE ASSESSMENT RATES
FOR REAL AND PERSONAL PROPERTY THAT IS CLASSIFIED AS
AGRICULTURAL OR RENEWABLE ENERGY PRODUCTION PROPERTY FOR
2024; AND REQUIRING THE STATE TO REIMBURSE LOCAL
GOVERNMENTS
, EXCLUDING SCHOOL DISTRICTS, IN 2024 FOR 2023
REDUCTIONS IN THEIR PROPERTY TAX REVENUE RESULTING FROM THE
BILL
.
Be it enacted by the General Assembly of the State of Colorado:
SECTION 1. In Colorado Revised Statutes, 39-1-104, amend (1),
(1.8)(a), and (1.8)(b) as follows:
39-1-104. Valuation for assessment - definitions. (1) (a) The
valuation for assessment of all taxable property in the state shall be
twenty-nine percent of the actual value thereof as determined by the
assessor and the administrator in the manner prescribed by law, and such
THAT percentage shall be uniformly applied, without exception, to the actual
value, so determined, of the real and personal property located within the
territorial limits of the authority levying a property tax, and all property
taxes shall be levied against the aggregate valuation for assessment
resulting from the application of such
THAT percentage.
(b) N
OTWITHSTANDING SUBSECTION (1)(a) OF THIS SECTION, FOR THE
PROPERTY TAX YEAR COMMENCING ON
JANUARY 1, 2023, THE VALUATION
FOR ASSESSMENT OF NONRESIDENTIAL PROPERTY THAT IS CLASSIFIED AS
LODGING PROPERTY IS TEMPORARILY REDUCED TO TWENTY
-SEVEN AND
NINE
-TENTHS PERCENT OF AN AMOUNT EQUAL TO THE ACTUAL VALUE MINUS
THE LESSER OF THIRTY THOUSAND DOLLARS OR THE AMOUNT THAT REDUCES
THE VALUATION FOR ASSESSMENT TO ONE THOUSAND DOLLARS
.
(c) This subsection (1) only applies to nonresidential property that
is classified as lodging property.
(1.8) (a) The valuation for assessment of real and personal property
that is classified as agricultural property or renewable energy production
property is twenty-nine percent of the actual value thereof; except that, for
property tax years commencing on January 1, 2022, and January 1, 2023,
AND JANUARY 1, 2024, the valuation for assessment of this property is
PAGE 2-SENATE BILL 22-238 temporarily reduced to twenty-six and four-tenths percent of the actual
value thereof.
(b) The valuation for assessment of all nonresidential property that
is not specified in subsection (1) or (1.8)(a) of this section is twenty-nine
percent of the actual value thereof;
EXCEPT THAT, FOR THE PROPERTY TAX
YEAR COMMENCING ON
JANUARY 1, 2023, THE VALUATION FOR ASSESSMENT
OF THIS PROPERTY IS TEMPORARILY REDUCED TO
:
(I) F
OR ALL OF THE PROPERTY LISTED BY THE ASSESSOR UNDER ANY
IMPROVED COMMERCIAL SUBCLASS CODES
, TWENTY-SEVEN AND
NINE
-TENTHS PERCENT OF AN AMOUNT EQUAL TO THE ACTUAL VALUE MINUS
THE LESSER OF THIRTY THOUSAND DOLLARS OR THE AMOUNT THAT REDUCES
THE VALUATION FOR ASSESSMENT TO ONE THOUSAND DOLLARS
; AND
(II) TWENTY-SEVEN AND NINE-TENTHS PERCENT OF THE ACTUAL
VALUE OF ALL OTHER NONRESIDENTIAL PROPERTY THAT IS NOT SPECIFIED IN
SUBSECTIONS
(1), (1.8)(a), AND (1.8)(b)(I) OF THIS SECTION.
