Second Extraordinary Session
Seventy-fourth General Assembly
STATE OF COLORADO
ENGROSSED
This Version Includes All Amendments Adopted
on Second Reading in the House of Introduction
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
Amended 2nd Reading
August 27, 2024
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
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
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, 2-2-2201, amend (8);2
and add (5)(d) and (6)(d) as follows:3
2-2-2201. Commission on property tax - creation - powers and4
duties - report - repeal. (5) (d) THE COMMISSION SHALL EVALUATE THE5
EQUITY OF VALUATION FOR ASSESSMENT ESTABLISHED FOR PROPERTY IN6
SENATE BILL 24-233 AND HOUSE BILL 24B-1001.7
(6) (d) NO LATER THAN MAY 1, 2025, THE COMMISSION SHALL8
MAKE A REPORT ON THE EQUITY OF THE VALUATION FOR ASSESSMENT9
ESTABLISHED FOR PROPERTY IN SENATE BILL 24-233 AND HOUSE BILL10
24B-1001.11
1001-4- (8) This section is repealed, effective December 31, 2024 JULY 1,1
2025.2
SECTION 2. In Colorado Revised Statutes, add 2-4-115 as3
follows:4
2-4-115. Assessed value - valuation for assessment. (1) T
HE5
PHRASE "ASSESSED VALUE" MEANS EITHER THE ASSESSED VALUE FOR THE6
PURPOSE OF A LEVY IMPOSED BY A LOCAL GOVERNMENTAL ENTITY OR THE7
ASSESSED VALUE FOR THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL8
DISTRICT AS BEST DETERMINED IN THE PARTICULAR CONTEXT BY THE9
PROPERTY TAX ADMINISTRATOR .10
(2) T
HE PHRASE "VALUATION FOR ASSESSMENT " MEANS EITHER11
THE VALUATION FOR ASSESSMENT FOR THE PURPOSE OF A LEVY IMPOSED12
BY A LOCAL GOVERNMENTAL ENTITY OR THE VALUATION FOR ASSESSMENT13
FOR THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT AS BEST14
DETERMINED IN THE PARTICULAR CONTEXT BY THE PROPERTY TAX15
ADMINISTRATOR.16
SECTION
3. In Colorado Revised Statutes, 29-1-1701, amend17
as added by Senate Bill 24-233 (1), (2), (3) introductory portion, (3)(c),18
(3)(e), (3)(f), (3)(h), and (3)(i); and add (1.5), (2.5), (3)(j), (4), and (5) as19
follows:20
29-1-1701. Definitions. As used in this part 17, unless the context21
otherwise requires:22
(1) "Local governmental entity GOVERNMENT" means a LOCAL23
governmental entity
OR SCHOOL DISTRICT authorized by law to impose ad24
valorem taxes on taxable property located within its territorial limits;25
except that the term excludes any:26
(a) School district;
27
1001
-5- (b) City and county, city, or town that has adopted a home rule1
charter;2
(c) Local government GOVERNMENTAL ENTITY OR SCHOOL3
DISTRICT that is subject to and has not received voter approval to exceed4
the revenue limit set forth in section 29-1-301
FOR THAT PROPERTY TAX5
YEAR; and6
(d) Local government
GOVERNMENTAL ENTITY OR SCHOOL7
DISTRICT that does not have voter approval to collect, retain, and spend,8
without regard to any spending, revenue, or other limitation contained9
within section 20 of article X of the state constitution, the majority of the10
local governmental entity's ENTITY OR SCHOOL DISTRICT'S revenue from11
the imposition of ad valorem property taxes levied in any year subsequent12
to the approval.13
(1.5) "L
OCAL GOVERNMENTAL ENTITY " MEANS A LOCAL14
GOVERNMENT AUTHORIZED BY LAW TO IMPOSE AD VALOREM TAXES ON15
TAXABLE PROPERTY LOCATED WITHIN ITS TERRITORIAL LIMITS ; EXCEPT16
THAT THE TERM EXCLUDES ANY :17
(a) S
CHOOL DISTRICT; AND18
(b) C
ITY AND COUNTY , CITY, OR TOWN THAT HAS ADOPTED A HOME19
RULE CHARTER.20
(2) "Property tax limit" means,
AS APPLICABLE, the annual limit21
ON A LOCAL GOVERNMENTAL ENTITY 'S QUALIFIED PROPERTY TAX22
REVENUE THAT IS established in section 29-1-1702
SECTIONS 29-1-170223
(1)
AND 29-1-1703 (1) and calculated pursuant to section 29-1-1703 on a
24
local governmental entity's property tax revenue 29-1-1703 (1) OR THE25
ANNUAL LIMIT ON A SCHOOL DISTRICT 'S QUALIFIED LOCAL SHARE26
PROPERTY TAX REVENUE THAT IS ESTABLISHED IN SECTIONS 29-1-1702.527
1001
-6- (2) AND 29-1-1703 (3) AND CALCULATED PURSUANT TO SECTION1
29-1-1703
(3).2
(2.5) (a) "Q
UALIFIED LOCAL SHARE PROPERTY TAX REVENUE "3
MEANS THE TOTAL AMOUNT OF PROPERTY TAX REVENUE ESTIMATED TO BE4
RETAINED BY ALL SCHOOL DISTRICTS IN THE STATE IN CONNECTION WITH5
DISTRICT TOTAL PROGRAM FUNDING FROM A PROPERTY TAX YEAR6
EXCLUSIVE OF PROPERTY TAX REVENUE THAT IS FROM ANY OF THE7
FOLLOWING SOURCES OR IS USED FOR ANY OF THE FOLLOWING PURPOSES :8
(I) T
HE INCREASED VALUATION FOR ASSESSMENT WITHIN A9
SCHOOL DISTRICT FOR THE PRECEDING PROPERTY TAX YEAR THAT IS10
ATTRIBUTABLE TO NEW CONSTRUCTION AND PERSONAL PROPERTY11
CONNECTED THEREWITH , AS DEFINED BY THE PROPERTY TAX12
ADMINISTRATOR IN MANUALS PREPARED PURSUANT TO SECTION 39-2-10913
(1)(e);14
(II) T
HE INCREASED VALUATION FOR ASSESSMENT ATTRIBUTABLE15
TO A CHANGE IN LAW FOR A PROPERTY TAX CLASSIFICATION OR TO THE16
ANNEXATION OR INCLUSION OF ADDITIONAL LAND , THE IMPROVEMENTS17
THEREON, AND PERSONAL PROPERTY CONNECTED THEREWITH WITHIN A18
SCHOOL DISTRICT FOR THE PRECEDING PROPERTY TAX YEAR ;19
(III) I
NCREASED PROPERTY TAX REVENUE ATTRIBUTABLE TO THE20
EXPIRATION OF THE USE OF A SCHOOL DISTRICT 'S INCREMENTAL TAX21
REVENUES DIVERTED FOR THE PURPOSES OF PART 1 OF ARTICLE 25 OF22
TITLE 31, PART 1 OF ARTICLE 30 OF TITLE 31, OR OTHER TAX INCREMENT23
FINANCING PURPOSES;24
(IV) T
HE VALUATION FOR ASSESSMENT THAT WAS OMITTED FROM25
THE ASSESSMENT ROLL IN THE PRECEDING PROPERTY TAX YEAR ;26
(V) P
ROPERTY TAX REVENUE ABATED OR REFUNDED BY A SCHOOL27
1001
-7- DISTRICT FROM THE PROPERTY TAX YEAR ;1
(VI) T
HE INCREASE IN THE VALUATION FOR ASSESSMENT2
ATTRIBUTABLE TO PREVIOUSLY LEGALLY EXEMPT PROPERTY THAT3
BECOMES TAXABLE;4
(VII) T
HE INCREASE IN THE VALUATION FOR ASSESSMENT FROM5
PRODUCING MINES OR LANDS OR LEAS EHOLDS PRODUCING OIL OR GAS IN6
THE PREVIOUS PROPERTY TAX YEAR ;7
8
(VIII) PROPERTY TAX REVENUE ATTRIBUTABLE TO A SCHOOL9
DISTRICT INCREASING THE TOTAL NUMBER OF MILLS IT LEVIES IN10
CONNECTION WITH DISTRICT TOTAL PROGRAM FUNDING AND UPON11
RECEIVING THE APPROVAL OF THE MAJORITY OF A SCHOOL DISTRICT 'S12
VOTERS VOTING THEREON FOR SUCH AN INCREASE IN AN ELECTION13
OCCURRING ON OR AFTER NOVEMBER 5, 2024;14
(IX) PROPERTY TAX REVENUE ATTRIBUTABLE TO ANY MILLS A15
SCHOOL DISTRICT LEVIES THAT ARE NOT LEVIED IN CONNECTION WITH16
DISTRICT TOTAL PROGRAM FUNDING ;17
(X) P
ROPERTY TAX REVENUE ATTRIBUTABLE TO A CHANGE IN THE18
AMOUNT OF SPECIFIC OWNERSHIP TAX REVENUE PAID TO THE DISTRICT , AS19
DEFINED IN SECTION 22-54-103 (11), IN THE PREVIOUS PROPERTY TAX20
YEAR; OR21
(XI) P
ROPERTY TAX REVENUE ATTRIBUTABLE TO A CHANGE IN THE22
AMOUNT OF PROPERTY TAX CREDITS ISSUED PURSUANT TO SECTION23
22-54-106
(2.1) IN THE PREVIOUS PROPERTY TAX YEAR.24
(b) E
XCEPT AS APPLIED IN DETERMINING THE COUNTERFACTUAL25
PERCENTAGE, AS DEFINED IN SECTION 29-1-1702.5 (1)(c), IN DETERMINING26
THE AMOUNT OF QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE FOR27
1001
