Colorado House Bill HB1001 Introduced / Bill

                    Second Extraordinary Session
Seventy-fourth General Assembly
STATE OF COLORADO
INTRODUCED
 
 
LLS NO. 24B-0003.01 Pierce Lively x2059
HOUSE BILL 24B-1001
House Committees Senate Committees
Appropriations
A BILL FOR AN ACT
C
ONCERNING PROPERTY TAX .101
Bill Summary
(Note:  This summary applies to this bill as introduced and does
not reflect any amendments that may be subsequently adopted. If this bill
passes third reading in the house of introduction, a bill summary that
applies to the reengrossed version of this bill will be available at
http://leg.colorado.gov
.)
Property tax revenue limit. Senate Bill 24-233 created a limit on
the annual growth of specified property tax revenue (property tax limit)
for certain local governments excluding school districts. Sections 2
through 6 of the bill modify that property tax limit and create a new
property tax limit for school districts. Specifically, the bill:
! Lowers the property tax limit for local governments
excluding school districts from 5.5% to 5.25%;
! Creates a property tax limit for school districts;
HOUSE SPONSORSHIP
McCluskie and Pugliese,
SENATE SPONSORSHIP
Hansen and Kirkmeyer,
Shading denotes HOUSE amendment.  Double underlining denotes SENATE amendment.
Capital letters or bold & italic numbers indicate new material to be added to existing law.
Dashes through the words or numbers indicate deletions from existing law. ! Establishes the property tax limit for school districts as
equal to the greatest amount of local share of statewide
total program property tax revenue collected by a school
district in a previous property tax year increased by the
greater of 6% multiplied by the number of property tax
years in a reassessment cycle or the percentage by which
the general assembly annually increases the statewide base
per pupil funding for public education from kindergarten
through twelfth grade and the percentage increase in pupil
enrollment for both the relevant property tax year and the
other property tax year in the same reassessment cycle;
! Annually establishes the valuation for assessment
(valuation) for residential property as necessary to ensure
that school districts do not exceed the property tax limit for
school districts and to compensate for inaccurate
adjustments to valuation in the immediately preceding
property tax year;
! Allows all school districts to waive the property tax limit,
but requires statewide voter approval to do so and does not
allow individual school districts to do so; and
! Requires certain language to be included in any ballot
question that seeks to waive either property tax limit
created in these sections.
Nonresidential and personal property valuation reductions.
Sections 7 and 8 lower the valuation for most nonresidential and personal
property as follows:
! For the property tax year commencing on January 1, 2025,
the valuation for most nonresidential and personal property
is 27% of the actual value of the property and the valuation
for vacant land is 27.5% of the actual value of the property;
! For the property tax year commencing on January 1, 2026,
the valuation for commercial property and agricultural
property is 25% of the actual value of the property, the
valuation for vacant land is 27.5% of the actual value of the
property, and the valuation for most other nonresidential
and personal property is 26%; and
! For property tax years commencing on or after January 1,
2027, the valuation for most nonresidential and personal
property is 25% of the actual value of the property and the
valuation for vacant land is 27.5% of the actual value of the
property.
Residential property valuation reductions. The bill also lowers
the valuation for residential property. The amount of the reduction is
based on the increase in statewide actual value between the property tax
year that commences on January 1, 2024, and the property tax year that
HB24B-1001
-2- commences on January 1, 2025. If the increase in actual value is greater
than 5%, sections 9 and 10 reduce the valuation for residential property
as follows:
! For property tax years commencing on or after January 1,
2025, for the purpose of a levy imposed by a school
district, the valuation for residential property is 6.95% of
the actual value of the property;
! For the property tax year commencing on January 1, 2025,
for the purpose of a levy imposed by a local government
that is not a school district, the valuation for residential
property is 6.15%; and
! For property tax years commencing on or after January 1,
2026, for the purpose of a levy imposed by a local
government that is not a school district, the valuation for
residential property is 6.7% of the amount equal to the
actual value of the property minus the lesser of 10% of the
actual value of the property or $70,000 as adjusted for
inflation in the first year of each subsequent reassessment
cycle.
If the increase in statewide actual value is less than or equal to 5%,
sections 9 and 10 reduce the valuation for residential property as follows:
! For property tax years commencing on or after January 1,
2025, for the purpose of a levy imposed by a school
district, the valuation for residential property is 7.05% of
the actual value of the property;
! For the property tax year commencing on January 1, 2025,
for the purpose of a levy imposed by a local government
that is not a school district, the valuation for residential
property is 6.25%; and
! For property tax years commencing on or after January 1,
2026, for the purpose of a levy imposed by a local
government that is not a school district, the valuation for
residential property is 6.8% of the amount equal to the
actual value of the property minus the lesser of 10% of the
actual value of the property or $70,000 as adjusted for
inflation in the first year of each subsequent reassessment
cycle.
Section 10 also adjusts the valuations for qualified-senior primary
residence real property to mirror the adjustments to the valuations for
residential real property made in sections 9 and 10.
Definitions of assessed value and valuation for assessment.
Section 1 creates definitions of "assessed value" and "valuation for
assessment" that apply throughout statute to prevent any confusion arising
from having 2 different assessment rates.
Conforming amendments. Sections 11 and 12 make conforming
HB24B-1001
-3- amendments.
Local government backfill. Senate Bill 24-233 establishes a
process for the state to reimburse local governments for lost property tax
revenue for the property tax year commencing on January 1, 2024.
Section 13 extends this process from Senate Bill 24-233 to cover the
property tax year commencing on January 1, 2025, but only to cover
decreases in assessed value attributable to the bill.
Tax bills. Section 14 removes references to assessed value from
taxpayers' tax bills, to prevent confusion from having 2 different assessed
values on a tax bill.
Effective date. Senate Bill 24-233 becomes law only if neither of
the following initiatives (property tax initiatives) are approved by the
people at the general election held on November 5, 2024:
! An initiative that reduces valuations for assessment; or
! An initiative that requires voter approval for retaining
property tax revenue that exceeds a limit.
Section 15 modifies the effective date of Senate Bill 24-233 so
that Senate Bill 24-233 takes effect either:
! On October 1, 2024, if both property tax initiatives are
withdrawn from the ballot; or
! On the date of the official declaration of the vote, if one or
both of the property tax initiatives appears on the ballot and
no property tax initiative is approved by the people.
Section 16 establishes the effective date of the bill so that the
majority of the bill only takes effect if Senate Bill 24-233 becomes law.
Be it enacted by the General Assembly of the State of Colorado:1
SECTION 1. In Colorado Revised Statutes, add 2-4-115 as2
follows:3
2-4-115.  Assessed value - valuation for assessment. (1)  T
HE4
PHRASE "ASSESSED VALUE" MEANS EITHER THE ASSESSED VALUE FOR THE5
PURPOSE OF A LEVY IMPOSED BY A LOCAL GOVERNMENTAL ENTITY OR THE6
ASSESSED VALUE FOR THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL7
DISTRICT AS BEST DETERMINED IN THE PARTICULAR CONTEXT BY THE8
PROPERTY TAX ADMINISTRATOR .9
(2)  T
HE PHRASE "VALUATION FOR ASSESSMENT " MEANS EITHER10