SECTION 2. In Colorado Revised Statutes, 39-1-104.2, amend
(3)(q) and (3)(r) as follows:
39-1-104.2. Adjustment of residential rate - legislative
declaration - definitions. (3) (q) The ratio of valuation for assessment for
multi-family residential real property is 7.15 percent of actual value for
property tax years commencing on or after January 1, 2019; except that:
(I) For
THE property tax years commencing on January 1, 2022, and
January 1, 2023
JANUARY 1, 2024, the ratio of valuation for assessment for
multi-family residential real property is temporarily reduced to 6.8 percent
of actual value;
(II) F
OR THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1,
2023,
THE RATIO OF VALUATION FOR ASSESSMENT FOR MULTI -FAMILY
RESIDENTIAL REAL PROPERTY IS TEMPORARILY REDUCED TO
6.765 PERCENT
OF ACTUAL VALUE
.
(r) The ratio of valuation for assessment for all residential real
property other than multi-family residential real property is 7.15 percent of
actual value; except that:
PAGE 3-SENATE BILL 22-238 (I) For THE property tax years YEAR commencing on January 1,
2022, and January 1, 2023, the ratio of valuation for assessment for all
residential real property other than multi-family residential real property is
temporarily reduced to 6.95 percent of actual value;
(II) F
OR THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1,
2023,
THE RATIO OF VALUATION FOR ASSESSMENT FOR ALL RESIDENTIAL
REAL PROPERTY OTHER THAN MULTI
-FAMILY RESIDENTIAL REAL PROPERTY
IS
6.765 PERCENT OF ACTUAL VALUE; AND
(III) FOR THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1,
2024,
THE RATIO OF VALUATION FOR ASSESSMENT FOR ALL RESIDENTIAL
REAL PROPERTY OTHER THAN MULTI
-FAMILY RESIDENTIAL REAL PROPERTY
IS TEMPORARILY ESTABLISHED AS THE PERCENTAGE CALCULATED IN
ACCORDANCE WITH SECTION
39-1-104.4.
SECTION 3. In Colorado Revised Statutes, add 39-1-104.3 as
follows:
39-1-104.3. Partial real property tax reductions - residential
property - definitions - repeal. (1) A
S USED IN THIS SECTION, UNLESS THE
CONTEXT OTHERWISE REQUIRES
, "RESIDENTIAL REAL PROPERTY " MEANS
PROPERTY LISTED BY THE ASSESSOR UNDER ANY RESIDENTIAL REAL
PROPERTY CLASSIFICATION CODE
.
(2) F
OR THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1,
2023,
THE VALUATION FOR ASSESSMENT FOR RESIDENTIAL REAL PROPERTY
IS SIX AND SEVEN HUNDRED SIXTY
-FIVE THOUSANDTHS PERCENT , AS SET
FORTH IN SECTION
39-1-104.2 (3)(q)(II) AND (3)(r)(II), OF THE AMOUNT
EQUAL TO THE ACTUAL VALUE
, DETERMINED PURSUANT TO SECTION
39-1-103, MINUS THE LESSER OF FIFTEEN THOUSAND DOLLARS OR THE
AMOUNT THAT REDUCES THE VALUATION FOR ASSESSMENT TO ONE
THOUSAND DOLLARS
.
(3) T
HIS ADJUSTMENT DOES NOT APPLY TO ANY OTHER CLASS OF
PROPERTY
.
(4) T
HIS SECTION IS REPEALED, EFFECTIVE JULY 1, 2025.