-8- PURPOSES OF SUBSECTIONS (2.5)(a)(I), (2.5)(a)(II), (2.5)(a)(IV),1
(2.5)(a)(VI),
AND (2.5)(a)(VII) OF THIS SECTION, THE ANNUAL CHANGE IN2
PROPERTY TAX REVENUE OR VALUATION FOR ASSESSMENT IS ASSUMED TO3
BE THE SAME FOR THE RELEVANT PROPERTY TAX YEAR AS IT WAS FOR THE4
PROPERTY TAX YEAR IMMEDIATELY PRECEDING THE RELEVANT PROPERTY5
TAX YEAR.6
(3) "Qualified property tax revenue" means a local governmental7
entity's property tax revenue for a property tax year exclusive of property8
tax revenue that is from
ANY OF the following sources and
OR is used for9
ANY OF the following purposes:10
(c) Increased property tax revenue attributable to the expiration
IN11
THE PREVIOUS PROPERTY TAX YEAR of the use of the local governmental12
entity's incremental tax revenues diverted for the purposes of part 1 of13
article 25 of title 31, part 1 of article 30 of title 31, or other tax increment14
financing purposes;15
(e) Property tax revenue abated or refunded by the local16
governmental entity during
FROM the property tax year;17
(f) Property tax revenue attributable to previously PROPERTY THAT18
WAS legally exempt federal property IN THE PREVIOUS PROPERTY TAX19
YEAR that becomes taxable; if such property causes an increase in the20
level of services provided by the local governmental entity;21
(h) An amount to provide for the payment of bonds that
HAVE22
BOTH BEEN APPROVED BY A MAJORITY OF THE LOCAL GOVERNMENTAL23
ENTITY'S VOTERS VOTING THEREON AND are outstanding as of the effective
24
date of this part 17 NOVEMBER 5, 2024, and the interest thereon, or for the25
payment of any other contractual obligation that has been approved by a26
majority of the local governmental entity's voters voting thereon27
1001
-9- outstanding as of the effective date of this part 17 NOVEMBER 5, 2024;1
and bonds or other contractual obligations issued in accordance with the2
existing voted authorization of a local governmental entity approved by3
a majority of the local governmental entity's voters voting thereon in4
accordance with section 20 of article X of the state constitution as of the5
effective date of this part 17; or NOVEMBER 5, 2024;6
(i) Property tax revenue attributable to a local governmental entity7
increasing the total number of mills it levies upon receiving the approval8
of the majority of the local governmental entity's voters VOTING THEREON9
for such an increase in an election occurring on or after the effective date10
of this part 17 NOVEMBER 5, 2024; OR11
(j) PROPERTY TAX REVENUE ATTRIBUTABLE TO SPECIFIC12
OWNERSHIP TAX REVENUE PAID TO THE LOCAL GOVERNMENTAL ENTITY .13
(4) "R
EASSESSMENT CYCLE" MEANS A REASSESSMENT CYCLE14
ESTABLISHED PURSUANT TO SECTION 39-1-104 (10.2).15
(5) "S
CHOOL DISTRICT" MEANS A LOCAL GOVERNMENT THAT IS16
AUTHORIZED BY LAW TO IMPOSE AD VALOREM TAXES ON TAXABLE17
PROPERTY LOCATED WITHIN ITS TERRITORIAL LIMITS AND HAS A DISTRICT18
TOTAL PROGRAM DETERMINED BY ARTICLE 54 OF TITLE 22.19
SECTION
4. In Colorado Revised Statutes, add 29-1-1702.5 as20
follows:21
29-1-1702.5. School district property tax limit imposition -22
temporary residential valuation for assessment adjustment -23
correction - definition - repeal. (1) A
S USED IN THIS SECTION, UNLESS24
THE CONTEXT OTHERWISE REQUIRES :25
(a) "B
ALANCING PERCENTAGE " MEANS THE VALUATION FOR26
ASSESSMENT OF ALL RESIDENTIAL REAL PROPERTY , FOR THE PURPOSE OF27
1001
-10- A LEVY IMPOSED BY A SCHOOL DISTRICT , NECESSARY FOR SCHOOL1
DISTRICT QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE TO E QUAL THE2
SCHOOL DISTRICT PROPERTY TAX LIMIT.3
(b) "C
ORRECTION PERCENTAGE" MEANS THE DIFFERENCE BETWEEN4
THE COUNTERFACTUAL PERCENTAGE AND THE VALUATION FOR5
ASSESSMENT OF ALL RESIDENTIAL REAL PROPERTY FOR THE PURPOSE OF A6
LEVY IMPOSED BY A SCHOOL DISTRICT FOR THE IMMEDIATELY PRECEDING7
PROPERTY TAX YEAR.8
(c) "C
OUNTERFACTUAL PERCENTAGE " MEANS THE VALUATION OF9
ASSESSMENT OF ALL RESIDENTIAL REAL PROPERTY FOR THE IMMEDIATELY10
PRECEDING PROPERTY TAX YEAR FOR THE PURPOSE OF A LEVY IMPOSED BY11
A SCHOOL DISTRICT THAT WOULD HAVE RESULTED IN SCHOOL DISTRICT12
QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE EQUALING THE SCHOOL13
DISTRICT PROPERTY TAX LIMIT.14
(2) F
OR PROPERTY TAX YEARS COMMENCING ON OR AFTER15
J
ANUARY 1, 2025, QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE FOR16
ALL SCHOOL DISTRICTS FROM A PROPERTY TAX YEAR MUST NOT INCREASE17
BY MORE THAN THE SCHOOL DISTRICT PROPERTY TAX LIMIT .18
(3) (a) I
F THE QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE19
FOR SCHOOL DISTRICTS FROM A PROPERTY TAX YEAR COMMENCING ON OR20
AFTER JANUARY 1, 2025, WOULD OTHERWISE EXCEED THE SCHOOL21
DISTRICT PROPERTY TAX LIMIT, THE VALUATION FOR ASSESSMENT FOR ALL22
RESIDENTIAL REAL PROPERTY, FOR THE PURPOSE OF A LEVY IMPOSED BY23
A SCHOOL DISTRICT, IS TEMPORARILY REDUCED FOR THAT PROPERTY TAX24
YEAR TO THE TOTAL OF THE BALANCING PERCENTAGE CALCULATED BY25
THE STATE BOARD OF EQUALIZATION PURSUANT TO SUBSECTION (4)(d) OF26
THIS SECTION AND, IF THE SCHOOL DISTRICT QUALIFIED LOCAL SHARE27
1001
-11- PROPERTY TAX REVENUE EXCEEDED THE SCHOOL DISTRICT PROPERTY TAX1
LIMIT IN THE IMMEDIATELY PRECEDING PROPERTY TAX YEAR , THE2
CORRECTION PERCENTAGE .3
(b) I
F THE QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE FOR4
SCHOOL DISTRICTS FROM A PROPERTY TAX YEAR COMMENCING ON OR5
AFTER JANUARY 1, 2025, IS NOT PROJECTED TO EXCEED THE SCHOOL6
DISTRICT PROPERTY TAX LIMIT, THE VALUATION FOR ASSESSMENT FOR ALL7
RESIDENTIAL REAL PROPERTY, FOR THE PURPOSE OF A LEVY IMPOSED BY8
A SCHOOL DISTRICT, IS TEMPORARILY REDUCED, AS CALCULATED BY THE9
STATE BOARD OF EQUALIZATION PURSUANT TO SUBSECTION (4)(d) OF THIS10
SECTION, FOR THAT PROPERTY TAX YEAR BY THE CORRECTION11
PERCENTAGE IF THE SCHOOL DISTRICT QUALIFIED LOCAL SHARE PROPERTY12
TAX REVENUE EXCEEDED THE SCHOOL DISTRICT PROPERTY TAX LIMIT IN13
THE IMMEDIATELY PRECEDING PROPERTY TAX YEAR .14
(c) A
TEMPORARY REDUCTION IN THE VALUATION OF ASSESSMENT15
THAT APPLIES TO THAT RESIDENTIAL REAL PROPERTY FOR THE PURPOSE OF16
A LEVY IMPOSED BY A SCHOOL DISTRICT PURSUANT TO SUBSECTION (3)(a)17
OF THIS SECTION DOES NOT CHANGE THE UNDERLYING VALUATION FOR18
ASSESSMENT THAT APPLIES TO THAT RESIDENTIAL REAL PROPERTY FOR19
THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT . THEREFORE,20
REDUCING THE AMOUNT OF THE TEMPORARY REDUCTION IN THE21
VALUATION OF ASSESSMENT THAT APPLIES TO RESIDENTIAL REAL22
PROPERTY FOR THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT23
PURSUANT TO SUBSECTION (3)(a) OR (3)(b) OF THIS SECTION, OR24
REMOVING SUCH A TEMPORARY REDUCTION , FROM ONE PROPERTY TAX25
YEAR TO THE NEXT DOES NOT REQUIRE PRIOR VOTER APPROVAL UNDER26
SECTION 20 (4)(a) OF ARTICLE X OF THE STATE CONSTITUTION.27
1001
-12- (d) (I) NOTWITHSTANDING SUBSECTIONS (3)(a) AND (3)(b) OF THIS1
SECTION, THE VALUATION FOR ASSESSMENT ESTABLISHED PURSUANT TO2