THE VALUATION FOR ASSESSMENT FOR THE PURPOSE OF A LEVY IMPOSED11
HB24B-1001-4- BY A LOCAL GOVERNMENTAL ENTITY OR THE VALUATION FOR ASSESSMENT1
FOR THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT AS BEST2
DETERMINED IN THE PARTICULAR CONTEXT BY THE PROPERTY TAX3
ADMINISTRATOR.4
SECTION 2. In Colorado Revised Statutes, 29-1-1701, amend5
as added by Senate Bill 24-233 (1), (2), (3) introductory portion, (3)(c),6
(3)(e), (3)(f), (3)(h), and (3)(i); and add (1.5), (2.5), (4), and (5) as7
follows:8
29-1-1701.  Definitions. As used in this part 17, unless the context9
otherwise requires:10
(1)  "Local governmental entity GOVERNMENT" means a LOCAL11
governmental entity 
OR SCHOOL DISTRICT authorized by law to impose ad12
valorem taxes on taxable property located within its territorial limits;13
except that the term excludes any:14
(a)  School district;
15
(b)  City and county, city, or town that has adopted a home rule16
charter;17
(c)  Local government GOVERNMENTAL ENTITY OR SCHOOL18
DISTRICT that is subject to and has not received voter approval to exceed19
the revenue limit set forth in section 29-1-301 
FOR THAT PROPERTY TAX20
YEAR; and21
(d)  Local government
 GOVERNMENTAL ENTITY OR SCHOOL22
DISTRICT that does not have voter approval to collect, retain, and spend,23
without regard to any spending, revenue, or other limitation contained24
within section 20 of article X of the state constitution, the majority of the25
local governmental entity's ENTITY OR SCHOOL DISTRICT'S revenue from26
the imposition of ad valorem property taxes levied in any year subsequent27
HB24B-1001
-5- to the approval.1
(1.5)  "L
OCAL GOVERNMENTAL ENTITY " MEANS A LOCAL2
GOVERNMENT AUTHORIZED BY LAW TO IMPOSE AD VALOREM TAXES ON3
TAXABLE PROPERTY LOCATED WITHIN ITS TERRITORIAL LIMITS ; EXCEPT4
THAT THE TERM EXCLUDES ANY :5
(a)  S
CHOOL DISTRICT; AND6
(b)  C
ITY AND COUNTY, CITY, OR TOWN THAT HAS ADOPTED A HOME7
RULE CHARTER.8
(2)  "Property tax limit" means, 
AS APPLICABLE, the annual limit9
ON A LOCAL GOVERNMENTAL ENTITY 'S QUALIFIED PROPERTY TAX10
REVENUE THAT IS established in section 29-1-1702
 SECTIONS 29-1-170211
(1) 
AND 29-1-1703 (1) and calculated pursuant to section 29-1-1703 on a
12
local governmental entity's property tax revenue 29-1-1703 (1) OR THE13
ANNUAL LIMIT ON A SCHOOL DISTRICT 'S QUALIFIED LOCAL SHARE14
PROPERTY TAX REVENUE THAT IS ESTABLISHED IN SECTIONS 29-1-1702.515
(2)
 AND 29-1-1703 (3) AND CALCULATED PURSUANT TO SECTION16
29-1-1703
 (3).17
(2.5) (a)  "Q
UALIFIED LOCAL SHARE PROPERTY TAX REVENUE "18
MEANS THE TOTAL AMOUNT OF PROPERTY TAX REVENUE ESTIMATED TO BE19
RETAINED BY ALL SCHOOL DISTRICTS IN THE STATE IN CONNECTION WITH20
DISTRICT TOTAL PROGRAM FUNDING FROM A PROPERTY TAX YEAR21
EXCLUSIVE OF PROPERTY TAX REVENUE THAT IS FROM ANY OF THE22
FOLLOWING SOURCES OR IS USED FOR ANY OF THE FOLLOWING PURPOSES :23
(I)  T
HE INCREASED VALUATION FOR ASSESSMENT WITHIN A24
SCHOOL DISTRICT FOR THE PRECEDING PROPERTY TAX YEAR THAT IS25
ATTRIBUTABLE TO NEW CONSTRUCTION AND PERSONAL PROPERTY26
CONNECTED THEREWITH , AS DEFINED BY THE PROPERTY TAX27
HB24B-1001
-6- ADMINISTRATOR IN MANUALS PREPARED PURSUANT TO SECTION 39-2-1091
(1)(e);2
(II)  T
HE INCREASED VALUATION FOR ASSESSMENT ATTRIBUTABLE3
TO A CHANGE IN LAW FOR A PROPERTY TAX CLASSIFICATION OR TO THE4
ANNEXATION OR INCLUSION OF ADDITIONAL LAND , THE IMPROVEMENTS5
THEREON, AND PERSONAL PROPERTY CONNECTED THEREWITH WITHIN A6
SCHOOL DISTRICT FOR THE PRECEDING PROPERTY TAX YEAR ;7
(III)  I
NCREASED PROPERTY TAX REVENUE ATTRIBUTABLE TO THE8
EXPIRATION OF THE USE OF A SCHOOL DISTRICT 'S INCREMENTAL TAX9
REVENUES DIVERTED FOR THE PURPOSES OF PART 1 OF ARTICLE 25 OF10
TITLE 31, PART 1 OF ARTICLE 30 OF TITLE 31, OR OTHER TAX INCREMENT11
FINANCING PURPOSES;12
(IV)  T
HE VALUATION FOR ASSESSMENT THAT WAS OMITTED FROM13
THE ASSESSMENT ROLL IN THE PRECEDING PROPERTY TAX YEAR ;14
(V)  P
ROPERTY TAX REVENUE ABATED OR REFUNDED BY A SCHOOL15
DISTRICT FROM THE PROPERTY TAX YEAR ;16
(VI)  T
HE INCREASE IN THE VALUATION FOR ASSESSMENT17
ATTRIBUTABLE TO PREVIOUSLY LEGALLY EXEMPT PROPERTY THAT18
BECOMES TAXABLE;19
(VII)  T
HE INCREASE IN THE VALUATION FOR ASSESSMENT FROM20
PRODUCING MINES OR LANDS OR LEAS EHOLDS PRODUCING OIL OR GAS IN21
THE PREVIOUS PROPERTY TAX YEAR ;22
(VIII)  A
N AMOUNT TO PROVIDE FOR THE PAYMENT OF BONDS THAT23
HAVE BOTH BEEN APPROVED BY A MAJORITY OF A SCHOOL DISTRICT 'S24
VOTERS VOTING THEREON AND ARE OUTSTANDING AS OF NOVEMBER 5,25
2024,
 AND THE INTEREST THEREON, OR FOR THE PAYMENT OF ANY OTHER26
CONTRACTUAL OBLIGATION THAT HAS BEEN APPROVED BY A MAJORITY OF27
HB24B-1001
-7- A SCHOOL DISTRICT'S VOTERS VOTING THEREON OUTSTANDING AS OF1
N
OVEMBER 5, 2024, AND BONDS OR OTHER CONTRACTUAL OBLIGATIONS2
ISSUED IN ACCORDANCE WITH THE EXISTING VOTED AUTHORIZATION OF A3
SCHOOL DISTRICT APPROVED BY A MAJORITY OF A SCHOOL DISTRICT 'S4
VOTERS VOTING THEREON IN ACCORDANCE WITH SECTION 20 OF ARTICLE5
X
 OF THE STATE CONSTITUTION AS OF NOVEMBER 5, 2024;6
(IX)  P
ROPERTY TAX REVENUE ATTRIBUTABLE TO A SCHOOL7
DISTRICT INCREASING THE TOTAL NUMBER OF MILLS IT LEVIES UPON8
RECEIVING THE APPROVAL OF THE MAJORITY OF A SCHOOL DISTRICT 'S9
VOTERS FOR SUCH AN INCREASE IN AN ELECTION OCCURRING ON OR AFTER10
N
OVEMBER 5, 2024;11
(X)  P
ROPERTY TAX REVENUE ATTRIBUTABLE TO A CHANGE IN THE12
AMOUNT OF SPECIFIC OWNERSHIP TAX REVENUE PAID TO THE DISTRICT , AS13
DEFINED IN SECTION 22-54-103 (11), IN THE PREVIOUS PROPERTY TAX14
YEAR; OR15
(XI)  P
ROPERTY TAX REVENUE ATTRIBUTABLE TO A CHANGE IN THE16
AMOUNT OF PROPERTY TAX CREDITS ISSUED PURSUANT TO SECTION17
22-54-106
 (2.1) IN THE PREVIOUS PROPERTY TAX YEAR.18
(b)  E
XCEPT AS APPLIED IN DETERMINING THE COUNTERFACTUAL19
PERCENTAGE, AS DEFINED IN SECTION 29-1-1702.5 (1)(c), IN DETERMINING20
THE AMOUNT OF QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE FOR21
PURPOSES OF SUBSECTIONS (2.5)(a)(I), (2.5)(a)(II), (2.5)(a)(IV),22
(2.5)(a)(VI), 
AND (2.5)(a)(VII) OF THIS SECTION, THE ANNUAL CHANGE IN23
PROPERTY TAX REVENUE OR VALUATION FOR ASSESSMENT IS ASSUMED TO24
BE THE SAME FOR THE RELEVANT PROPERTY TAX YEAR AS IT WAS FOR THE25
PROPERTY TAX YEAR IMMEDIATELY PRECEDING THE RELEVANT PROPERTY26
TAX YEAR.27
HB24B-1001
-8- (3)  "Qualified property tax revenue" means a local governmental1
entity's property tax revenue for a property tax year exclusive of property2
tax revenue that is from 
ANY OF the following sources and
 OR is used for3
ANY OF the following purposes:4
(c)  Increased property tax revenue attributable to the expiration 
IN5
THE PREVIOUS PROPERTY TAX YEAR of the use of the local governmental6
entity's incremental tax revenues diverted for the purposes of part 1 of7
article 25 of title 31, part 1 of article 30 of title 31, or other tax increment8
financing purposes;9
(e)  Property tax revenue abated or refunded by the local10
governmental entity during
 FROM the property tax year;11
(f)  Property tax revenue attributable to previously PROPERTY THAT12
WAS legally exempt federal property IN THE PREVIOUS PROPERTY TAX13
YEAR that becomes taxable; if such property causes an increase in the14
level of services provided by the local governmental entity;15
(h)  An amount to provide for the payment of bonds that 
HAVE16
BOTH BEEN APPROVED BY A MAJORITY OF THE LOCAL GOVERNMENTAL17
ENTITY'S VOTERS VOTING THEREON AND are outstanding as of the effective
18
date of this part 17 NOVEMBER 5, 2024, and the interest thereon, or for the19
payment of any other contractual obligation that has been approved by a20
majority of the local governmental entity's voters voting thereon21
outstanding as of the effective date of this part 17 NOVEMBER 5, 2024;22
and bonds or other contractual obligations issued in accordance with the23
existing voted authorization of a local governmental entity approved by24
a majority of the local governmental entity's voters voting thereon in25
accordance with section 20 of article X of the state constitution as of the26
effective date of this part 17 NOVEMBER 5, 2024; or27
HB24B-1001
-9- (i)  Property tax revenue attributable to a local governmental entity1
increasing the total number of mills it levies upon receiving the approval2
of the majority of the local governmental entity's voters for such an3
increase in an election occurring on or after the effective date of this part4
17 NOVEMBER 5, 2024.5
(4)  "R
EASSESSMENT CYCLE" MEANS A REASSESSMENT CYCLE6
ESTABLISHED PURSUANT TO SECTION 39-1-104 (10.2).7
(5)  "S