SECTION 4. In Colorado Revised Statutes, add 39-1-104.4 as
PAGE 4-SENATE BILL 22-238 follows:
39-1-104.4. Adjustment of residential rate. (1) T
HE RATIO OF
VALUATION FOR ASSESSMENT FOR RESIDENTIAL REAL PROPERTY OTHER
THAN MULTI
-FAMILY RESIDENTIAL REAL PROPERTY FOR THE PROPERTY TAX
YEAR COMMENCING ON
JANUARY 1, 2024, IS EQUAL TO THE PERCENTAGE
NECESSARY FOR THE FOLLOWING TO EQUAL A TOTAL OF SEVEN HUNDRED
MILLION DOLLARS
:
(a) T
HE AGGREGATE REDUCTION OF LOCAL GOVERNMENT PROPERTY
TAX REVENUE DURING THE PROPERTY TAX YEAR COMMENCING ON
JANUARY
1, 2023, AS A RESULT OF THE CHANGES MADE IN SENATE BILL 22-238,
ENACTED IN 2022, THAT REDUCED VALUATIONS FOR ASSESSMENT SET FORTH
PURSUANT TO SECTIONS
39-1-104 (1)(b) AND (1.8)(b), 39-1-104.2 (3)(q)(II)
AND (3)(r)(II), AND 39-3-104.3 (2); AND
(b) THE AGGREGATE REDUCTION OF LOCAL GOVERNMENT PROPERTY
TAX REVENUE DURING THE PROPERTY TAX YEAR COMMENCING ON
JANUARY
1, 2024, AS A RESULT OF THE REDUCED VALUATIONS FOR ASSESSMENT SET
FORTH PURSUANT TO SECTIONS
39-1-104 (1.8)(a) AND 39-1-104.2 (3)(q)(I)
AND (3)(r)(III) FOR THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1,
2024.
(2)
ON OR BEFORE MARCH 21, 2024, BASED ON THE INFORMATION
AVAILABLE ON THAT DATE
, THE PROPERTY TAX ADMINISTRATOR SHALL
SUBMIT A REPORT TO THE GENERAL ASSEMBLY CALCULATING THE RATIO OF
VALUATION FOR ASSESSMENT SPECIFIED IN SUBSECTION
(1) OF THIS SECTION.
SECTION 5. In Colorado Revised Statutes, add 39-3-210 as
follows:
39-3-210. Reporting of property tax revenue reductions -
reimbursement of local governmental entities - definition - repeal.
(1) A
S USED IN THIS SECTION, UNLESS THE CONTEXT OTHERWISE REQUIRES :
(a) "A
DDITIONAL STATE REVENUES " MEANS THE LESSER OF TWO
HUNDRED FORTY MILLION DOLLARS OR THE TOTAL AMOUNT OF THE STATE
REVENUES IN EXCESS OF THE LIMITATION ON STATE FISCAL YEAR SPENDING
IMPOSED BY SECTION
20 (7)(a) OF ARTICLE X OF THE STATE CONSTITUTION
THAT THE STATE IS REQUIRED TO REFUND UNDER SECTION
20 (7)(d) OF
PAGE 5-SENATE BILL 22-238 ARTICLE X OF THE STATE CONSTITUTION, INCLUDING ANY AMOUNT SPECIFIED
IN SECTION
24-77-103.8, THAT EXCEEDS THE AMOUNTS PROJECTED TO BE
REFUNDED AS REQUIRED BY SECTIONS
39-3-209 AND 39-22-627 FOR THE
STATE FISCAL YEAR COMMENCING ON
JULY 1, 2022.
(b) "F
IRE DISTRICT" MEANS ANY SPECIAL DISTRICT THAT HAS THE
SOLE RESPONSIBILITY OF PROVIDING FIRE PROTECTION SERVICES
.
(c) "H
EALTH SERVICE DISTRICT" MEANS A SPECIAL DISTRICT THAT
MAY ESTABLISH
, MAINTAIN, OR OPERATE, DIRECTLY OR INDIRECTLY
THROUGH LEASE TO OR FROM OTHER PARTIES OR OTHER ARRANGEMENT
,
PUBLIC HOSPITALS, CONVALESCENT CENTERS , NURSING CARE FACILITIES,
INTERMEDIATE CARE FACILITIES , EMERGENCY FACILITIES, COMMUNITY
CLINICS
, OR OTHER FACILITIES LICENSED OR CERTIFIED PURSUANT TO
SECTION
25-1.5-103 (1)(a) PROVIDING HEALTH AND PERSONAL CARE
SERVICES AND MAY ORGANIZE
, OWN, OPERATE, CONTROL, DIRECT, MANAGE,
CONTRACT FOR, OR FURNISH AMBULANCE SERVICE .