SUBSECTIONS (3)(a) AND (3)(b) OF THIS SECTION MUST NOT EXCEED THE3
VALUATION FOR ASSESSMENT ESTABLISHED IN SECTION 39-1-104.2 THAT4
APPLIES TO RESIDENTIAL REAL PROPERTY FOR THE PURPOSE OF A LEVY5
IMPOSED BY A SCHOOL DISTRICT.6
(II) N
OTWITHSTANDING SECTION 29-1-1703 (3), THE SCHOOL7
DISTRICT QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE MAY EXCEED8
THE SCHOOL DISTRICT PROPERTY TAX LIMIT FOR A PROPERTY TAX YEAR IF9
DOING SO IS A RESULT OF ESTABLISHING THE VALUATION FOR ASSESSMENT10
PURSUANT TO SUBSECTIONS (3)(a) AND (3)(b) OF THIS SECTION.11
(4) (a) (I) (A) N
O LATER THAN DECEMBER 10, 2024, AN ASSESSOR12
SHALL REPORT TO THE PROPERTY TAX ADMINISTRATOR IN THE DIVISION OF13
PROPERTY TAXATION IN THE DEPARTMENT OF LOCAL AFFAIRS THE14
INFORMATION THAT THE ADMINISTRATOR DETERMINES IS NECESSARY TO15
DETERMINE THE AMOUNT OF QUALIFIED LOCAL SHARE PROPERTY TAX16
REVENUE FOR PURPOSES OF SECTIONS 29-1-1701 (2.5)(a)(I) TO17
(2.5)(a)(VII)
FOR THE RELEVANT PROPERTY TAX YEAR .18
(B) T
HIS SUBSECTION (4)(a)(I) IS REPEALED, EFFECTIVE JULY 1,19
2025.20
(II) N
O LATER THAN AUGUST 25, 2025, AND EACH AUGUST 2521
THEREAFTER, AN ASSESSOR SHALL REPORT TO THE PROPERTY TAX22
ADMINISTRATOR IN THE DIVISION OF PROPERTY TAXATION IN THE23
DEPARTMENT OF LOCAL AFFAIRS THE INFORMATION THAT THE24
ADMINISTRATOR DETERMINES NECESSARY TO D ETERMINE THE AMOUNT OF25
QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE FOR PURPOSES OF26
SECTION 29-1-1701 (2.5)(a)(I) TO (2.5)(a)(VII) FOR THE RELEVANT27
1001
-13- PROPERTY TAX YEAR. 1
(b) (I) (A) N
O LATER THAN JANUARY 2, 2025, THE PROPERTY TAX2
ADMINISTRATOR IN THE DIVISION OF PROPERTY TAXATION IN THE3
DEPARTMENT OF LOCAL AFFAIRS SHALL REPORT TO LEGISLATIVE COUNCIL4
STAFF THE INFORMATION THAT THE LEGISLATIVE COUNCIL STAFF5
DETERMINES NECESSARY TO DETERMINE THE AMOUNT OF QUALIFIED6
LOCAL SHARE PROPERTY TAX REVENUE FOR PURPOSES OF SECTION7
29-1-1701 (2.5)(a)(I)
TO (2.5)(a)(VII) FOR THE RELEVANT PROPERTY TAX8
YEAR.9
(B) T
HIS SUBSECTION (4)(b)(I) IS REPEALED, EFFECTIVE JULY 1,10
2025.11
(II) N
O LATER THAN OCTOBER 31, 2025, AND EACH OCTOBER 3112
THEREAFTER, THE PROPERTY TAX ADMINISTRATOR IN THE DIVISION OF13
PROPERTY TAXATION IN THE DEPARTMENT OF LOCAL AFFAIRS SHALL14
REPORT TO LEGISLATIVE COUNCIL STAFF THE INFORMATION THAT THE15
LEGISLATIVE COUNCIL STAFF DETERMINES NECESSARY TO DETERMINE THE16
AMOUNT OF QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE FOR17
PURPOSES OF SECTION 29-1-1701 (2.5)(a)(I) TO (2.5)(a)(VII) FOR THE18
RELEVANT PROPERTY TAX YEAR .19
(c) N
O LATER THAN JANUARY 15, 2025, AND EACH JANUARY 1520
THEREAFTER, LEGISLATIVE COUNCIL STAFF SHALL PROVIDE THE STATE21
BOARD OF EQUALIZATION WITH THE INFORMATION NECESSARY TO22
CALCULATE THE BALANCING PERCENTAGE AND CORRECTION PERCENTAGE23
FOR THE RELEVANT PROPERTY TAX YEAR AND THE COUNTERFACTUAL24
PERCENTAGE FOR THE IMMEDIATELY PRECEDING PROPERTY TAX YEAR .25
(d) N
O LATER THAN TWENTY -ONE DAYS AFTER RECEIVING THE26
INFORMATION PROVIDED BY LEGISLATIVE COUNCIL STAFF PURSUANT TO27
1001
-14- SUBSECTION (4)(c) OF THIS SECTION, THE STATE BOARD OF EQUALIZATION1
SHALL MEET AND SUBMIT A REPORT TO THE GENERAL ASSEMBLY THAT2
CALCULATES, AS APPLICABLE, THE TOTAL OF THE BALANCING PERCENTAGE3
AND THE CORRECTION PERCENTAGE FOR THE RELEVANT PROPERTY TAX4
YEAR OR THE TOTAL OF THE VALUATION FOR ASSESSMENT THAT APPLIES5
TO THAT RESIDENTIAL REAL PROPERTY FOR THE PURPOSE OF A LEVY6
IMPOSED BY A SCHOOL DISTRICT AND THE CORRECTION PERCENTAGE FOR7
THE RELEVANT PROPERTY TAX YEAR .8
SECTION 5. In Colorado Revised Statutes, amend as added by9
Senate Bill 24-233 29-1-1703 as follows:10
29-1-1703. Property tax limit calculation - definitions.11
(1) A local governmental entity's property tax limit for a property tax12
year is equal to the local governmental entity's base year qualified13
property tax revenue increased for each year since the base year,14
including the relevant property tax year, by five and one-half percent THE15
BASE AMOUNT OF THE LOCAL GOVERNMENTAL ENTITY 'S QUALIFIED16
PROPERTY TAX REVENUE INCREASED BY THE TOTAL OF THE GROWTH RATE17
PERCENTAGE AND THEN INCREASED BY THE CARRYOVER AMOUNT .18
(1.5) AS USED IN SUBSECTION (1) OF THIS SECTION, UNLESS THE19
CONTEXT OTHERWISE REQUIRES :20
(a) "BASE AMOUNT OF THE LOCAL GOVERNMENTAL ENTITY 'S21
QUALIFIED PROPERTY TAX REVENUE " MEANS THE AMOUNT OF QUALIFIED22
PROPERTY TAX REVENUE COLLECTED AND LAWFULLY RETAINED BY A23
LOCAL GOVERNMENTAL ENTITY FROM WHICHEVER PROPERTY TAX YEAR24
IN A PREVIOUS REASSESSMENT CYCLE WAS THE PROPERTY TAX YEAR FOR25
WHICH THE LOCAL GOVERNMENTAL ENTITY COLLECTED AND LAWFULLY26
RETAINED THE MOST PROPERTY TAX REVENUE .27
1001
-15- (b) (I) "CARRYOVER AMOUNT " MEANS, EXCEPT AS DESCRIBED IN1
SUBSECTION (1.5)(b)(II) OF THIS SECTION, AN AMOUNT EQUAL TO THE2
DIFFERENCE BETWEEN THE:3
(A) BASE AMOUNT OF THE LOCAL GOVERNMENTAL ENTITY 'S4
QUALIFIED PROPERTY TAX REVENUE THAT WAS APPLICABLE FOR THE MOST5
RECENT REASSESSMENT CYCLE INCREASED BY THE GROWTH RATE6
PERCENTAGE FOR THAT REASSESSMENT CYCLE ; AND7
(B) THE LOCAL GOVERNMENT'S QUALIFIED PROPERTY TAX8
REVENUE FROM THE MOST RECENT REASSESSMENT CYCLE .9
(II) THERE IS NO CARRYOVER AMOUNT FOR A REASSESSMENT10
CYCLE FOR A LOCAL GOVERNMENTAL ENTITY OCCURRING AFTER A11
REASSESSMENT CYCLE WHEN THAT LOCAL GOVERNMENTAL ENTITY12
RETAINED AN AMOUNT OF QUALIFIED PROPERTY TAX REVENUE EQUAL OR13
GREATER THAN THE TOTAL OF THE BASE AMOUNT OF THE LOCAL14
GOVERNMENTAL ENTITY'S QUALIFIED PROPERTY TAX REVENUE FOR THAT15
REASSESSMENT CYCLE INCREASED BY THE GROWTH RATE PERCENTAGE16
FOR THAT REASSESSMENT CYCLE .17
(c) "GROWTH RATE PERCENTAGE " MEANS FIVE AND TWENTY-FIVE18
HUNDREDTHS PERCENT MULTIPLIED BY THE NUMBER OF PROPERTY TAX19
YEARS IN THE CURRENT REASSESSMENT CYCLE .20
(2) As used in this section, unless the context otherwise requires,21
"base year" means:22
(a) Except as otherwise provided in subsection (2)(b) of this23
section:24
(I) For a local governmental entity that had qualified property tax25
revenue for the property tax year commencing on January 1, 2023, the26
local governmental entity's qualified property tax revenue for the property27
1001
-16- tax year commencing on January 1, 2023, plus any money that the local1
governmental entity received pursuant to section 39-3-210; or2
(II) For a local governmental entity that did not have qualified3
property tax revenue for the property tax year commencing on January 1,4
2023, the local governmental entity's qualified property tax revenue for5
the first year that the local governmental entity had property tax revenue;6
or7
(b) For a local governmental entity that temporarily waives the8
property limit pursuant to section 29-1-1704, the local governmental9
entity's qualified property tax revenue for the most recent property tax10
year for which the local governmental entity temporarily waived the11