CHOOL DISTRICT" MEANS A LOCAL GOVERNMENT THAT IS8
AUTHORIZED BY LAW TO IMPOSE AD VALOREM TAXES ON TAXABLE9
PROPERTY LOCATED WITHIN ITS TERRITORIAL LIMITS AND HAS A DISTRICT10
TOTAL PROGRAM DETERMINED BY ARTICLE 54 OF TITLE 22.11
SECTION 3. In Colorado Revised Statutes, add 29-1-1702.5 as12
follows:13
29-1-1702.5.  School district property tax limit imposition -14
temporary residential valuation for assessment adjustment -15
correction - definition - repeal. (1)  A
S USED IN THIS SECTION, UNLESS16
THE CONTEXT OTHERWISE REQUIRES :17
(a)  "B
ALANCING PERCENTAGE " MEANS THE VALUATION FOR18
ASSESSMENT OF ALL RESIDENTIAL REAL PROPERTY , FOR THE PURPOSE OF19
A LEVY IMPOSED BY A SCHOOL DISTRICT , NECESSARY FOR SCHOOL20
DISTRICT QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE TO E QUAL THE21
SCHOOL DISTRICT PROPERTY TAX LIMIT.22
(b)  "C
ORRECTION PERCENTAGE" MEANS THE DIFFERENCE BETWEEN23
THE COUNTERFACTUAL PERCENTAGE AND THE VALUATION FOR24
ASSESSMENT OF ALL RESIDENTIAL REAL PROPERTY FOR THE PURPOSE OF A25
LEVY IMPOSED BY A SCHOOL DISTRICT FOR THE IMMEDIATELY PRECEDING26
PROPERTY TAX YEAR.27
HB24B-1001
-10- (c)  "COUNTERFACTUAL PERCENTAGE " MEANS THE VALUATION OF1
ASSESSMENT OF ALL RESIDENTIAL REAL PROPERTY FOR THE IMMEDIATELY2
PRECEDING PROPERTY TAX YEAR FOR THE PURPOSE OF A LEVY IMPOSED BY3
A SCHOOL DISTRICT THAT WOULD HAVE RESULTED IN SCHOOL DISTRICT4
QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE EQUALING THE SCHOOL5
DISTRICT PROPERTY TAX LIMIT.6
(2)  F
OR PROPERTY TAX YEARS COMMENCING ON OR AFTER7
J
ANUARY 1, 2025, QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE FOR8
ALL SCHOOL DISTRICTS FROM A PROPERTY TAX YEAR MUST NOT INCREASE9
BY MORE THAN THE SCHOOL DISTRICT PROPERTY TAX LIMIT .10
(3) (a)  I
F THE QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE11
FOR SCHOOL DISTRICTS FROM A PROPERTY TAX YEAR COMMENCING ON OR12
AFTER JANUARY 1, 2025, WOULD OTHERWISE EXCEED THE SCHOOL13
DISTRICT PROPERTY TAX LIMIT, THE VALUATION FOR ASSESSMENT FOR ALL14
RESIDENTIAL REAL PROPERTY, FOR THE PURPOSE OF A LEVY IMPOSED BY15
A SCHOOL DISTRICT, IS TEMPORARILY REDUCED FOR THAT PROPERTY TAX16
YEAR TO THE TOTAL OF THE BALANCING PERCENTAGE CALCULATED BY17
THE STATE BOARD OF EQUALIZATION PURSUANT TO SUBSECTION (4)(d) OF18
THIS SECTION AND, IF THE SCHOOL DISTRICT QUALIFIED LOCAL SHARE19
PROPERTY TAX REVENUE EXCEEDED THE SCHOOL DISTRICT PROPERTY TAX20
LIMIT IN THE IMMEDIATELY PRECEDING PROPERTY TAX YEAR , THE21
CORRECTION PERCENTAGE .22
(b)  I
F THE QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE FOR23
SCHOOL DISTRICTS FROM A PROPERTY TAX YEAR COMMENCING ON OR24
AFTER JANUARY 1, 2025, IS NOT PROJECTED TO EXCEED THE SCHOOL25
DISTRICT PROPERTY TAX LIMIT, THE VALUATION FOR ASSESSMENT FOR ALL26
RESIDENTIAL REAL PROPERTY, FOR THE PURPOSE OF A LEVY IMPOSED BY27
HB24B-1001
-11- A SCHOOL DISTRICT, IS TEMPORARILY REDUCED, AS CALCULATED BY THE1
STATE BOARD OF EQUALIZATION PURSUANT TO SUBSECTION (4)(d) OF THIS2
SECTION, FOR THAT PROPERTY TAX YEAR BY THE CORRECTION3
PERCENTAGE IF THE SCHOOL DISTRICT QUALIFIED LOCAL SHARE PROPERTY4
TAX REVENUE EXCEEDED THE SCHOOL DISTRICT PROPERTY TAX LIMIT IN5
THE IMMEDIATELY PRECEDING PROPERTY TAX YEAR .6
(c)  A
 TEMPORARY REDUCTION IN THE VALUATION OF ASSESSMENT7
THAT APPLIES TO THAT RESIDENTIAL REAL PROPERTY FOR THE PURPOSE OF8
A LEVY IMPOSED BY A SCHOOL DISTRICT PURSUANT TO SUBSECTION (3)(a)9
OF THIS SECTION DOES NOT CHANGE THE UNDERLYING VALUATION FOR10
ASSESSMENT THAT APPLIES TO THAT RESIDENTIAL REAL PROPERTY FOR11
THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT . THEREFORE,12
REDUCING THE AMOUNT OF THE TEMPORARY REDUCTION IN THE13
VALUATION OF ASSESSMENT THAT APPLIES TO RESIDENTIAL REAL14
PROPERTY FOR THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT15
PURSUANT TO SUBSECTION (3)(a) OR (3)(b) OF THIS SECTION, OR16
REMOVING SUCH A TEMPORARY REDUCTION , FROM ONE PROPERTY TAX17
YEAR TO THE NEXT DOES NOT REQUIRE PRIOR VOTER APPROVAL UNDER18
SECTION 20 (4)(a) OF ARTICLE X OF THE STATE CONSTITUTION.19
(d) (I)  N
OTWITHSTANDING SUBSECTIONS (3)(a) AND (3)(b) OF THIS20
SECTION, THE VALUATION FOR ASSESSMENT ESTABLISHED PURSUANT TO21
SUBSECTIONS (3)(a) AND (3)(b) OF THIS SECTION MUST NOT EXCEED THE22
VALUATION FOR ASSESSMENT ESTABLISHED IN SECTION 39-1-104.2 THAT23
APPLIES TO RESIDENTIAL REAL PROPERTY FOR THE PURPOSE OF A LEVY24
IMPOSED BY A SCHOOL DISTRICT.25
(II)  N
OTWITHSTANDING SECTION 29-1-1703 (3), THE SCHOOL26
DISTRICT QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE MAY EXCEED27
HB24B-1001
-12- THE SCHOOL DISTRICT PROPERTY TAX LIMIT FOR A PROPERTY TAX YEAR IF1
DOING SO IS A RESULT OF ESTABLISHING THE VALUATION FOR ASSESSMENT2
PURSUANT TO SUBSECTIONS (3)(a) AND (3)(b) OF THIS SECTION.3
(4) (a) (I) (A)  N
O LATER THAN DECEMBER 10, 2024, AN ASSESSOR4
SHALL REPORT TO THE PROPERTY TAX ADMINISTRATOR IN THE DIVISION OF5
PROPERTY TAXATION IN THE DEPARTMENT OF LOCAL AFFAIRS THE6
INFORMATION THAT THE ADMINISTRATOR DETERMINES IS NECESSARY TO7
DETERMINE THE AMOUNT OF QUALIFIED LOCAL SHARE PROPERTY TAX8
REVENUE FOR PURPOSES OF SECTIONS 29-1-1701 (2.5)(a)(I) TO9
(2.5)(a)(VII) 
FOR THE RELEVANT PROPERTY TAX YEAR .10
(B)  T
HIS SUBSECTION (4)(a)(I) IS REPEALED, EFFECTIVE JULY 1,11
2025.12
(II)  N
O LATER THAN AUGUST 25, 2025, AND EACH AUGUST 2513
THEREAFTER, AN ASSESSOR SHALL REPORT TO THE PROPERTY TAX14
ADMINISTRATOR IN THE DIVISION OF PROPERTY TAXATION IN THE15
DEPARTMENT OF LOCAL AFFAIRS THE INFORMATION THAT THE16
ADMINISTRATOR DETERMINES NECESSARY TO DETERMINE THE AM OUNT OF17
QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE FOR PURPOSES OF18
SECTION 29-1-1701 (2.5)(a)(I) TO (2.5)(a)(VII) FOR THE RELEVANT19
PROPERTY TAX YEAR. 20
(b) (I) (A)  N
O LATER THAN JANUARY 2, 2025, THE PROPERTY TAX21
ADMINISTRATOR IN THE DIVISION OF PROPERTY TAXATION IN THE22
DEPARTMENT OF LOCAL AFFAIRS SHALL REPORT TO LEGISLATIVE COUNCIL23
STAFF THE INFORMATION THAT THE LEGISLATIVE COUNCIL STAFF24
DETERMINES NECESSARY TO DETERMINE THE AMOUNT OF QUALIFIED25
LOCAL SHARE PROPERTY TAX REVENUE FOR PURPOSES OF SECTION26
29-1-1701 (2.5)(a)(I) 
TO (2.5)(a)(VII) FOR THE RELEVANT PROPERTY TAX27
HB24B-1001
-13- YEAR.1
(B)  T
HIS SUBSECTION (4)(b)(I) IS REPEALED, EFFECTIVE JULY 1,2
2025.3
(II)  N
O LATER THAN OCTOBER 31, 2025, AND EACH OCTOBER 314
THEREAFTER, THE PROPERTY TAX ADMINISTRATOR IN THE DIVISION OF5
PROPERTY TAXATION IN THE DEPARTMENT OF LOCAL AFFAIRS SHALL6
REPORT TO LEGISLATIVE COUNCIL STAFF THE INFORMATION THAT THE7
LEGISLATIVE COUNCIL STAFF DETERMINES NECESSARY TO D ETERMINE THE8
AMOUNT OF QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE FOR9
PURPOSES OF SECTION 29-1-1701 (2.5)(a)(I) TO (2.5)(a)(VII) FOR THE10
RELEVANT PROPERTY TAX YEAR .11
(c)  N
O LATER THAN JANUARY 15, 2025, AND EACH JANUARY 1512
THEREAFTER, LEGISLATIVE COUNCIL STAFF SHALL PROVIDE THE STATE13
BOARD OF EQUALIZATION WITH THE INFORMATION NECESSARY TO14
CALCULATE THE BALANCING PERCENTAGE AND CORRECTION PERCENTAGE15
FOR THE RELEVANT PROPERTY TAX YEAR AND THE COUNTERFACTUAL16
PERCENTAGE FOR THE IMMEDIATELY PRECEDING PROPERTY TAX YEAR .17
(d)  N
O LATER THAN TWENTY -ONE DAYS AFTER RECEIVING THE18
INFORMATION PROVIDED BY LEGISLATIVE COUNCIL STAFF PURSUANT TO19
SUBSECTION (4)(c) OF THIS SECTION, THE STATE BOARD OF EQUALIZATION20
SHALL MEET AND SUBMIT A REPORT TO THE GENERAL ASSEMBLY THAT21
CALCULATES, AS APPLICABLE, THE TOTAL OF THE BALANCING PERCENTAGE22
AND THE CORRECTION PERCENTAGE FOR THE RELEVANT PROPERTY TAX23
YEAR OR THE TOTAL OF THE VALUATION FOR ASSESSMENT THAT APPLIES24
TO THAT RESIDENTIAL REAL PROPERTY FOR THE PURPOSE OF A LEVY25
IMPOSED BY A SCHOOL DISTRICT AND THE CORRECTION PERCENTAGE FOR26
THE RELEVANT PROPERTY TAX YEAR .27
HB24B-1001
-14- SECTION 4. In Colorado Revised Statutes, amend as added by1
Senate Bill 24-233 29-1-1703 as follows:2
29-1-1703.  Property tax limit calculation - definitions.3
(1) (a)  A local governmental entity's property tax limit for a property tax4
year is equal to the local governmental entity's base year qualified5
property tax revenue increased for each year since the base year,6
including the relevant property tax year, by five and one-half percent THE7
AMOUNT OF THE LOCAL GOVERNMENTAL ENTITY 'S QUALIFIED PROPERTY8
TAX REVENUE INCREASED BY THE GROWTH RATE PERCENTAGE .9
(b)  A
S USED IN THIS SUBSECTION (1), UNLESS THE CONTEXT10
OTHERWISE REQUIRES:11
(I)  "A
MOUNT OF THE LOCAL GOVERNMENTAL ENTITY 'S QUALIFIED12