(d) "L
IBRARY DISTRICT" MEANS A PUBLIC LIBRARY ESTABLISHED AS
ITS OWN TAXING AUTHORITY BY ONE OR MORE GOVERNMENTAL UNITS OR
PARTS THEREOF
. A LIBRARY DISTRICT IS A POLITICAL SUBDIVISION OF THE
STATE
.
(e) "M
UNICIPALITY" MEANS A HOME RULE OR STATUTORY CITY ,
TOWN, TERRITORIAL CHARTER CITY, OR CITY AND COUNTY.
(f) "S
ANITATION DISTRICT" MEANS A SPECIAL DISTRICT THAT
PROVIDES FOR STORM OR SANITARY SEWERS
, OR BOTH, FLOOD AND SURFACE
DRAINAGE
, TREATMENT AND DISPOSAL WORKS AND FACILITIES , OR SOLID
WASTE DISPOSAL FACILITIES OR WASTE SERVICES
, AND ALL NECESSARY OR
PROPER EQUIPMENT AND APPURTENANCES INCIDENT THERETO
.
(g) "W
ATER DISTRICT" MEANS A SPECIAL DISTRICT THAT SUPPLIES
WATER FOR DOMESTIC AND OTHER PUBLIC AND PRIVATE PURPOSES BY ANY
AVAILABLE MEANS AND PROVIDES ALL NECESSARY OR PROPER RESERVOIRS
,
TREATMENT WORKS AND FACILITIES , EQUIPMENT, AND APPURTENANCES
INCIDENT THERETO
.
(2) (a) F
OR THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1,
2023,
FOR COUNTIES WITH A POPULATION OF THREE HUNDRED THOUSAND OR
PAGE 6-SENATE BILL 22-238 LESS AS DETERMINED PURSUANT TO THE MOST RECENTLY PUBLISHED
POPULATION ESTIMATES FROM THE STATE DEMOGRAPHER APPOINTED BY THE
EXECUTIVE DIRECTOR OF THE DEPARTMENT OF LOCAL AFFAIRS
:
(I) E
ACH TREASURER SHALL CALCULATE THE TOTAL PROPERTY TAX
REVENUES LOST BY EACH LOCAL GOVERNMENTAL ENTITY
, EXCLUDING
SCHOOL DISTRICTS
, WITHIN THE TREASURER'S COUNTY AS A RESULT OF THE
CHANGES MADE IN
SENATE BILL 22-238, ENACTED IN 2022, THAT REDUCED
VALUATIONS FOR ASSESSMENT SET FORTH PURSUANT TO SECTIONS
39-1-104
(1)(b)
AND (1.8)(b), 39-1-104.2 (3)(q)(II) AND (3)(r)(II), AND 39-3-104.3
(2);
AND
(II) EACH ASSESSOR SHALL CALCULATE THE DIFFERENCE IN
ASSESSED VALUE OF REAL PROPERTY FOR THE PROPERTY TAX YEAR
COMMENCING ON
JANUARY 1, 2022, AND THE PROPERTY TAX YEAR
COMMENCING ON
JANUARY 1, 2023 WITHIN THE ASSESSOR'S COUNTY.