property limit pursuant to section 29-1-1704.12
(3) A SCHOOL DISTRICT'S PROPERTY TAX LIMIT FOR A PROPERTY13
TAX YEAR IS EQUAL TO THE AMOUNT OF TOTAL LOCAL SHARE PROPERTY14
TAX REVENUE INCREASED BY THE GROWTH RATE PERCENTAGE .15
(4) AS USED IN SUBSECTION (3) OF THIS SECTION, UNLESS THE16
CONTEXT OTHERWISE REQUIRES :17
(a) (I) "CARRYOVER AMOUNT" MEANS, EXCEPT AS DESCRIBED IN18
SUBSECTION (4)(a)(II) OF THIS SECTION, AN AMOUNT EQUAL TO THE19
DIFFERENCE BETWEEN THE:20
(A) TOTAL LOCAL SHARE PROPERTY TAX REVENUE THAT WAS21
APPLICABLE FOR THE MOST RECENT REASSESSMENT CYCLE INCREASED BY22
THE GROWTH RATE PERCENTAGE FOR THAT REASSESSMENT CYCLE ; AND23
(B) THE QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE FROM24
THE MOST RECENT REASSESSMENT CYCLE .25
(II) THERE IS NO CARRYOVER AMOUNT FOR A REASSESSMENT26
CYCLE OCCURRING AFTER A REASSESSMENT CYCLE WHEN SCHOOL27
1001
-17- DISTRICTS RETAINED AN AMOUNT OF QUALIFIED LOCAL SHARE PROPERTY1
TAX REVENUE EQUAL OR GREATER THAN THE TOTAL OF THE TOTAL LOCAL2
SHARE PROPERTY TAX REVENUE FOR THAT REASSESSMENT CYCLE3
INCREASED BY THE GROWTH RATE PERCENTAGE FOR THAT REASSESSMENT4
CYCLE.5
(b) "GROWTH RATE PERCENTAGE " MEANS THE GREATER OF:6
(I) SIX PERCENT MULTIPLIED BY THE NUMBER OF PROPERTY TAX7
YEARS IN THE CURRENT REASSESSMENT CYCLE ; OR8
(II) THE TOTAL OF THE ESTIMATED SCHOOL FACTOR FOR THE9
CURRENT PROPERTY TAX YEAR PLUS THE ESTIMATED SCHOOL FACTOR FOR10
ANY OTHER PROPERTY TAX YEAR IN THE SAME REASSESSMENT CYCLE .11
(c) "SCHOOL FACTOR" MEANS THE TOTAL PERCENTAGE OF THE12
RATE BY WHICH THE GENERAL ASSEMBLY INCREASES THE STATEWIDE BASE13
PER PUPIL FUNDING FOR PUBLIC EDUCATION FROM KINDERGARTEN14
THROUGH TWELFTH GRADE FOR THE RELEVANT SCHOOL YEAR , AS15
DETERMINED PURSUANT TO SECTION 22-55-106, FOR ALL SCHOOL16
DISTRICTS IN THE STATE PLUS THE PERCENTAGE INCREASE IN FUNDED17
PUPIL COUNT, AS DEFINED IN SECTION 22-54-103.5 (4), FOR THE RELEVANT18
SCHOOL YEAR FOR ALL SCHOOL DISTRICTS IN THE STATE . 19
(d) "TOTAL LOCAL SHARE PROPERTY TAX REVENUE " MEANS THE20
TOTAL AMOUNT OF PROPERTY TAX REVENUE COLLECTED AND LAWFULLY21
RETAINED BY ALL SCHOOL DISTRICTS IN THE STATE IN CONNECTION WITH22
DISTRICT TOTAL PROGRAM FUNDING FROM WHICHEVER PREVIOUS23
PROPERTY TAX YEAR IN A PREVIOUS REASSESSMENT CYCLE WAS THE24
PROPERTY TAX YEAR FOR WHICH THE TOTAL AMOUNT OF PROPERTY TAX25
REVENUE COLLECTED AND LAWFULLY RETAINED BY ALL SC HOOL26
DISTRICTS IN THE STATE IN CONNECTION WITH DISTRICT TOTAL PROGRAM27
1001
-18- FUNDING WAS GREATEST.1
SECTION 6. In Colorado Revised Statutes, amend as added by2
Senate Bill 24-233 29-1-1704 as follows:3
29-1-1704. Voter approval of property limit waiver. (1) (a) A4
local governmental entity's governing body may submit to the local5
governmental entity's electors the question of whether the local6
governmental entity may waive the
LOCAL GOVERNMENTAL ENTITY7
property tax limit established in section 29-1-1702 in connection with a8
single property tax year, a specified number of property tax years, or all9
future property tax years. If the majority of the local governmental entity's10
voters voting thereon approve such a request, the local governmental11
entity is not subject to the
LOCAL GOVERNMENTAL ENTITY property tax12
limit established in section 29-1-1702 for the period of property tax years13
for which voters approved waiving the property tax limit.14
(b) F
OR A MEASURE THAT IS PLACED ON THE BALLOT AFTER15
N
OVEMBER 5, 2024, THAT WOULD ALLOW A LOCAL GOVERNMENTAL16
ENTITY TO WAIVE THE PROPERTY TAX LIMIT ESTABLISHED IN SECTION17
29-1-1702
IN CONNECTION WITH A SINGLE PROPERTY TAX YEAR , A18
SPECIFIED NUMBER OF PROPERTY TAX YEARS , OR ALL FUTURE PROPERTY19
TAX YEARS, THE BALLOT TITLE MUST BEGIN "SHALL THE (NAME OF THE20
LOCAL GOVERNMENT ) WAIVE THE 5.25% PROPERTY TAX LIMIT FOR" AND21
THEN MUST SPECIFY WHETHER THE LOCAL GOVERNMENTAL ENTITY IS22
SEEKING TO WAIVE THE PROPERTY TAX LIMIT FOR A SINGLE PROPERTY TAX23
YEAR, A SPECIFIED NUMBER OF PROPERTY TAX YEARS , OR ALL FUTURE24
PROPERTY TAX YEARS.25
(2) (a) T
HE VOTERS OF THE STATE, RATHER THAN THE VOTERS OF26
ANY INDIVIDUAL SCHOOL DISTRICT , MAY WAIVE THE SCHOOL DISTRICT27
1001
-19- PROPERTY TAX REVENUE LIMIT ESTABLISHED IN SECTION 29-1-1702.5 IN1
CONNECTION WITH A SINGLE PROPERTY TAX YEAR , A SPECIFIED NUMBER2
OF PROPERTY TAX YEARS, OR ALL FUTURE PROPERTY TAX YEARS . IF THE3
MAJORITY OF THE VOTERS OF THE STATE VOTING THEREON APPROVE SUCH4
A REQUEST, ALL SCHOOL DISTRICTS ARE NOT SUBJECT TO THE SCHOOL5
DISTRICT PROPERTY TAX REVENUE LIMIT ESTABLISHED IN SECTION6
29-1-1702.5
FOR THE PERIOD OF PROPERTY TAX YEARS FOR WHICH VOTERS7
APPROVED WAIVING THE PROPERTY TAX REVENUE LIMIT . THE VOTERS OF8
AN INDIVIDUAL SCHOOL DISTRICT MAY NOT ELECT TO WAIVE THE SCHOOL9
DISTRICT PROPERTY TAX REVENUE LIMIT ESTABLISHED IN SECTION10
29-1-1702.5
FOR THAT INDIVIDUAL SCHOOL DISTRICT.11
(b) F
OR A MEASURE THAT IS PLACED ON THE BALLOT AFTER12
N
OVEMBER 5, 2024, THAT WOULD ALLOW ALL SCHOOL DISTRICTS TO13
WAIVE THE SCHOOL DISTRICT PROPERTY TAX REVENUE LIMIT ESTABLISHED14
IN SECTION 29-1-1702.5 IN CONNECTION WITH A SINGLE PROPERTY TAX15
YEAR, A SPECIFIED NUMBER OF PROPERTY TAX YEARS , OR ALL FUTURE16
PROPERTY TAX YEARS, THE BALLOT TITLE MUST BEGIN "SHALL ALL OF THE17
SCHOOL DISTRICTS IN THE STATE WAIVE THE 6% PROPERTY TAX LIMIT FOR"18
AND THEN MUST SPECIFY WHETHER THE PROPERTY TAX LIMIT WOULD BE19
WAIVED FOR ALL SCHOOL DISTRICTS FOR A SINGLE PROPERTY TAX YEAR ,20
A SPECIFIED NUMBER OF PROPERTY TAX YEARS , OR ALL FUTURE PROPERTY21
TAX YEARS.22
SECTION
7. In Colorado Revised Statutes, amend as added by23
Senate Bill 24-233 29-1-1705 as follows:24
29-1-1705. Prior obligations not impaired - voter-approval of25
mill increases - disaster emergency spending - definitions. (1) Nothing26
in this part 17 impairs:27
1001
-20- (a) The obligations of any bonds or other forms of indebtedness1
that are outstanding as of the effective date of this part 17 NOVEMBER 5,2
2024, or the refunding thereof, issued by a local governmental entity3
GOVERNMENT or otherwise invalidates any such bond or the obligations4
or refunding thereof; or5
(b) The existing voted authorization of a local governmental entity6
GOVERNMENT approved by a majority of the local governmental entity's7
GOVERNMENT'S voters voting thereon in accordance with section 20 of8
article X of the state constitution as of the effective date of this part 179
N
OVEMBER 5, 2024. As established in section 29-1-1701 (3)(h), the10
imposition of a levy to provide for the payment of the following is not11
included in the calculation of the property tax limit:12
(I) Bonds that are outstanding as of the effective date of this part
13
17 NOVEMBER 5, 2024, and the interest thereon, or for the payment of any14
other contractual obligation outstanding as of the effective date of this15