PROPERTY TAX REVENUE" MEANS THE AMOUNT OF QUALIFIED PROPERTY13
TAX REVENUE COLLECTED AND LAWFULLY RETAINED BY A LOCAL14
GOVERNMENTAL ENTITY FROM WHICHEVER PREVIOUS PROPERTY TAX YEAR15
WAS THE PROPERTY TAX YEAR FOR WHICH THE LOCAL GOVERNMENTAL16
ENTITY COLLECTED AND LAWFULLY RETAINED THE MOST PROPERTY TAX17
REVENUE.18
(II)  "G
ROWTH RATE PERCENTAGE " MEANS FIVE AND TWENTY-FIVE19
HUNDREDTHS PERCENT MULTIPLIED BY THE NUMBER OF PROPERTY TAX20
YEARS IN THE CURRENT REASSESSMENT CYCLE .21
(2)  As used in this section, unless the context otherwise requires,
22
"base year" means:23
(a)  Except as otherwise provided in subsection (2)(b) of this24
section:25
(I)  For a local governmental entity that had qualified property tax26
revenue for the property tax year commencing on January 1, 2023, the27
HB24B-1001
-15- local governmental entity's qualified property tax revenue for the property1
tax year commencing on January 1, 2023, plus any money that the local2
governmental entity received pursuant to section 39-3-210; or3
(II)  For a local governmental entity that did not have qualified4
property tax revenue for the property tax year commencing on January 1,5
2023, the local governmental entity's qualified property tax revenue for6
the first year that the local governmental entity had property tax revenue;7
or8
(b)  For a local governmental entity that temporarily waives the9
property limit pursuant to section 29-1-1704, the local governmental10
entity's qualified property tax revenue for the most recent property tax11
year for which the local governmental entity temporarily waived the12
property limit pursuant to section 29-1-1704.13
(3) (a)  A
 SCHOOL DISTRICT'S PROPERTY TAX LIMIT FOR A PROPERTY14
TAX YEAR IS EQUAL TO THE AM OUNT OF TOTAL LOCAL SHARE PROPERTY15
TAX REVENUE INCREASED BY THE GROWTH RATE PERCENTAGE .16
(b)  A
S USED IN THIS SUBSECTION (3), UNLESS THE CONTEXT17
OTHERWISE REQUIRES:18
(I)  "G
ROWTH RATE PERCENTAGE " MEANS THE GREATER OF:19
(A)  S
IX PERCENT MULTIPLIED BY THE NUMBER OF PROPERTY TAX20
YEARS IN THE CURRENT REASSESSMENT CYCLE ; OR21
(B)  T
HE TOTAL OF THE ESTIMATED SCHOOL FACTOR FOR THE22
CURRENT PROPERTY TAX YEAR PLUS THE ESTIMATED SCHOOL FACTOR FOR23
ANY OTHER PROPERTY TAX YEAR IN THE SAME REASSESSMENT CYCLE .24
(II)  "S
CHOOL FACTOR" MEANS THE TOTAL PERCENTAGE OF THE25
RATE BY WHICH THE GENERAL ASSEMBLY INCREASES THE STATEWIDE BASE26
PER PUPIL FUNDING FOR PUBLIC EDUCATION FROM KINDERGARTEN27
HB24B-1001
-16- THROUGH TWELFTH GRADE FOR THE RELEVANT SCHOOL YEAR , AS1
DETERMINED PURSUANT TO SECTION 22-55-106, FOR ALL SCHOOL2
DISTRICTS IN THE STATE PLUS THE PERCENTAGE INCREASE IN FUNDED3
PUPIL COUNT, AS DEFINED IN SECTION 22-54-103.5 (4), FOR THE RELEVANT4
SCHOOL YEAR FOR ALL SCHOOL DISTRICTS IN THE STATE . 5
(III)  "T
OTAL LOCAL SHARE PROPERTY TAX REVENUE " MEANS THE6
TOTAL AMOUNT OF PROPERTY TAX REVENUE COLLECTED AND LAWFULLY7
RETAINED BY ALL SCHOOL DISTRICTS IN THE STATE IN CONNECTION WITH8
DISTRICT TOTAL PROGRAM FUNDING FROM WHICHEVER PREVIOUS9
PROPERTY TAX YEAR IN A PREVIOUS REASSESSMENT CYCLE WAS THE10
PROPERTY TAX YEAR FOR WHICH THE TOTAL AMOUNT OF PROPERTY TAX11
REVENUE COLLECTED AND LAWFULLY RETAINED BY ALL SCHOOL12
DISTRICTS IN THE STATE IN CONNECTION WITH DISTRICT TOTAL PROGRAM13
FUNDING WAS GREATEST.14
SECTION 5. In Colorado Revised Statutes, amend as added by15
Senate Bill 24-233 29-1-1704 as follows:16
29-1-1704.  Voter approval of property limit waiver. (1) (a)  A17
local governmental entity's governing body may submit to the local18
governmental entity's electors the question of whether the local19
governmental entity may waive the 
LOCAL GOVERNMENTAL ENTITY20
property tax limit established in section 29-1-1702 in connection with a21
single property tax year, a specified number of property tax years, or all22
future property tax years. If the majority of the local governmental entity's23
voters voting thereon approve such a request, the local governmental24
entity is not subject to the 
LOCAL GOVERNMENTAL ENTITY property tax25
limit established in section 29-1-1702 for the period of property tax years26
for which voters approved waiving the property tax limit.27
HB24B-1001
-17- (b)  FOR A MEASURE THAT IS PLACED ON THE BALLOT AFTER1
N
OVEMBER 5, 2024, THAT WOULD ALLOW A LOCAL GOVERNMENTAL2
ENTITY TO WAIVE THE PROPERTY TAX LIMIT ESTABLISHED IN SECTION3
29-1-1702
 IN CONNECTION WITH A SINGLE PROPERTY TAX YEAR , A4
SPECIFIED NUMBER OF PROPERTY TAX YEARS , OR ALL FUTURE PROPERTY5
TAX YEARS, THE BALLOT TITLE MUST BEGIN "SHALL THE (NAME OF THE6
LOCAL GOVERNMENT ) WAIVE THE 5.25% PROPERTY TAX LIMIT FOR" AND7
THEN MUST SPECIFY WHETHER THE LOCAL GOVERNMENTAL ENTITY IS8
SEEKING TO WAIVE THE PROPERTY TAX LIMIT FOR A SINGLE PROPERTY TAX9
YEAR, A SPECIFIED NUMBER OF PROPERTY TAX YEARS , OR ALL FUTURE10
PROPERTY TAX YEARS.11
(2) (a)  T
HE VOTERS OF THE STATE, RATHER THAN THE VOTERS OF12
ANY INDIVIDUAL SCHOOL DISTRICT , MAY WAIVE THE SCHOOL DISTRICT13
PROPERTY TAX REVENUE LIMIT ESTABLISHED IN SECTION 29-1-1702.5 IN14
CONNECTION WITH A SINGLE PROPERTY TAX YEAR , A SPECIFIED NUMBER15
OF PROPERTY TAX YEARS, OR ALL FUTURE PROPERTY TAX YEARS . IF THE16
MAJORITY OF THE VOTERS OF THE STATE VOTING THEREON APPROVE SUCH17
A REQUEST, ALL SCHOOL DISTRICTS ARE NOT SUBJECT TO THE SCHOOL18
DISTRICT PROPERTY TAX REVENUE LIMIT ESTABLISHED IN SECTION19
29-1-1702.5
 FOR THE PERIOD OF PROPERTY TAX YEARS FOR WHICH VOTERS20
APPROVED WAIVING THE PROPERTY TAX REVENUE LIMIT . THE VOTERS OF21
AN INDIVIDUAL SCHOOL DISTRICT MAY NOT ELECT TO WAIVE THE SCHOOL22
DISTRICT PROPERTY TAX REVENUE LIMIT ESTABLISHED IN SECTION23
29-1-1702.5
 FOR THAT INDIVIDUAL SCHOOL DISTRICT.24
(b)  F
OR A MEASURE THAT IS PLACED ON THE BALLOT AFTER25
N
OVEMBER 5, 2024, THAT WOULD ALLOW ALL SCHOOL DISTRICTS TO26
WAIVE THE SCHOOL DISTRICT PROPERTY TAX REVENUE LIMIT ESTABLISHED27
HB24B-1001
-18- IN SECTION 29-1-1702.5 IN CONNECTION WITH A SINGLE PROPERTY TAX1
YEAR, A SPECIFIED NUMBER OF PROPERTY TAX YEARS , OR ALL FUTURE2
PROPERTY TAX YEARS, THE BALLOT TITLE MUST BEGIN "SHALL ALL OF THE3
SCHOOL DISTRICTS IN THE STATE WAIVE THE 6% PROPERTY TAX LIMIT FOR"4
AND THEN MUST SPECIFY WHETHER THE PROPERTY TAX LIMIT WOULD BE5
WAIVED FOR ALL SCHOOL DISTRICTS FOR A SINGLE PROPERTY TAX YEAR ,6
A SPECIFIED NUMBER OF PROPERTY TAX YEARS , OR ALL FUTURE PROPERTY7
TAX YEARS.8
SECTION 6. In Colorado Revised Statutes, amend as added by9
Senate Bill 24-233 29-1-1705 as follows:10
29-1-1705.  Prior obligations not impaired - voter-approval of11
mill increases - disaster emergency spending - definitions. (1)  Nothing12
in this part 17 impairs:13
(a)  The obligations of any bonds or other forms of indebtedness14
that are outstanding as of the effective date of this part 17 NOVEMBER 5,15
2024, or the refunding thereof, issued by a local governmental entity16
GOVERNMENT or otherwise invalidates any such bond or the obligations17
or refunding thereof; or18
(b)  The existing voted authorization of a local governmental entity19
GOVERNMENT approved by a majority of the local governmental entity's20
GOVERNMENT'S voters voting thereon in accordance with section 20 of21
article X of the state constitution as of the effective date of this part 1722
N
OVEMBER 5, 2024. As established in section 29-1-1701 (3)(h), the23
imposition of a levy to provide for the payment of the following is not24
included in the calculation of the property tax limit:25
(I)  Bonds that are outstanding as of the effective date of this part
26
17 NOVEMBER 5, 2024, and the interest thereon, or for the payment of any27
HB24B-1001
-19- other contractual obligation outstanding as of the effective date of this1
part 17 NOVEMBER 5, 2024, that has been approved by a majority of the2
local governmental entity's GOVERNMENT'S voters voting thereon; and3
(II)  Bonds or other contractual obligations issued in accordance4
with the existing voted authorization of a local governmental entity5
GOVERNMENT approved by a majority of the local governmental entity's6
GOVERNMENT'S voters voting thereon in accordance with section 20 of7
article X of the state constitution as of the effective date of this part 178
N
OVEMBER 5, 2024, are not included in the calculation of the property tax9
limit.10
(2)  Nothing in this part 17 prevents a local governmental entity
11
GOVERNMENT from submitting to the local governmental entity's12
GOVERNMENT'S electors the question of whether to increase the total13