(b) F
OR THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1,
2023,
FOR COUNTIES WITH A POPULATION GREATER THAN THREE HUNDRED
THOUSAND AS DETERMINED PURSUANT TO THE MOST RECENTLY PUBLISHED
POPULATION ESTIMATES FROM THE STATE DEMOGRAPHER APPOINTED BY THE
EXECUTIVE DIRECTOR OF THE DEPARTMENT OF LOCAL AFFAIRS
:
(I) (A) E
ACH TREASURER SHALL CALCULATE , FOR EACH
MUNICIPALITY
, FIRE DISTRICT, HEALTH SERVICE DISTRICT, WATER DISTRICT,
SANITATION DISTRICT, AND LIBRARY DISTRICT, THE AGGREGATE REDUCTION
OF LOCAL GOVERNMENT PROPERTY TAX REVENUE DURING THE PROPERTY
TAX YEAR COMMENCING ON
JANUARY 1, 2023, AS A RESULT OF THE
CHANGES MADE IN
SENATE BILL 22-238, ENACTED IN 2022, THAT REDUCED
VALUATIONS FOR ASSESSMENT SET FORTH PURSUANT TO SECTIONS
39-1-104
(1)(b)
AND (1.8)(b), 39-1-104.2 (3)(q)(II) AND (3)(r)(II), AND 39-3-104.3
(2);
(B) E
ACH ASSESSOR SHALL CALCULATE , FOR EACH MUNICIPALITY,
FIRE DISTRICT, HEALTH SERVICE DISTRICT, WATER DISTRICT, SANITATION
DISTRICT
, AND LIBRARY DISTRICT, THE DIFFERENCE IN ASSESSED VALUE OF
REAL PROPERTY FOR THE PROPERTY TAX YEAR COMMENCING ON
JANUARY
1, 2022, AND THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1, 2023,
WITHIN THE ASSESSOR'S COUNTY; AND
PAGE 7-SENATE BILL 22-238 (II) EACH TREASURER SHALL CALCULATE , FOR ALL LOCAL
GOVERNMENTAL ENTITIES BESIDES MUNICIPALITIES
, FIRE DISTRICTS, HEALTH
SERVICE DISTRICTS
, WATER DISTRICTS, SANITATION DISTRICTS, SCHOOL
DISTRICTS
, AND LIBRARY DISTRICTS, THE AGGREGATE REDUCTION OF LOCAL
GOVERNMENT PROPERTY TAX REVENUE DURING THE PROPERTY TAX YEAR
COMMENCING ON
JANUARY 1, 2023, AS A RESULT OF THE CHANGES MADE IN
SENATE BILL 22-238, ENACTED IN 2022, THAT REDUCED VALUATIONS FOR
ASSESSMENT SET FORTH PURSUANT TO SECTIONS
39-1-104 (1)(b) AND
(1.8)(b), 39-1-104.2 (3)(q)(II) AND (3)(r)(II), AND 39-3-104.3 (2).
(3) N
O LATER THAN MARCH 1, 2024, EACH TREASURER SHALL
REPORT THE AMOUNTS SPECIFIED IN SUBSECTION
(2) OF THIS SECTION, AS
APPLICABLE
, AND THE BASIS FOR THE AMOUNTS TO THE ADMINISTRATOR ,
AND THE ADMINISTRATOR MAY REQUIRE A TREASURER TO PROVIDE
ADDITIONAL INFORMATION AS NECESSARY TO EVALUATE THE ACCURACY OF
THE AMOUNTS REPORTED
. THE ADMINISTRATOR SHALL CONFIRM THAT THE
REPORTED AMOUNTS ARE CORRECT OR RECTIFY THE AMOUNTS
, IF
NECESSARY
. THE ADMINISTRATOR SHALL THEN FORWARD THE CORRECT
AMOUNTS FOR EACH COUNTY TO THE STATE TREASURER TO ENABLE THE
STATE TREASURER TO ISSUE A REIMBURSEMENT WARRANT TO EACH
TREASURER IN ACCORDANCE WITH SUBSECTION
(4) OF THIS SECTION.