part 17 NOVEMBER 5, 2024, that has been approved by a majority of the16
local governmental entity's GOVERNMENT'S voters voting thereon; and17
(II) Bonds or other contractual obligations issued in accordance18
with 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, are not included in the calculation of the property tax23
limit.24(2) (a) Nothing in this part 17 prevents a local governmental entity25
from submitting to the local governmental entity's electors the question26
of whether to increase the total number of mills levied by the local27
1001
-21- governmental entity and, upon RECEIVING THE APPROVAL OF a majority1
of the local governmental entity's voters voting to approve THEREON FOR2
such a request, increasing the total number of mills levied by the local3
governmental entity accordingly. As established in section 29-1-17014
(3)(i), property tax revenue attributable to a local governmental entity5
increasing the total number of mills it levies upon receiving the approval6
of the majority of the local governmental entity's voters VOTING THEREON7
for such an increase in an election occurring on or after the effective date8
of this part 17 NOVEMBER 5, 2024, is not included in the calculation of the9
LOCAL GOVERNMENTAL ENTITY 'S property tax limit. A local governmental10
entity may also submit to the local government entity's electors the11
question of whether to increase the total number of mills levied by the12
local governmental entity in such a way that the mills increase to match13
the local governmental entity's property tax limit established pursuant to14
section 29-1-1702 and, upon RECEIVING THE APPROVAL OF a majority of15
the local governmental entity's voters voting to approve THEREON FOR16
such a request, increasing the total number of mills levied by the local17
governmental entity accordingly.18
(b) NOTHING IN THIS PART 17 PREVENTS A SCHOOL DISTRICT FROM19
SUBMITTING TO THE SCHOOL DISTRICT 'S ELECTORS THE QUESTION OF20
WHETHER TO INCREASE THE TOTAL NUMBER OF MILLS LEVIED BY THE21
SCHOOL DISTRICT AND, UPON RECEIVING THE APPROVAL OF A MAJORITY OF22
THE SCHOOL DISTRICT'S VOTERS VOTING THEREON FOR SUCH A REQUEST,23
INCREASING THE TOTAL NUMBER OF MILLS LEVIED BY THE SCHOOL24
DISTRICT ACCORDINGLY. AS ESTABLISHED IN SECTION 29-1-170125
(2.5)(a)(VIII), PROPERTY TAX REVENUE ATTRIBUTABLE TO A SCHOOL26
DISTRICT INCREASING THE TOTAL NUMBER OF TOTAL PROGRAM FUNDING27
1001
-22- MILLS IT LEVIES UPON RECEIVING THE APPROVAL OF THE MAJORITY OF THE1
SCHOOL DISTRICT'S VOTERS VOTING THEREON FOR SUCH AN INCREASE IN2
AN ELECTION OCCURRING ON OR AFTER NOVEMBER 5, 2024, IS NOT3
INCLUDED IN THE CALCULATION OF THE SCHOOL DISTRICT 'S PROPERTY TAX4
LIMIT. AS ESTABLISHED IN SECTION 29-1-1701 (2.5)(a)(IX), PROPERTY5
TAX REVENUE ATTRIBUTABLE TO MILLS THAT THE SCHOOL DISTRICT6
LEVIES THAT IT DOES NOT LEVY IN CONNECTION WITH TOTAL PROGRAM7
FUNDING ARE NOT INCLUDED IN THE CALCULATION OF THE SCHOOL8
DISTRICT'S PROPERTY TAX LIMIT. A SCHOOL DISTRICT MAY ALSO SUBMIT9
TO THE SCHOOL DISTRICT'S ELECTORS THE QUESTION OF WHETHER TO10
INCREASE THE TOTAL NUMBER OF MILLS LEVIED BY THE SCHOOL DISTRICT11
IN CONNECTION WITH TOTAL PROGRAM FUNDING IN SUCH A WAY THAT THE12
MILLS INCREASE TO MATCH THE SCHOOL DISTRICT'S PROPERTY TAX LIMIT13
ESTABLISHED PURSUANT TO SECTION 29-1-1702.5 AND, UPON RECEIVING14
THE APPROVAL OF A MAJORITY OF THE SCHOOL DISTRICT'S VOTERS VOTING15
THEREON FOR SUCH A REQUEST, INCREASING THE TOTAL NUMBER OF MILLS16
LEVIED BY THE SCHOOL DISTRICT ACCORDINGLY . 17
(3) (a) N
OTWITHSTANDING THIS PART 17, AN AMOUNT OF18
QUALIFIED PROPERTY TAX REVENUE OR QUALIFIED LOCAL SHARE19
PROPERTY TAX REVENUE , AS APPLICABLE, EQUAL TO ANY AMOUNT OF20
DISASTER EMERGENCY SPENDING BY A LOCAL GOVERNMENT IN A21
PROPERTY TAX YEAR IS EXEMPT FROM THE CALCULATION OF THE22
PROPERTY TAX LIMIT THAT APPLIES TO THAT LOCAL GOVERNMENT FOR THE23
SAME PROPERTY TAX YEAR.24
(b) A
S USED IN THIS SUBSECTION (3), UNLESS THE CONTEXT25
OTHERWISE REQUIRES:26
(I) "D
ECLARED DISASTER" HAS THE SAME MEANING AS SECTION27
1001
-23- 24-32-134 (1)(b).1
(II) "D
ISASTER EMERGENCY SPENDING " MEANS THE AMOUNT OF2
ACTUAL EXPENDITURES BY A LOCAL GOVERNMENT IN A PROPERTY TAX3
YEAR AS THE DIRECT RESULT OF A DECLARED DISASTER .4
SECTION
8. In Colorado Revised Statutes, 39-1-104, amend5
(1)(a), (1)(b), and (1.8)(a); and add (1.9) as follows:6
39-1-104. Valuation for assessment - definitions. (1) (a) F
OR7
PROPERTY TAX YEARS COMMENCING BEFORE JANUARY 1, 2025, the8
valuation for assessment of all taxable property in the state shall be
IS9
twenty-nine percent of the actual value thereof as determined by the10
assessor and the administrator in the manner prescribed by law, and that11
percentage shall be uniformly applied, without exception, to the actual12
value, so determined, of the real and personal property located within the13
territorial limits of the authority levying a property tax, and all property14
taxes shall be levied against the aggregate valuation for assessment15
resulting from the application of that percentage.16
(b) Notwithstanding subsection (1)(a) of this section, for the17
property tax year YEARS commencing on January 1, 2023, AND JANUARY18
1, 2024, the valuation for assessment of nonresidential property that is19
classified as lodging property is temporarily reduced to twenty-seven and20
nine-tenths percent of an amount equal to the actual value minus the21
lesser of thirty thousand dollars or the amount that reduces the valuation22
for assessment to one thousand dollars.23
(1.8) (a) F
OR PROPERTY TAX YEARS COMMENCING BEFORE24
J
ANUARY 1, 2025, the valuation for assessment of real and personal25
property that is classified as agricultural property or renewable energy26
production property is twenty-nine percent of the actual value thereof;27
1001
-24- except that, for property tax years commencing on January 1, 2022,1
January 1, 2023, and January 1, 2024, the valuation for assessment of this2
property is temporarily reduced to twenty-six and four-tenths percent of3
the actual value thereof.4
(1.9) (a) F
OR THE PROPERTY TAX YEAR COMMENCING ON JANUARY5
1,
2025, THE VALUATION FOR ASSESSMENT FOR PERSONAL PROPERTY AND6
NONRESIDENTIAL REAL PROPERTY IS TWENTY -SEVEN PERCENT OF THE7
ACTUAL VALUE
THEREOF. 8
(b) F
OR THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1,9
2026,
THE VALUATION FOR ASSESSMENT FOR PERSONAL PROPERTY AND10
NONRESIDENTIAL REAL PROPERTY IS TWENTY -SIX PERCENT OF THE ACTUAL11
VALUE THEREOF; EXCEPT THAT, FOR ALL PROPERTY LISTED BY THE12
ASSESSOR UNDER ANY IMPROVED COMMERCIAL SUBCLASS CODES AND ALL13
REAL OR PERSONAL PROPERTY THAT IS CLASSIFIED AS AGRICULTURAL14
PROPERTY, THE VALUATION FOR ASSESSMENT IS TWENTY -FIVE PERCENT OF15
THE ACTUAL VALUE THEREOF .16
(c) F
OR PROPERTY TAX YEARS COMMENCING ON OR AFTER17
J
ANUARY 1, 2027, THE VALUATION FOR ASSESSMENT FOR PERSONAL18