number of mills levied by the local governmental entity GOVERNMENT14
and, upon a majority of the local governmental entity's GOVERNMENT'S15
voters voting to approve such a request, increasing the total number of16
mills levied by the local governmental entity GOVERNMENT accordingly.17
As established in section 29-1-1701 (3)(i), property tax revenue18
attributable to a local governmental entity GOVERNMENT increasing the19
total number of mills it levies upon receiving the approval of the majority20
of the local governmental entity's GOVERNMENT'S voters for such an21
increase in an election occurring on or after the effective date of this part22
17 NOVEMBER 5, 2024, is not included in the calculation of the property23
tax limit. A local governmental entity GOVERNMENT may also submit to24
the local government entity's GOVERNMENT'S electors the question of25
whether to increase the total number of mills levied by the local26
governmental entity GOVERNMENT in such a way that the mills increase27
HB24B-1001
-20- to match the local governmental entity's GOVERNMENT'S property tax limit1
established pursuant to section 29-1-1702 and, upon a majority of the2
local governmental entity's GOVERNMENT'S voters voting to approve such3
a request, increasing the total number of mills levied by the local4
governmental entity GOVERNMENT accordingly.5
(3) (a)  N
OTWITHSTANDING THIS PART 17, AN AMOUNT OF6
QUALIFIED PROPERTY TAX REVENUE OR QUALIFIED LOCAL SHARE7
PROPERTY TAX REVENUE , AS APPLICABLE, EQUAL TO ANY AMOUNT OF8
DISASTER EMERGENCY SPENDING BY A LOCAL GOVERNMENT IN A9
PROPERTY TAX YEAR IS EXEMPT FROM THE CALCULATION OF THE10
PROPERTY TAX LIMIT THAT APPLIES TO THAT LOCAL GOVERNMENT FOR THE11
SAME PROPERTY TAX YEAR.12
(b)  A
S USED IN THIS SUBSECTION (3), UNLESS THE CONTEXT13
OTHERWISE REQUIRES:14
(I)  "D
ECLARED DISASTER" HAS THE SAME MEANING AS SECTION15
24-32-134 (1)(b).16
(II)  "D
ISASTER EMERGENCY SPENDING " MEANS THE AMOUNT OF17
ACTUAL EXPENDITURES BY A LOCAL GOVERNMENT IN A PROPERTY TAX18
YEAR AS THE DIRECT RESULT OF A DECLARED DISASTER .19
SECTION 7. In Colorado Revised Statutes, 39-1-104, amend20
(1)(a) and (1.8)(a); and add (1.9) as follows:21
39-1-104.  Valuation for assessment - definitions. (1) (a)  F
OR22
PROPERTY TAX YEARS COMMENCING BEFORE JANUARY 1, 2025, the23
valuation for assessment of all taxable property in the state shall be
 IS24
twenty-nine percent of the actual value thereof as determined by the25
assessor and the administrator in the manner prescribed by law, and that26
percentage shall be uniformly applied, without exception, to the actual27
HB24B-1001
-21- value, so determined, of the real and personal property located within the1
territorial limits of the authority levying a property tax, and all property2
taxes shall be levied against the aggregate valuation for assessment3
resulting from the application of that percentage.4
(1.8) (a)  F
OR PROPERTY TAX YEARS COMMENCING BEFORE5
J
ANUARY 1, 2025, the valuation for assessment of real and personal6
property that is classified as agricultural property or renewable energy7
production property is twenty-nine percent of the actual value thereof;8
except that, for property tax years commencing on January 1, 2022,9
January 1, 2023, and January 1, 2024, the valuation for assessment of this10
property is temporarily reduced to twenty-six and four-tenths percent of11
the actual value thereof.12
(1.9) (a)  F
OR THE PROPERTY TAX YEAR COMMENCING ON JANUARY13
1,
 2025, THE VALUATION FOR ASSESSMENT FOR PERSONAL PROPERTY AND14
NONRESIDENTIAL REAL PROPERTY IS TWENTY -SEVEN PERCENT OF THE15
ACTUAL VALUE THEREOF; EXCEPT THAT THE VALUATION FOR ASSESSMENT16
FOR VACANT LAND , AS DEFINED IN SECTION 39-1-103 (14)(c), IS17
TWENTY-SEVEN AND ONE-HALF PERCENT.18
(b)  F
OR THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1,19
2026,
 THE VALUATION FOR ASSESSMENT FOR PERSONAL PROPERTY AND20
NONRESIDENTIAL REAL PROPERTY IS TWENTY -SIX PERCENT OF THE ACTUAL21
VALUE THEREOF; EXCEPT THAT, FOR ALL PROPERTY LISTED BY THE22
ASSESSOR UNDER ANY IMPROVED COMMERCIAL SUBCLASS CODES AND ALL23
REAL OR PERSONAL PROPERTY THAT IS CLASSIFIED AS AGRICULTURAL24
PROPERTY, THE VALUATION FOR ASSESSMENT IS TWENTY-FIVE PERCENT OF25
THE ACTUAL VALUE THEREOF ; EXCEPT THAT THE VALUATION FOR26
ASSESSMENT FOR VACANT LAND , AS DEFINED IN SECTION 39-1-103 (14)(c),27
HB24B-1001
-22- IS TWENTY-SEVEN AND ONE-HALF PERCENT.1
(c)  F
OR PROPERTY TAX YEARS COMMENCING ON OR AFTER2
J
ANUARY 1, 2027, THE VALUATION FOR ASSESSMENT FOR PERSONAL3
PROPERTY AND NONRESIDENTIAL REAL PROPERTY IS TWENTY -FIVE4
PERCENT OF THE ACTUAL VALUE THEREOF ; EXCEPT THAT THE VALUATION5
FOR ASSESSMENT FOR VACANT LAND , AS DEFINED IN SECTION 39-1-1036
(14)(c),
 IS TWENTY-SEVEN AND ONE-HALF PERCENT.7
(d)  T
HE ACTUAL VALUE OF REAL AND PERSONAL PROPERTY8
SPECIFIED IN THIS SUBSECTION (1.9) IS DETERMINED BY THE ASSESSOR AND9
THE ADMINISTRATOR IN THE MANNER PRESCRIBED BY LAW , AND A10
VALUATION FOR ASSESSMENT PERCENTAGE IS UNIFORMLY APPLIED ,11
WITHOUT EXCEPTION, TO THE ACTUAL VALUE, SO DETERMINED, OF THE12
VARIOUS CLASSES AND SUBCLASSES OF REAL AND PERS ONAL PROPERTY13
LOCATED WITHIN THE TERRITORIAL LIMITS OF THE AUTHORITY LEVYING A14
PROPERTY TAX, AND ALL PROPERTY TAXES ARE LEVIED AGAINST THE15
AGGREGATE VALUATION FOR ASSESSMENT RESULTING FROM THE16
APPLICATION OF THE PERCENTAGE .17
SECTION 8. In Colorado Revised Statutes, 39-1-104, amend as18
amended by Senate Bill 24-233 (1.8)(b) introductory portion and19
(1.8)(c); and repeal as added by Senate Bill 24-233 (1.8)(b.5) as20
follows:21
39-1-104.  Valuation for assessment - definitions. (1.8) (b)  F
OR22
PROPERTY TAX YEARS COMMENCING BEFORE JANUARY 1, 2025, the23
valuation for assessment of all nonresidential property that is not24
specified in subsection (1) 
OR (1.8)(a) or (1.8)(b.5)
 of this section is25
twenty-nine percent of the actual value thereof; except that, for the26
property tax years commencing on January 1, 2023, and January 1, 2024,27
HB24B-1001
-23- the valuation for assessment of this property is temporarily reduced to:1
(b.5)  The valuation for assessment for all property listed by the2
assessor under any improved commercial subclass codes and all real or3
personal property that is classified as agricultural property is:4
(I)  For the property tax year commencing on January 1, 2025,5
temporarily reduced to twenty-seven percent of the actual value of the6
property; and7
(II)  For property tax years commencing on or after January 1,8
2026, reduced to twenty-five percent of the actual value of the property. 9
(c)  The actual value of real and personal property specified in10
subsection (1.8)(a) 
OR (1.8)(b) or (1.8)(b.5)
 of this section is determined11
by the assessor and the administrator in the manner prescribed by law,12
and a valuation for assessment percentage is uniformly applied, without13
exception, to the actual value, so determined, of the various classes and14
subclasses of real and personal property located within the territorial15
limits of the authority levying a property tax, and all property taxes are16
levied against the aggregate valuation for assessment resulting from the17
application of the percentage. 18
SECTION 9. In Colorado Revised Statutes, 39-1-104.2, add19
(1)(e), (3)(t.5), (3)(u.5), and (8) as follows:20
39-1-104.2.  Residential real property - valuation for21
assessment - legislative declaration - definitions. (1)  As used in this22
section, unless the context otherwise requires:23
(e)  "S
TATEWIDE ACTUAL VALUE GROWTH " MEANS, AS DETERMINED24
PURSUANT TO SUBSECTION (8) OF THIS SECTION, THE DIFFERENCE IN THE25
TOTAL STATEWIDE ACTUAL VALUE FROM THE PROPERTY TAX YEAR26
COMMENCING ON JANUARY 1, 2024, AND THE TOTAL STATEWIDE ACTUAL27
HB24B-1001
-24- VALUE FROM THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1,1
2025.2
(3) (t.5) (I)  F
OR THE PROPERTY TAX YEAR COMMENCING ON3
J
ANUARY 1, 2025, IF THE STATE BOARD OF EQUALIZATION DETERMINES4
THAT THE STATEWIDE ACTUAL VALUE GROWTH IS GREATER THAN FIVE5
PERCENT, THE VALUATION FOR ASSESSMENT FOR ALL RESIDENTIAL REAL6
PROPERTY OTHER THAN QUALIFIED -SENIOR PRIMARY RESIDENCE REAL7
PROPERTY IS:8
(A)  F
OR THE PURPOSE OF A LEVY IMPOSED BY A LOCAL9
GOVERNMENTAL ENTITY , 6.15 PERCENT OF THE ACTUAL VALUE OF THE10
PROPERTY; AND11
(B)  F
OR THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT ,12
6.95
 PERCENT OF THE ACTUAL VALUE OF THE PROPERTY ; EXCEPT THAT THE13