(4) (a) N
O LATER THAN APRIL 15, 2024, THE STATE TREASURER
SHALL ISSUE A WARRANT
, TO BE PAID UPON DEMAND FROM ADDITIONAL
STATE REVENUES FOR THE STATE FISCAL YEAR COMMENCING ON
JULY 1,
2022,
AND, IF NECESSARY, FROM OTHER MONEY IN THE GENERAL FUND , TO
EACH TREASURER THAT IS EQUAL TO THE TOTAL OF
:
(I) T
HE AMOUNT SPECIFIED BY THE ADMINISTRATOR UNDER
SUBSECTION
(3) OF THIS SECTION, BASED ON THE AMOUNT REPORTED BY
EACH TREASURER UNDER SUBSECTION
(2)(a)(I) OF THIS SECTION, FOR EACH
COUNTY THAT BOTH
:
(A) H
AD AN INCREASE OF LESS THAN TEN PERCENT IN THE ASSESSED
VALUE OF REAL PROPERTY FROM THE PROPERTY TAX YEAR COMMENCING ON
JANUARY 1, 2022, TO THE PROPERTY TAX YEAR COMMENCING ON JANUARY
1, 2023; AND
(B) HAS A POPULATION OF THREE HUNDRED THOUSAND OR FEWER ,
AS DETERMINED PURSUANT TO THE MOST RECENTLY PUBLISHED POPULATION
PAGE 8-SENATE BILL 22-238 ESTIMATES FROM THE STATE DEMOGRAPHER APPOINTED BY THE EXECUTIVE
DIRECTOR OF THE DEPARTMENT OF LOCAL AFFAIRS
;
(II) N
INETY PERCENT OF THE AMOUNT SPECIFIED BY THE
ADMINISTRATOR UNDER SUBSECTION
(3) OF THIS SECTION, BASED ON THE
AMOUNT REPORTED BY EACH TREASURER UNDER SUBSECTION
(2)(a)(I) OF
THIS SECTION
, FOR EACH COUNTY THAT BOTH:
(A) H
AD AN INCREASE OF TEN PERCENT OR MORE IN THE ASSESSED
VALUE OF REAL PROPERTY FROM THE PROPERTY TAX YEAR COMMENCING ON
JANUARY 1, 2022, TO THE PROPERTY TAX YEAR COMMENCING ON JANUARY
1, 2023; AND
(B) HAS A POPULATION OF THREE HUNDRED THOUSAND OR FEWER ,
AS DETERMINED PURSUANT TO THE MOST RECENTLY PUBLISHED POPULATION
ESTIMATES FROM THE STATE DEMOGRAPHER APPOINTED BY THE EXECUTIVE
DIRECTOR OF THE DEPARTMENT OF LOCAL AFFAIRS
; AND
(III) SIXTY-FIVE PERCENT OF THE AMOUNT SPECIFIED BY THE
ADMINISTRATOR UNDER SUBSECTION
(3) OF THIS SECTION, BASED ON THE
AMOUNT REPORTED BY EACH TREASURER UNDER SUBSECTION
(2)(b)(II) OF
THIS SECTION
, FOR ANY COUNTY NOT DESCRIBED IN SUBSECTIONS (4)(a)(I)
AND (4)(a)(II) OF THIS SECTION.
(IV) N
INETY PERCENT OF THE AMOUNT SPECIFIED BY THE
ADMINISTRATOR UNDER SUBSECTION
(3) OF THIS SECTION, BASED ON THE
AMOUNT REPORTED BY EACH TREASURER UNDER SUBSECTION
(2)(b)(I)(A)
OF THIS SECTION FOR EACH MUNICIPALITY, FIRE DISTRICT, HEALTH SERVICE
DISTRICT
, WATER DISTRICT, SANITATION DISTRICT, AND LIBRARY DISTRICT
THAT HAD AN INCREASE OF TEN PERCENT OR MORE IN THE ASSESSED VALUE
OF REAL PROPERTY FROM THE PROPERTY TAX YEAR COMMENCING ON
JANUARY 1, 2022, TO THE PROPERTY TAX YEAR COMMENCING ON JANUARY
1, 2023; AND
(V) THE ENTIRE AMOUNT SPECIFIED BY THE ADMINISTRATOR UNDER
SUBSECTION
(3) OF THIS SECTION, BASED ON THE AMOUNT REPORTED BY
EACH TREASURER UNDER SUBSECTION
(2)(b)(I)(A) OF THIS SECTION FOR
EACH MUNICIPALITY
, FIRE DISTRICT, HEALTH SERVICE DISTRICT, WATER
DISTRICT
, SANITATION DISTRICT, AND LIBRARY DISTRICT THAT HAD AN
INCREASE OF LESS THAN TEN PERCENT IN THE ASSESSED VALUE OF REAL
PAGE 9-SENATE BILL 22-238 PROPERTY FROM THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1,
2022,
TO THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1, 2023.