PROPERTY AND NONRESIDENTIAL REAL PROPERTY IS TWENTY -FIVE19
PERCENT OF THE ACTUAL VALUE
THEREOF. 20
(d) T
HE ACTUAL VALUE OF REAL AND PERSONAL PROPERTY21
SPECIFIED IN THIS SUBSECTION (1.9) IS DETERMINED BY THE ASSESSOR AND22
THE ADMINISTRATOR IN THE MANNER PRESCRIBED BY LAW , AND A23
VALUATION FOR ASSESSMENT PERCENTAGE IS UNIFORMLY APPLIED ,24
WITHOUT EXCEPTION, TO THE ACTUAL VALUE, SO DETERMINED, OF THE25
VARIOUS CLASSES AND SUBCLASSES OF REAL AND PERSONAL PROPERTY26
LOCATED WITHIN THE TERRITORIAL LIMITS OF THE AUTHORITY LEVYING A27
1001
-25- PROPERTY TAX, AND ALL PROPERTY TAXES ARE LEVIED AGAINST THE1
AGGREGATE VALUATION FOR ASSESSMENT RESULTING FROM THE2
APPLICATION OF THE PERCENTAGE .3
SECTION 9. In Colorado Revised Statutes, 39-1-104, amend as4
amended by Senate Bill 24-233 (1.8)(b) introductory portion and5
(1.8)(c); and repeal as added by Senate Bill 24-233 (1.8)(b.5) as6
follows:7
39-1-104. Valuation for assessment - definitions. (1.8) (b) F
OR8
PROPERTY TAX YEARS COMMENCING BEFORE JANUARY 1, 2025, the9
valuation for assessment of all nonresidential property that is not10
specified in subsection (1)
OR (1.8)(a) or (1.8)(b.5)
of this section is11
twenty-nine percent of the actual value thereof; except that, for the12
property tax years commencing on January 1, 2023, and January 1, 2024,13
the valuation for assessment of this property is temporarily reduced to:14
(b.5) The valuation for assessment for all property listed by the15
assessor under any improved commercial subclass codes and all real or16
personal property that is classified as agricultural property is:17
(I) For the property tax year commencing on January 1, 2025,18
temporarily reduced to twenty-seven percent of the actual value of the19
property; and20
(II) For property tax years commencing on or after January 1,21
2026, reduced to twenty-five percent of the actual value of the property. 22
(c) The actual value of real and personal property specified in23
subsection (1.8)(a)
OR (1.8)(b) or (1.8)(b.5)
of this section is determined24
by the assessor and the administrator in the manner prescribed by law,25
and a valuation for assessment percentage is uniformly applied, without26
exception, to the actual value, so determined, of the various classes and27
1001
-26- subclasses of real and personal property located within the territorial1
limits of the authority levying a property tax, and all property taxes are2
levied against the aggregate valuation for assessment resulting from the3
application of the percentage. 4
SECTION 10. In Colorado Revised Statutes, 39-1-104.2, add5
(1)(e), (3)(t.5), (3)(u.5), and (8) as follows:6
39-1-104.2. Residential real property - valuation for7
assessment - legislative declaration - definitions. (1) As used in this8
section, unless the context otherwise requires:9
(e) "S
TATEWIDE ACTUAL VALUE GROWTH " MEANS, AS DETERMINED10
PURSUANT TO SUBSECTION (8) OF THIS SECTION,
AN ESTIMATE BY THE11
ADMINISTRATOR BASED UPON THE INFORMATION REPORTED BY COUNTY12
ASSESSORS PURSUANT TO SECTION 39-2-115 ON AUGUST 25, 2025, OF THE13
DIFFERENCE IN THE TOTAL STATEWIDE ACTUAL VALUE FROM THE14
PROPERTY TAX YEAR COMMENCING ON JANUARY 1, 2024, AND THE TOTAL15
STATEWIDE ACTUAL VALUE FROM THE PROPERTY TAX YEAR COMMENCING16
ON JANUARY 1, 2025.17
(3) (t.5) (I) F
OR THE PROPERTY TAX YEAR COMMENCING ON18
J
ANUARY 1, 2025, IF THE STATE BOARD OF EQUALIZATION DETERMINES19
THAT THE STATEWIDE ACTUAL VALUE GROWTH IS GREATER THAN FIVE20
PERCENT, THE VALUATION FOR ASSESSMENT FOR ALL RESIDENTIAL REAL21
PROPERTY OTHER THAN QUALIFIED -SENIOR PRIMARY RESIDENCE REAL22
PROPERTY IS:23
(A) F
OR THE PURPOSE OF A LEVY IMPOSED BY A LOCAL24
GOVERNMENTAL ENTITY , 6.15 PERCENT OF THE ACTUAL VALUE OF THE25
PROPERTY; AND26
(B) F
OR THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT ,27
1001
-27- 6.95 PERCENT OF THE ACTUAL VALUE OF THE PROPERTY; EXCEPT THAT THE1
VALUATION FOR ASSESSMENT FOR THE PURPOSE OF A LEVY IMPOSED BY A2
SCHOOL DISTRICT MAY BE TEMPORARILY REDUCED FOR A PROPERTY TAX3
YEAR AS SET FORTH IN SECTION 29-1-1702.5.4
(II) I
F IT IS ADMINISTRATIVELY INFEASIBLE TO CALCULATE TWO5
DIFFERENT VALUATIONS FOR ASSESSMENT FOR THE SAME PROPERTY BASED6
ON THE SAME ACTUAL VALUE, BUT WITH TWO DIFFERENT PERCENTAGES OF7
THAT ACTUAL VALUE, AN ASSESSOR MAY DETERMINE THE VALUE OF A8
PROPERTY UNDER SUBSECTION (3)(t.5)(I)(B) OF THIS SECTION BY9
CALCULATING 113.00813 PERCENT OF AN AMOUNT EQUAL TO 6.1510
PERCENT OF THE ACTUAL VALUE OF THE PROPERTY .11
(u.5) (I) F
OR PROPERTY TAX YEARS COMMENCING ON OR AFTER12
J
ANUARY 1, 2026, IF THE STATE BOARD OF EQUALIZATION DETERMINES13
THAT THE STATEWIDE ACTUAL VALUE GROWTH IS GREATER THAN FIVE14
PERCENT, THE VALUATION FOR ASSESSMENT FOR ALL RESIDENTIAL REAL15
PROPERTY OTHER THAN QUALIFIED -SENIOR PRIMARY RESIDENCE REAL16
PROPERTY IS:17
(A) F
OR THE PURPOSE OF A LEVY IMPOSED BY A LOCAL18
GOVERNMENTAL ENTITY , 6.7 PERCENT OF THE AMOUNT EQUAL TO THE19
ACTUAL VALUE OF THE PROPERTY MINUS THE LESSER OF TEN PERCENT OF20
THE ACTUAL VALUE OF THE PROPERTY OR SEVENTY THOUSAND DOLLARS21
AS INCREASED FOR INFLATION IN THE FIRST YEAR OF EACH SUBSEQUENT22
REASSESSMENT CYCLE; AND23
(B) F
OR THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT ,24
6.95
PERCENT OF THE AMOUNT EQUAL TO THE ACTUAL VALUE OF THE25
PROPERTY; EXCEPT THAT THE VALUATION FOR ASSESSMENT FOR THE26
PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT MAY BE27
1001
-28- TEMPORARILY REDUCED FOR A PROPERTY TAX YEAR AS SET FORTH IN1
SECTION 29-1-1702.5.2
(II) F
OR REASSESSMENT CYCLES COMMENCING ON OR AFTER3
J
ANUARY 1, 2027, THE ADMINISTRATOR SHALL PUBLISH THE4
INFLATION-INCREASED VALUE USED TO CALCULATE THE VALUATION FOR5
ASSESSMENT PURSUANT TO SUBSECTION (3)(u.5)(I)(A) OF THIS SECTION. 6
(III) T
HE GENERAL ASSEMBLY FINDS AND DECLARES THAT ANY7
MODIFICATION TO THE VALUATION FOR ASSESSMENT ESTABLISHED IN THIS8
SUBSECTION (3)(u.5), EXCLUSIVE OF THE TERMINATION OF ANY9
TEMPORARY REDUCTION PURSUANT TO SECTION 29-1-1702.5, THAT10
WOULD RESULT IN A PROPERTY TAX INCREASE WOULD REQUIRE PRIOR11
VOTER APPROVAL UNDER SECTION 20 (4)(a) OF ARTICLE X OF THE STATE12
CONSTITUTION.13
(8) (a) A
S SOON AS PRACTICABLE UPON RECEIVING THE
14
INFORMATION DESCRIBED IN SECTION 39-2-115 (1)(a.5), THE15
ADMINISTRATOR SHALL DETERMINE THE STATEWIDE ACTUAL VALUE16
GROWTH AND REPORT THAT DETERMINATION TO THE STATE BOARD OF17
EQUALIZATION, AND THE STATE BOARD OF EQUALIZATION SHALL CERTIFY18
THE STATEWIDE ACTUAL VALUE GROWTH , WHETHER THAT GROWTH IS LESS19
THAN OR EQUAL TO FIVE PERCENT , AND DETERMINE WHICH OF THE20
VALUATIONS FOR ASSESSMENT DESCRIBED IN SUBSECTION (3) OF THIS21
SECTION APPLY IN PROPERTY TAX YEARS COMMENCING ON OR AFTER22
J
ANUARY 1, 2025.23
(b) U
PON THE STATE BOARD OF EQUALIZATION DETERMINING24
WHICH OF THE VALUATIONS FOR ASSESSMENT DETERMINED PURSUANT TO25