VALUATION FOR ASSESSMENT FOR THE PURPOSE OF A LEVY IMPOSED BY A14
SCHOOL DISTRICT MAY BE TEMPORARILY REDUCED FOR A PROPERTY TAX15
YEAR AS SET FORTH IN SECTION 29-1-1702.5.16
(II)  I
F IT IS ADMINISTRATIVELY INFEASIBLE TO CALCULATE TWO17
DIFFERENT VALUATIONS FOR ASSESSMEN T FOR THE SAME PROPERTY BASED18
ON THE SAME ACTUAL VALUE, BUT WITH TWO DIFFERENT PERCENTAGES OF19
THAT ACTUAL VALUE, AN ASSESSOR MAY DETERMINE THE VALUE OF A20
PROPERTY UNDER SUBSECTION (3)(t.5)(I)(B) OF THIS SECTION BY21
CALCULATING 113.00813 PERCENT OF AN AMOUNT EQUAL TO 6.1522
PERCENT OF THE ACTUAL VALUE OF THE PROPERTY .23
(u.5) (I)  F
OR PROPERTY TAX YEARS COMMENCING ON OR AFTER24
J
ANUARY 1, 2026, IF THE STATE BOARD OF EQUALIZATION DETERMINES25
THAT THE STATEWIDE ACTUAL VALUE GROWTH IS GREATER THAN FIVE26
PERCENT, THE VALUATION FOR ASSESSMENT FOR ALL RESIDENTIAL REAL27
HB24B-1001
-25- PROPERTY OTHER THAN QUALIFIED -SENIOR PRIMARY RESIDENCE REAL1
PROPERTY IS:2
(A)  F
OR THE PURPOSE OF A LEVY IMPOSED BY A LOCAL3
GOVERNMENTAL ENTITY , 6.7 PERCENT OF THE AMOUNT EQUAL TO THE4
ACTUAL VALUE OF THE PROPERTY MINUS THE LESSER OF TEN PERCENT OF5
THE ACTUAL VALUE OF THE PROPERTY OR SEVENTY THOUSAND DOLLARS6
AS INCREASED FOR INFLATION IN THE FIRST YEAR OF EACH SUBSEQUENT7
REASSESSMENT CYCLE; AND8
(B)  F
OR THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT ,9
6.95
 PERCENT OF THE AMOUNT EQUAL TO THE ACTUAL VALUE OF THE10
PROPERTY; EXCEPT THAT THE VALUATION FOR ASSESSMENT FOR THE11
PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT MAY BE12
TEMPORARILY REDUCED FOR A PROPERTY TAX YEAR AS SET FORTH IN13
SECTION 29-1-1702.5.14
(II)  F
OR REASSESSMENT CYCLES COMMENCING ON OR AFTER15
J
ANUARY 1, 2027, THE ADMINISTRATOR SHALL PUBLISH THE16
INFLATION-INCREASED VALUE USED TO CALCULATE THE VALUATION FOR17
ASSESSMENT PURSUANT TO SUBSECTION (3)(u.5)(I)(A) OF THIS SECTION. 18
(III)  T
HE GENERAL ASSEMBLY FINDS AND DECLARES THAT ANY19
MODIFICATION TO THE VALUATION FOR ASSESSMENT ESTABLISHED IN THIS20
SUBSECTION (3)(u.5), EXCLUSIVE OF THE TERMINATION OF ANY21
TEMPORARY REDUCTION PURSUANT TO SECTION 29-1-1702.5, THAT22
WOULD RESULT IN A PROPERTY TAX INCREASE WOULD REQUIRE PRIOR23
VOTER APPROVAL UNDER SECTION 20 (4)(a) OF ARTICLE X OF THE STATE24
CONSTITUTION.25
(8) (a)  A
S SOON AS PRACTICABLE UPON RECEIVING THE ABSTRACT26
OF ASSESSMENT FOR EACH COUNTY FROM THE ADMINISTRATOR PURSUANT27
HB24B-1001
-26- TO SECTION 39-2-115 (3), THE STATE BOARD OF EQUALIZATION SHALL1
DETERMINE STATEWIDE ACTUAL VALUE GROWTH , WHETHER THAT GROWTH2
IS LESS THAN OR EQUAL TO FIVE PERCENT	, AND WHICH OF THE VALUATIONS3
FOR ASSESSMENT DETERMINED PURSUANT TO THIS SECTION APPLY IN4
PROPERTY TAX YEARS COMMENCING ON OR AFTER JANUARY 1, 2025.5
(b)  U
PON THE STATE BOARD OF EQUALIZATION DETERMINING6
WHICH OF THE VALUATIONS FOR ASSESSMENT DETERMINED PURSUANT TO7
THIS SECTION APPLY IN PROPERTY TAX YEARS COMMENCING ON OR AFTER8
J
ANUARY 1, 2025, THE STATE BOARD OF EQUALIZATION SHALL NOTIFY THE9
ADMINISTRATOR, AND THE ADMINISTRATOR SHALL PUBLISH THOSE10
VALUATIONS FOR ASSESSMENT ON THE WEBSITE MAINTAINED BY THE11
DIVISION OF PROPERTY TAXATION IN THE DEPARTMENT OF LOCAL AFFAIRS .12
(c)  T
HE GENERAL ASSEMBLY FINDS AND DECLARES THAT ANY13
MODIFICATION TO THE VALUATIONS FOR ASSESSMENT THAT THE STATE14
BOARD OF EQUALIZATION DETERMINES ARE APPLICABLE IN PROPERTY TAX15
YEARS COMMENCING ON OR AFTER JANUARY 1, 2025, PURSUANT TO THIS16
SUBSECTION (8) THAT WOULD RESULT IN A PROPERTY TAX INCREASE17
WOULD REQUIRE PRIOR VOTER APPROVAL UNDER SECTION 20 (4)(a) OF18
ARTICLE X OF THE STATE CONSTITUTION.19
SECTION 10. In Colorado Revised Statutes, 39-1-104.2, amend20
as amended by Senate Bill 24-233 (3)(s); and amend as added by21
Senate Bill 24-233 (3)(t), (3)(u)(I), and (3)(u)(III) as follows: 22
39-1-104.2.  Residential real property - valuation for23
assessment - legislative declaration - definitions. (3) (s) (I)  For24
property tax years commencing on or after January 1, 2025, but before25
January 1, 2027, if there are sufficient excess state revenues, the valuation26
for assessment for qualified-senior primary residence real property,27
HB24B-1001
-27- including multi-family qualified-senior primary residence real property,1
is:2
(A)  For the property tax year commencing on January 1, 2025, 
IF3
THE STATE BOARD OF EQUALIZATION DETERMINES THAT THE STATEWIDE4
ACTUAL VALUE GROWTH IS LESS THAN OR EQUAL TO FIVE PERCENT , for the5
purpose of a levy imposed by a local governmental entity, 6.4
 6.256
percent of the amount equal to the actual value of the property minus7
either fifty percent of the first two hundred thousand dollars of that actual8
value; plus the lesser of ten percent of the actual value of the property or9
seventy thousand dollars as increased for inflation in the first year of each10
subsequent reassessment cycle or the amount that causes the valuation for11
assessment of the property to be one thousand dollars;12
(A.5)  F
OR THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1,13
2025,
 IF THE STATE BOARD OF EQUAL IZATION DETERMINES THAT THE14
STATEWIDE ACTUAL VALUE GROWTH IS GREATER THAN FIVE PERCENT , FOR15
THE PURPOSE OF A LEVY IMPOSED BY A LOCAL GOVERNMENTAL ENTITY ,16
6.15
 PERCENT OF THE AMOUNT E QUAL TO THE ACTUAL VALUE OF THE17
PROPERTY MINUS FIFTY PERCENT OF THE FIRST TWO HUNDRED THOUSAND18
DOLLARS OF THAT ACTUAL VALUE ;19
(B)  For the property tax year commencing on January 1, 2026, 
IF20
THE STATE BOARD OF EQUALIZATION DETERMINES THAT THE STATEWIDE21
ACTUAL VALUE GROWTH IS LESS THAN OR EQUAL TO FIVE PERCENT , for the22
purpose of a levy imposed by a local governmental entity, 6.95
 6.823
percent of the amount equal to the actual value of the property minus24
either fifty percent of the first two hundred thousand dollars of that actual25
value plus the lesser of ten percent of the actual value of the property or26
seventy thousand dollars as increased for inflation in the first year of each27
HB24B-1001
-28- subsequent reassessment cycle; or the amount that causes the valuation1
for assessment of the property to be one thousand dollars; and2
(B.5)  F
OR THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1,3
2026,
 IF THE STATE BOARD OF EQUAL IZATION DETERMINES THAT THE4
STATEWIDE ACTUAL VALUE GROWTH IS GREATER THAN FIVE PERCENT , FOR5
THE PURPOSE OF A LEVY IMPOSED BY A LOCAL GOVERNMENTAL ENTITY ,6
6.7
 PERCENT OF THE AMOUNT EQUAL TO THE ACTUAL VALUE OF THE7
PROPERTY MINUS FIFTY PERCENT OF THE FIRST TWO HUNDRED THOUSAND8
DOLLARS OF THAT ACTUAL VALUE PLUS THE LESSER OF TEN PERCENT OF9
THE ACTUAL VALUE OF THE PROPERTY OR SEVENTY THOUSAND DOLLARS10
AS INCREASED FOR INFLATION IN THE FIRST YEAR OF EACH SUBSEQUENT11
REASSESSMENT CYCLE;12
(C)  For the property tax years commencing on January 1, 2025,13
and January 1, 2026, 
IF THE STATE BOARD OF EQUALIZATION DETERMINES14
THAT THE STATEWIDE ACTUAL VALUE GROWTH IS LESS THAN OR EQUAL TO15
FIVE PERCENT, for the purpose of a levy imposed by a school district, 7.15
16
7.05 percent of the amount equal to the actual value of the property minus17
the lesser of fifty percent of the first two hundred thousand dollars of that18
actual value; or the amount that causes the valuation for assessment of the19
property to be one thousand dollars. EXCEPT THAT THE VALUATION FOR20
ASSESSMENT FOR THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT21
MAY BE TEMPORARILY REDUCED FOR A PROPERTY TAX YEAR AS SET FORTH22
IN SECTION 29-1-1702.5; AND23
(D)  F
OR THE PROPERTY TAX YEARS COMMENCING ON JANUARY 1,24
2025,
 AND JANUARY 1, 2026, IF THE STATE BOARD OF EQUALIZATION25
DETERMINES THAT THE STATEWIDE ACTUAL VALUE GROWTH IS GREATER26
THAN FIVE PERCENT, FOR THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL27
HB24B-1001
-29- DISTRICT, 6.95 PERCENT OF THE AMOUNT EQUAL TO THE ACTUAL VALUE1
OF THE PROPERTY MINUS FIFTY PERCENT OF THE FIRST TWO HUNDRED2
THOUSAND DOLLARS OF THAT ACTUAL VALUE ; EXCEPT THAT THE3
VALUATION FOR ASSESSMENT FOR THE PURPOSE OF A LEVY IMPOSED BY A4
SCHOOL DISTRICT MAY BE TEMPORARILY REDUCED FOR A PROPERTY TAX5
YEAR AS SET FORTH IN SECTION 29-1-1702.5.6
(II) (A)  For the property tax year commencing on January 1, 2025,7
IF THE STATE BOARD OF EQUALIZATION DETERMINES THAT THE STATEWIDE8
ACTUAL VALUE GROWTH IS LESS THAN OR EQUAL TO FIVE PERCENT AND if9
it is administratively infeasible to calculate two different valuations for10
assessment for the same property based on two different percentages of11