(b) E
ACH TREASURER SHALL DISTRIBUTE THE TOTAL AMOUNT
RECEIVED FROM THE STATE TREASURER TO THE LOCAL GOVERNMENTAL
ENTITIES
, EXCLUDING SCHOOL DISTRICTS, WITHIN THE TREASURER'S COUNTY
AS IF THE REVENUES HAD BEEN REGULARLY PAID AS PROPERTY TAX
, BUT SO
THAT THE LOCAL GOVERNMENTAL ENTITIES ONLY RECEIVE THE AMOUNTS
DETERMINED PURSUANT TO SUBSECTION
(4)(a) OF THIS SECTION.
(c) W
HEN DISTRIBUTING THE MONEY , THE TREASURER SHALL
PROVIDE EACH LOCAL GOVERNMENTAL ENTITY WITH A STATEMENT OF THE
AMOUNT DISTRIBUTED TO THE LOCAL GOVERNMENTAL ENTITY THAT
REPRESENTS THE REIMBURSEMENT RECEIVED UNDER THIS SUBSECTION
(4).
(d) T
HE USE OF ADDITIONAL STATE REVENUES PURSUANT TO
SUBSECTION
(4)(a) OF THIS SECTION IS A REASONABLE METHOD OF
REFUNDING A PORTION OF THE EXCESS STATE REVENUES REQUIRED TO BE
REFUNDED IN ACCORDANCE WITH SECTION
20 (7)(d) OF ARTICLE X OF THE
STATE CONSTITUTION
.
(5) O
N OR BEFORE MARCH 21, 2024, BASED ON THE INFORMATION
AVAILABLE AS OF THAT DATE
, THE PROPERTY TAX ADMINISTRATOR SHALL
SUBMIT A REPORT TO THE GENERAL ASSEMBLY DESCRIBING THE AGGREGATE
REDUCTION OF LOCAL GOVERNMENT PROPERTY TAX REVENUE DURING THE
PROPERTY TAX YEAR COMMENCING ON
JANUARY 1, 2023, AS A RESULT OF
THE CHANGES MADE IN
SENATE BILL 22-238, ENACTED IN 2022, THAT
REDUCED VALUATIONS FOR ASSESSMENT SET FORTH PURSUANT TO SECTIONS
39-1-104 (1)(b) AND (1.8)(b), 39-1-104.2 (3)(q)(II) AND (3)(r)(II), AND
39-3-104.3 (2).
(6) T
HIS SECTION IS REPEALED, EFFECTIVE JULY 1, 2025.
SECTION 6. In Colorado Revised Statutes, 22-54-114, add (9) as
follows:
22-54-114. State public school fund - repeal. (9) (a) O
N JULY 1,
2022,
THE STATE TREASURER SHALL TRANSFER TWO HUNDRED MILLION
DOLLARS FROM THE GENERAL FUND TO THE STATE PUBLIC SCHOOL FUND FOR
THE PURPOSE OF OFFSETTING REDUCTIONS IN SCHOOL DISTRICT PROPERTY
PAGE 10-SENATE BILL 22-238 TAX REVENUE.
(b) T
HIS SUBSECTION (9) IS REPEALED, EFFECTIVE JULY 1, 2023.
SECTION 7. Safety clause. The general assembly hereby finds,
determines, and declares that this act is necessary for the immediate
preservation of the public peace, health, or safety.
____________________________ ____________________________
Steve Fenberg Alec Garnett
PRESIDENT OF SPEAKER OF THE HOUSE
THE SENATE OF REPRESENTATIVES
____________________________ ____________________________
Cindi L. Markwell Robin Jones
SECRETARY OF CHIEF CLERK OF THE HOUSE
THE SENATE OF REPRESENTATIVES
APPROVED________________________________________
(Date and Time)
_________________________________________
Jared S. Polis
GOVERNOR OF THE STATE OF COLORADO
PAGE 11-SENATE BILL 22-238