THIS SECTION APPLY IN PROPERTY TAX YEARS COMMENCING ON OR AFTER26
J
ANUARY 1, 2025, THE STATE BOARD OF EQUALIZATION SHALL NOTIFY THE27
1001
-29- ADMINISTRATOR, AND THE ADMINISTRATOR SHALL PUBLISH THOSE1
VALUATIONS FOR ASSESSMENT ON THE WEBSITE MAINTAINED BY THE2
DIVISION OF PROPERTY TAXATION IN THE DEPARTMENT OF LOCAL AFFAIRS .3
(c) T
HE GENERAL ASSEMBLY FINDS AND DECLARES THAT ANY4
MODIFICATION TO THE VALUATIONS FOR ASSESSMENT THAT THE STATE5
BOARD OF EQUALIZATION DETERMINES ARE APPLICABLE IN PROPERTY TAX6
YEARS COMMENCING ON OR AFTER JANUARY 1, 2025, PURSUANT TO THIS7
SUBSECTION (8) THAT WOULD RESULT IN A PROPERTY TAX INCREASE8
WOULD REQUIRE PRIOR VOTER APPROVAL UNDER SECTION 20 (4)(a) OF9
ARTICLE X OF THE STATE CONSTITUTION.10
SECTION
11. In Colorado Revised Statutes, 39-1-104.2, amend11
as amended by Senate Bill 24-233 (3)(s); and amend as added by12
Senate Bill 24-233 (3)(t), (3)(u)(I), and (3)(u)(III) as follows: 13
39-1-104.2. Residential real property - valuation for14
assessment - legislative declaration - definitions. (3) (s) (I) For15
property tax years commencing on or after January 1, 2025, but before16
January 1, 2027, if there are sufficient excess state revenues, the valuation17
for assessment for qualified-senior primary residence real property,18
including multi-family qualified-senior primary residence real property,19
is:20
(A) For the property tax year commencing on January 1, 2025,
IF21
THE STATE BOARD OF EQUALIZATION DETERMINES THAT THE STATEWIDE22
ACTUAL VALUE GROWTH IS LESS THAN OR EQUAL TO FIVE PERCENT , for the23
purpose of a levy imposed by a local governmental entity, 6.4
6.2524
percent of the amount equal to the actual value of the property minus25
either fifty percent of the first two hundred thousand dollars of that actual26
value; plus the lesser of ten percent of the actual value of the property or27
1001
-30- seventy thousand dollars as increased for inflation in the first year of each1
subsequent reassessment cycle or the amount that causes the valuation for2
assessment of the property to be one thousand dollars;3
(A.5) F
OR THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1,4
2025,
IF THE STATE BOARD OF EQUAL IZATION DETERMINES THAT THE5
STATEWIDE ACTUAL VALUE GROWTH IS GREATER THAN FIVE PERCENT , FOR6
THE PURPOSE OF A LEVY IMPOSED BY A LOCAL GOVERNMENTAL ENTITY ,7
6.15
PERCENT OF THE AMOUNT EQUAL TO THE ACTUAL VALUE OF THE8
PROPERTY MINUS FIFTY PERCENT OF THE FIRST TWO HUNDRED THOUSAND9
DOLLARS OF THAT ACTUAL VALUE ;10
(B) For the property tax year commencing on January 1, 2026,
IF11
THE STATE BOARD OF EQUALIZATION DETERMINES THAT THE STATEWIDE12
ACTUAL VALUE GROWTH IS LESS THAN OR EQUAL TO FIVE PERCENT , for the13
purpose of a levy imposed by a local governmental entity, 6.95
6.814
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 as increased for inflation in the first year of each18
subsequent reassessment cycle; or the amount that causes the valuation19
for assessment of the property to be one thousand dollars; and20
(B.5) F
OR THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1,21
2026,
IF THE STATE BOARD OF EQUAL IZATION DETERMINES THAT THE22
STATEWIDE ACTUAL VALUE GROWTH IS GREATER THAN FIVE PERCENT , FOR23
THE PURPOSE OF A LEVY IMPOSED BY A LOCAL GOVERNMENTAL ENTITY ,24
6.7
PERCENT OF THE AMOUNT EQUAL TO THE ACTUAL VALUE OF THE25
PROPERTY MINUS FIFTY PERCENT OF THE FIRST TWO HUNDRED THOUSAND26
DOLLARS OF THAT ACTUAL VALUE PLUS THE LESSER OF TEN PERCENT OF27
1001
-31- THE ACTUAL VALUE OF THE PROPERTY OR SEVENTY THOUSAND DOLLARS1
AS INCREASED FOR INFLATION IN THE FIRST YEAR OF EACH SUBSEQUENT2
REASSESSMENT CYCLE;3
(C) For the property tax years commencing on January 1, 2025,4
and January 1, 2026,
IF THE STATE BOARD OF EQUALIZATION DETERMINES5
THAT THE STATEWIDE ACTUAL VALUE GROWTH IS LESS THAN OR EQUAL TO6
FIVE PERCENT, for the purpose of a levy imposed by a school district, 7.15
7
7.05 percent of the amount equal to the actual value of the property minus8
the lesser of fifty percent of the first two hundred thousand dollars of that9
actual value; or the amount that causes the valuation for assessment of the10
property to be one thousand dollars. EXCEPT THAT THE VALUATION FOR11
ASSESSMENT FOR THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT12
MAY BE TEMPORARILY REDUCED FOR A PROPERTY TAX YEAR AS SET FORTH13
IN SECTION 29-1-1702.5; AND14
(D) F
OR THE PROPERTY TAX YEARS COMMENCING ON JANUARY 1,15
2025,
AND JANUARY 1, 2026, IF THE STATE BOARD OF EQUALIZATION16
DETERMINES THAT THE STATEWIDE ACTUAL VALUE GROWTH IS GREATER17
THAN FIVE PERCENT, FOR THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL18
DISTRICT, 6.95 PERCENT OF THE AMOUNT EQUAL TO THE ACTUAL VALUE19
OF THE PROPERTY MINUS FIFTY PERCENT OF THE FIRST TWO HUNDRED20
THOUSAND DOLLARS OF THAT ACTUAL VALUE ; EXCEPT THAT THE21
VALUATION FOR ASSESSMENT FOR THE PURPOSE OF A LEVY IMPOSED BY A22
SCHOOL DISTRICT MAY BE TEMPORARILY REDUCED FOR A PROPERTY TAX23
YEAR AS SET FORTH IN SECTION 29-1-1702.5.24
(II) (A) For the property tax year commencing on January 1, 2025,25
IF THE STATE BOARD OF EQUALIZATION DETERMINES THAT THE STATEWIDE26
ACTUAL VALUE GROWTH IS LESS THAN OR EQUAL TO FIVE PERCENT AND if27
1001
-32- it is administratively infeasible to calculate two different valuations for1
assessment for the same property based on two different percentages of2
actual value, an assessor may determine the value of a property under3
subsection (3)(s)(I)(A) SUBSECTION (3)(s)(I)(C) of this section by4
calculating 111.71875 112.8 percent of an amount equal to 6.4 6.255
percent of the amount equal to the actual value of the property minus6
either fifty percent of the first two hundred thousand dollars of that actual7
value. plus the lesser of ten percent of the actual value of the property or8
seventy thousand dollars or the amount that causes the valuation for9
assessment of the property to be one thousand dollars.10
(B) F
OR THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1,11
2025,
IF THE STATE BOARD OF EQUALIZATION DETERMINES THAT THE12
STATEWIDE ACTUAL VALUE GROWTH IS GREATER THAN FIVE PERCENT AND13
IF IT IS ADMINISTRATIVELY INFEASIBLE TO CALCULATE TWO DIFFERENT14
VALUATIONS FOR ASSESSMENT FOR THE SAME PROPERTY BASED ON TWO15
DIFFERENT PERCENTAGES OF ACTUAL VALUE , AN ASSESSOR MAY16
DETERMINE THE VALUE OF A PROPERTY UNDER SUBSECTION (3)(s)(I)(D)17
OF THIS SECTION BY CALCULATING 113.00813 PERCENT OF AN AMOUNT18
EQUAL TO 6.15 PERCENT OF THE AMOUNT EQUAL TO THE ACTUAL VALUE19
OF THE PROPERTY MINUS FIFTY PERCENT OF THE FIRST TWO HUNDRED20
THOUSAND DOLLARS OF THAT ACTUAL VALUE .21
(III) The general assembly finds and declares that any22
modification to the valuation for assessment established in this subsection23
(3)(s),
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
1001
-33- (t) (I) For the property tax year commencing on January 1, 2025,1