actual value, an assessor may determine the value of a property under12
subsection (3)(s)(I)(A)
 SUBSECTION (3)(s)(I)(C) of this section by13
calculating 111.71875 112.8 percent of an amount equal to 6.4 6.2514
percent of the amount equal to the actual value of the property minus15
either fifty percent of the first two hundred thousand dollars of that actual16
value. plus the lesser of ten percent of the actual value of the property or17
seventy thousand dollars or the amount that causes the valuation for18
assessment of the property to be one thousand dollars.19
(B)  F
OR THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1,20
2025,
 IF THE STATE BOARD OF EQUALIZATION DETERMINES THAT THE21
STATEWIDE ACTUAL VALUE GROWTH IS GREATER THAN FIVE PERCENT AND22
IF IT IS ADMINISTRATIVELY INFEASIBLE TO CALCULATE TWO DIFFERENT23
VALUATIONS FOR ASSESSMENT FOR THE SAME PROPERTY BASED ON TWO24
DIFFERENT PERCENTAGES OF ACTUAL VALUE , AN ASSESSOR MAY25
DETERMINE THE VALUE OF A PROPERTY UNDER SUBSECTION (3)(s)(I)(D)26
OF THIS SECTION BY CALCULATING 113.00813 PERCENT OF AN AMOUNT27
HB24B-1001
-30- EQUAL TO 6.15 PERCENT OF THE AMOUNT EQUAL TO THE ACTUAL VALUE1
OF THE PROPERTY MINUS FIFTY PERCENT OF THE FIRST TWO HUNDRED2
THOUSAND DOLLARS OF THAT ACTUAL VALUE .3
(III)  The general assembly finds and declares that any4
modification to the valuation for assessment established in this subsection5
(3)(s),
 EXCLUSIVE OF THE TERMINATION OF ANY TEMPORARY REDUCTION6
PURSUANT TO SECTION 29-1-1702.5, that would result in a property tax7
increase would require prior voter approval under section 20 (4)(a) of8
article X of the state constitution.9
(t) (I)  For the property tax year commencing on January 1, 2025,10
IF THE STATE BOARD OF EQUALIZATION DETERMINES THAT THE STATEWIDE11
ACTUAL VALUE GROWTH IS LESS THAN OR EQUAL TO FIVE PERCENT , the12
valuation for assessment for all residential real property other than13
qualified-senior primary residence real property is:14
(A)  For the purpose of a levy imposed by a local governmental15
entity, 6.4
 6.25 percent of the actual value of the property; and16
(B)  For the purpose of a levy imposed by a school district, 7.1517
7.05 percent of the actual value of the property;
 EXCEPT THAT THE18
VALUATION FOR ASSESSMENT FOR THE PURPOSE OF A LEVY IMPOSED BY A19
SCHOOL DISTRICT MAY BE TEMPORARILY REDUCED FOR A PROPERTY TAX20
YEAR AS SET FORTH IN SECTION 29-1-1702.5.21
(II)  If it is administratively infeasible to calculate two different22
valuations for assessment for the same property based on the same actual23
value, but with two different percentages of that actual value, an assessor24
may determine the value of a property under subsection (3)(t)(I)(B) of this25
section by calculating 111.71875
 112.8 percent of an amount equal to 6.426
6.25 percent of the actual value of the property.27
HB24B-1001
-31- (III)  THE GENERAL ASSEMBLY FINDS AND DECLARES THAT ANY1
MODIFICATION TO THE VALUATION FOR ASSESSMENT ESTABLISHED IN THIS2
SUBSECTION (3)(t), EXCLUSIVE OF THE TERMINATION OF ANY TEMPORARY3
REDUCTION PURSUANT TO SECTION 29-1-1702.5, THAT WOULD RESULT IN4
A PROPERTY TAX INCREASE WOULD REQUIRE PRIOR VOTER APPROVAL5
UNDER SECTION 20 (4)(a) OF ARTICLE X OF THE STATE CONSTITUTION.6
(u) (I)  For property tax years commencing on or after January 1,7
2026, 
IF THE STATE BOARD OF EQUAL IZATION DETERMINES THAT THE8
STATEWIDE ACTUAL VALUE GROWTH IS LESS THAN OR EQUAL TO FIVE9
PERCENT, the valuation for assessment for all residential real property10
other than qualified-senior primary residence real property is:11
(A)  For the purpose of a levy imposed by a local governmental12
entity, 6.95
 6.8 percent of the amount equal to the actual value of the13
property minus the lesser of ten percent of the actual value of the property14
or seventy thousand dollars as increased for inflation in the first year of15
each subsequent reassessment cycle; and16
(B)  For the purpose of a levy imposed by a school district, 7.1517
7.05 percent of the amount equal to the actual value of the property;18
except that the valuation for assessment for the purpose of a levy imposed19
by a school district may be temporarily reduced for a property tax year as20
set forth in section 39-1-104.7 29-1-1702.5.21
(III)  The general assembly finds and declares that any22
modification to the valuation for assessment established in this subsection23
(3)(u),
 EXCLUSIVE OF THE TERMINATION OF ANY TEMPORARY REDUCTION24
PURSUANT TO SECTION 29-1-1702.5, that would result in a property tax25
increase would require prior voter approval under section 20 (4)(a) of26
article X of the state constitution.27
HB24B-1001
-32- SECTION 11. In Colorado Revised Statutes, 39-1-104.6, amend1
as added by Senate Bill 24-233 (10)(c) as follows:2
39-1-104.6.  Qualified-senior primary residence real property3
- valuation for assessment - reimbursement to local governments for4
reduced valuation - temporary mechanism for refunding excess state5
revenues - legislative declaration - definitions. (10) Reimbursement6
as refund of excess state revenues. (c)  As used in this subsection (10),7
unless the context otherwise requires, "revenue lost as a result of the8
classification of real property as qualified-senior primary residence real9
property" means revenue that is lost as a result of certain residential10
properties being classified as "qualified-senior primary residence real11
property", and having a valuation for assessment determined pursuant to12
section 39-1-104.2 (3)(s), rather than being classified as "all residential13
real property other than qualified-senior primary residence real property"14
and having a valuation for assessment determined pursuant to section15
39-1-104.2 (3)(t), (3)(t.5), and (3)(u), AND (3)(u.5).16
SECTION 12. In Colorado Revised Statutes, repeal as added by17
Senate Bill 24-233 39-1-104.7 as follows:18
39-1-104.7.  Total program balancing adjustment of residential19
rate - definitions. (1)  For qualifying property tax years, the valuation for20
assessment for all residential real property, for the purpose of a levy21
imposed by a school district, is equal to the lesser of:22
(a)  Seven and fifteen hundredths percent of the actual value of the23
property; or24
(b)  The percentage of the actual value of the property necessary25
for statewide school district property tax revenue divided by weighted26
total program to equal zero and six-tenths.27
HB24B-1001
-33- (2) (a)  Legislative council staff shall notify the state board of1
equalization of the first year after 2026 in which the local share of total2
program is equal to or greater than sixty percent of the total program3
determined pursuant to article 54 of title 22.4
(b)  No later than one week after the annual public school finance5
act becomes law, legislative council staff shall provide the state board of6
equalization with the information necessary to calculate the balancing7
percentage for a qualifying property tax year.8
(c)  No later than three weeks after receiving the information9
provided by legislative council staff pursuant to subsection (2) of this10
section, the state board of equalization shall submit a report to the general11
assembly that calculates the balancing percentage.12
(3)  If the balancing percentage is lower than seven and fifteen13
hundredths percent, then, for that property tax year, the valuation for14
assessment for residential real property for the purpose of a levy imposed15
by a school district is temporarily reduced in accordance with subsection16
(1)(b) of this section. The valuation for assessment for this property is17
seven and fifteen hundredths percent of the actual value of the property18
for the next property tax year, but the valuation for assessment may be19
reduced again for that property tax year in accordance with subsection20
(1)(b) of this section.21
(4)  As used in this section, unless the context otherwise requires:22
(a)  "Balancing percentage" means the percentage of the actual23
value of all residential real property described in subsection (1)(b) of this24
section.25
(b)  "Qualifying property tax year" means a property tax year26
commencing after legislative council staff has provided the state board of27
HB24B-1001
-34- equalization with the notice described in subsection (2) of this section.1
(c)  "Statewide school district property tax revenue" means the2
total amount of property tax revenue estimated to be retained by all of the3
school districts in the state in connection with district total program4
funding for the current qualifying property tax year.5
(d)  "Weighted total program" means statewide total program as6
calculated pursuant to sections 22-54-103.3 and 22-54-103.5, as7
applicable.8
SECTION 13. In Colorado Revised Statutes, 39-3-211, amend9
as added by Senate Bill 24-233 (4), (5)(b), (7)(d), and (8); and add (3.5),10
(5)(a.5), and (6.5) as follows:11
39-3-211.  Reporting of assessed value reductions -12
reimbursement of local governmental entities - local governmental13
entity backfill cash fund - creation - legislative declaration -14
definitions - repeal. (3.5)  F
OR THE PROPERTY TAX YEAR COMMENCING15
ON JANUARY 1, 2025, EACH ASSESSOR SHALL:16
(a)  C
ALCULATE THE DECREASE, IF ANY, IN THE TOTAL ASSESSED17
VALUE OF REAL PROPERTY FOR EACH LOCAL GOVERNMENTAL ENTITY18
WITHIN THE ASSESSOR'S COUNTY BETWEEN THE PROPERTY TAX YEAR19
COMMENCING ON JANUARY 1, 2024, AND THE PROPERTY TAX YEAR20
COMMENCING ON JANUARY 1, 2025, AS A RESULT OF THIS HOUSE BILL21
24B-___;
 AND22
(b)  D
ETERMINE EACH LOCAL GOVERNMENTAL ENTITY 'S MILL LEVY23
FOR THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1, 2024,24
EXCLUDING ANY MILLS LEVIED TO PROVIDE FOR THE PAYMENT OF BONDS25
AND INTEREST THEREON OR FOR THE PAYMENT OF ANY OTHER26
CONTRACTUAL OBLIGATION THAT HAS BEEN APPROVED BY A MAJORITY OF27
HB24B-1001
-35- THE LOCAL GOVERNMENTAL ENTITY 'S VOTERS VOTING THEREON.1
(4)  No later than March 1, 2025, an assessor shall report the2
amounts calculated pursuant to subsection (3)(a) of this section, as3
applicable, the basis for the amounts, and the mill levies determined4
pursuant to subsection (3)(b) of this section to the administrator. N
O5
LATER THAN MARCH 1, 2026, AN ASSESSOR SHALL REPORT THE AMOUNTS6
CALCULATED PURSUANT TO SUBSECTION (3.5)(a) OF THIS SECTION, AS7
APPLICABLE, THE BASIS FOR THE AMOUNTS , AND THE MILL LEVIES8
DETERMINED PURSUANT TO SUBSECTION (3.5)(b) OF THIS SECTION TO THE9
ADMINISTRATOR. The administrator may require an assessor to provide10
additional information as necessary to evaluate the accuracy of the11
amounts reported. The administrator shall confirm that the reported12
amounts are correct or rectify the amounts if necessary. The administrator13
shall then forward the correct amounts for a county to the state treasurer14
to enable the state treasurer to issue a reimbursement warrant to a15
treasurer in accordance with subsection (5) of this section.16
(5) (a.5)  N
O LATER THAN APRIL 15, 2026, THE STATE TREASURER17
SHALL ISSUE A WARRANT, TO BE PAID UPON DEMAND FROM THE FUND , TO18
EACH TREASURER THAT IS EQUAL TO THE TOTAL REIMBURSEMENT19
AMOUNTS SET FORTH IN SUBSECTION (6.5) OF THIS SECTION FOR ALL LOCAL20
GOVERNMENTAL ENTITIES WITHIN THE TREASURER 'S COUNTY.21
(b)  Each treasurer shall distribute the total amount received from22
the state treasurer to the local governmental entities, excluding school23
districts, within the treasurer's county as if the amount had been regularly24
paid as property tax so that the local governmental entities receive the25
amounts determined pursuant to subsection
 SUBSECTIONS (6) AND (6.5)26
of this section. If the total amount received from the state treasurer is27
HB24B-1001
-36- reduced pursuant to subsection SUBSECTIONS (6)(b) AND (6.5)(b) of this1
section, each treasurer shall proportionally reduce the amount distributed2
to each local governmental entity. When distributing the total amount3
received from the state treasurer, each treasurer shall provide each local4
governmental entity with a statement of the amount distributed to the5
local governmental entity that represents the reimbursement received6
under subsection SUBSECTIONS (6) AND (6.5)(b) of this section. 7
(6.5) (a)  F
OR EACH LOCAL GOVERNMENTAL ENTITY THAT HAD A8
DECREASE IN TOTAL ASSESSED VALUE OF REAL PROPERTY FROM THE9
PROPERTY TAX YEAR COMMENCING ON JANUARY 1, 2024, TO THE10
PROPERTY TAX YEAR COMMENCING ON JANUARY 1, 2025, AS A RESULT OF11
THIS HOUSE BILL 24B-___, THE AMOUNT OF REIMBURSEMENT IS AN12
AMOUNT EQUAL TO THAT DECREASE IN TOTAL ASSESSED VALUE13
MULTIPLIED BY THE LOCAL GOVERNMENTAL ENTITY 'S MILL LEVY FOR THE14
PROPERTY TAX YEAR COMMENCING ON JANUARY 1, 2024, EXCLUDING ANY15
MILLS LEVIED TO PROVIDE FOR THE PAYMENT OF BONDS AND INTEREST16
THEREON OR FOR THE PAYMENT OF ANY OTHER CONTRACTUAL17
OBLIGATION THAT HAS BEEN APPROVED BY A MAJORITY OF THE LOCAL18
GOVERNMENTAL ENTITY 'S VOTERS VOTING THEREON.19
(b)  N
OTWITHSTANDING SUBSECTION (6.5)(a) OF THIS SECTION, IF20
THERE IS INSUFFICIENT MONEY IN THE FUND FOR THE STATE TREASURER TO21
ISSUE WARRANTS PURSUANT TO SUBSECTION (5)(a.5) OF THIS SECTION IN22
THE AMOUNTS DETERMINED PURSUANT TO SUBSECTION (6.5)(a) OF THIS23
SECTION, THE AMOUNTS OF THE WARRANTS ISSUED BY THE STATE24
TREASURER MUST BE PROPORTIONALLY REDUCED .25
(c)  T
HE REIMBURSEMENT AMOUNTS SET FORTH IN THIS SECTION26
ARE BASED ON THE AMOUNTS THAT THE ADMINISTRATOR REPORTS TO THE27
HB24B-1001
-37- TREASURER IN ACCORDANCE WITH SUBSECTION (4) OF THIS SECTION.1
(7) (d)  After issuing every warrant required pursuant to subsection2
(5) SUBSECTION (5)(a.5) of this section, the state treasurer shall credit any3
unexpended and unencumbered money remaining in the fund at the end4
of a fiscal year THAT TIME to the sustainable rebuilding program fund5
created in section 24-38.5-115 (7).6
(8)  This section is repealed, effective July 1, 2026 JULY 1, 2027. 7
SECTION 14. In Colorado Revised Statutes, 39-10-103, add8
(1)(d) as follows:9
39-10-103.  Tax statement - repeal. (1) (d)  F
OR PROPERTY TAX10
YEARS COMMENCING ON OR AFTER JANUARY 1, 2025, THE TREASURER11
SHALL NOT INCLUDE THE AMOUNT OF VALUATION FOR ASSESSMENT UPON12
WHICH TAXES ARE LEVIED UPON THE TAXPAYER .13
SECTION 15. In Session Laws of Colorado 2024, amend section14
14 of chapter 171 as follows:15
Section 14. Effective date. (1)  This act shall not take effect if
16
either or both of the following occur:17
(a)  An initiative that reduces valuations for assessment is18
approved by the people at the general election held on November 5, 2024;19
(b)  An initiative that requires voter approval for retaining property20
tax revenue that exceeds a limit is approved by the people at the general21
election held on November 5, 2024.22
(1.5)  T
HIS ACT TAKES EFFECT ONLY IF:23
(a)  B
OTH AN INITIATIVE THAT REDUCES VALUATIONS FOR24
ASSESSMENT AND AN INITIATIVE THAT REQUIRES VOTER APPROVAL FOR25
RETAINING PROPERTY TAX REVENUE THAT EXCEEDS A LIMIT ARE26
WITHDRAWN PURSUANT TO SECTION 1-40-134 FROM THE STATEWIDE27
HB24B-1001
-38- BALLOT FOR THE GENERAL ELECTION HELD ON NOVEMBER 5, 2024; OR1
(b)  T
HE CONDITION SPECIFIED IN SUBSECTION (1.5)(a) OF THIS2
SECTION DOES NOT OCCUR AND NEITHER AN INITIATIVE THAT REDUCES3
VALUATIONS FOR ASSESSMENT, NOR AN INITIATIVE THAT REQUIRES VOTER4
APPROVAL FOR RETAINING PROPERTY TAX REVENUE THAT EXCEEDS A5
LIMIT, IS APPROVED BY THE PEOPLE AT THE GENERAL ELECTION HELD ON6
N
OVEMBER 5, 2024. 7
(2)  E
XCEPT AS PROVIDED IN SUBSECTION (3) OF THIS SECTION:8
(a)  I
F THIS ACT TAKES EFFECT UNDER SUBSECTION (1.5)(a) OF THIS9
SECTION, THEN THIS ACT TAKES EFFECT ON OCTOBER 1, 2024; OR10
(2)
 (b)  If this act takes effect under subsection (1) SUBSECTION11
(1.5)(b) of this section, then this act takes effect upon the date of the12
official declaration of the vote for the general election held on November13
5, 2024. except that14
(3)  I
F THIS ACT TAKES EFFECT UNDER SUBSECTION (2) OF THIS15
SECTION:16
(a)  Section 3 of this act takes effect only if Senate Bill 24-11117
does not become law;18
(b)  Sections 4 and 8 of this act take effect only if Senate Bill19
24-111 becomes law;20
(c)  Section 6 of this act takes effect only if House Bill 24-144821
does not become law; and22
(d)  Section 7 of this act takes effect only if House Bill 24-144823
becomes law.24
SECTION 16.  Effective date. This act takes effect only if Senate25
Bill 24-233 takes effect, in which case this act takes effect on the26
effective date of Senate Bill 24-233; except that sections 15, 16, and 1727
HB24B-1001
-39- take effect upon passage.1
SECTION 17. Safety clause. The general assembly finds,2
determines, and declares that this act is necessary for the immediate3
preservation of the public peace, health, or safety or for appropriations for4
the support and maintenance of the departments of the state and state5
institutions.6
HB24B-1001
-40-