IF THE STATE BOARD OF EQUALIZATION DETERMINES THAT THE STATEWIDE2
ACTUAL VALUE GROWTH IS LESS THAN OR EQUAL TO FIVE PERCENT , the3
valuation for assessment for all residential real property other than4
qualified-senior primary residence real property is:5
(A) For the purpose of a levy imposed by a local governmental6
entity, 6.4 6.25 percent of the actual value of the property; and7
(B) For the purpose of a levy imposed by a school district, 7.158
7.05 percent of the actual value of the property;
EXCEPT THAT THE9
VALUATION FOR ASSESSMENT FOR THE PURPOSE OF A LEVY IMPOSED BY A10
SCHOOL DISTRICT MAY BE TEMPORARILY REDUCED FOR A PROPERTY TAX11
YEAR AS SET FORTH IN SECTION 29-1-1702.5.12
(II) If it is administratively infeasible to calculate two different13
valuations for assessment for the same property based on the same actual14
value, but with two different percentages of that actual value, an assessor15
may determine the value of a property under subsection (3)(t)(I)(B) of this16
section by calculating 111.71875
112.8 percent of an amount equal to 6.417
6.25 percent of the actual value of the property.18
(III) T
HE GENERAL ASSEMBLY FINDS AND DECLARES THAT ANY19
MODIFICATION TO THE VALUATION FOR ASSESSMENT ESTABLISHED IN THIS20
SUBSECTION (3)(t), EXCLUSIVE OF THE TERMINATION OF ANY TEMPORARY21
REDUCTION PURSUANT TO SECTION 29-1-1702.5, THAT WOULD RESULT IN22
A PROPERTY TAX INCREASE WOULD REQUIRE PRIOR VOTER APPROVAL23
UNDER SECTION 20 (4)(a) OF ARTICLE X OF THE STATE CONSTITUTION.24
(u) (I) For property tax years commencing on or after January 1,25
2026,
IF THE STATE BOARD OF EQUAL IZATION DETERMINES THAT THE26
STATEWIDE ACTUAL VALUE GROWTH IS LESS THAN OR EQUAL TO FIVE27
1001
-34- PERCENT, the valuation for assessment for all residential real property1
other than qualified-senior primary residence real property is:2
(A) For the purpose of a levy imposed by a local governmental3
entity, 6.95 6.8 percent of the amount equal to the actual value of the4
property minus the lesser of ten percent of the actual value of the property5
or seventy thousand dollars as increased for inflation in the first year of6
each subsequent reassessment cycle; and7
(B) For the purpose of a levy imposed by a school district, 7.158
7.05 percent of the amount equal to the actual value of the property;9
except that the valuation for assessment for the purpose of a levy imposed10
by a school district may be temporarily reduced for a property tax year as11
set forth in section 39-1-104.7 29-1-1702.5.12
(III) The general assembly finds and declares that any13
modification to the valuation for assessment established in this subsection14
(3)(u),
EXCLUSIVE OF THE TERMINATION OF ANY TEMPORARY REDUCTION15
PURSUANT TO SECTION 29-1-1702.5, that would result in a property tax16
increase would require prior voter approval under section 20 (4)(a) of17
article X of the state constitution.18
SECTION
12. In Colorado Revised Statutes, 39-1-104.6, amend19
as added by Senate Bill 24-233 (10)(c) as follows:20
39-1-104.6. Qualified-senior primary residence real property21
- valuation for assessment - reimbursement to local governments for22
reduced valuation - temporary mechanism for refunding excess state23
revenues - legislative declaration - definitions. (10) Reimbursement24
as refund of excess state revenues. (c) As used in this subsection (10),25
unless the context otherwise requires, "revenue lost as a result of the26
classification of real property as qualified-senior primary residence real27
1001
-35- property" means revenue that is lost as a result of certain residential1
properties being classified as "qualified-senior primary residence real2
property", and having a valuation for assessment determined pursuant to3
section 39-1-104.2 (3)(s), rather than being classified as "all residential4
real property other than qualified-senior primary residence real property"5
and having a valuation for assessment determined pursuant to section6
39-1-104.2 (3)(t), (3)(t.5), and (3)(u), AND (3)(u.5).7
SECTION 13. In Colorado Revised Statutes, repeal as added by8
Senate Bill 24-233 39-1-104.7 as follows:9
39-1-104.7. Total program balancing adjustment of residential10
rate - definitions. (1) For qualifying property tax years, the valuation for11
assessment for all residential real property, for the purpose of a levy12
imposed by a school district, is equal to the lesser of:13
(a) Seven and fifteen hundredths percent of the actual value of the14
property; or15
(b) The percentage of the actual value of the property necessary16
for statewide school district property tax revenue divided by weighted17
total program to equal zero and six-tenths.18
(2) (a) Legislative council staff shall notify the state board of19
equalization of the first year after 2026 in which the local share of total20
program is equal to or greater than sixty percent of the total program21
determined pursuant to article 54 of title 22.22
(b) No later than one week after the annual public school finance23
act becomes law, legislative council staff shall provide the state board of24
equalization with the information necessary to calculate the balancing25
percentage for a qualifying property tax year.26
(c) No later than three weeks after receiving the information27
1001
-36- provided by legislative council staff pursuant to subsection (2) of this1
section, the state board of equalization shall submit a report to the general2
assembly that calculates the balancing percentage.3
(3) If the balancing percentage is lower than seven and fifteen4
hundredths percent, then, for that property tax year, the valuation for5
assessment for residential real property for the purpose of a levy imposed6
by a school district is temporarily reduced in accordance with subsection7
(1)(b) of this section. The valuation for assessment for this property is8
seven and fifteen hundredths percent of the actual value of the property9
for the next property tax year, but the valuation for assessment may be10
reduced again for that property tax year in accordance with subsection11
(1)(b) of this section.12
(4) As used in this section, unless the context otherwise requires:13
(a) "Balancing percentage" means the percentage of the actual14
value of all residential real property described in subsection (1)(b) of this15
section.16
(b) "Qualifying property tax year" means a property tax year17
commencing after legislative council staff has provided the state board of18
equalization with the notice described in subsection (2) of this section.19
(c) "Statewide school district property tax revenue" means the20
total amount of property tax revenue estimated to be retained by all of the21
school districts in the state in connection with district total program22
funding for the current qualifying property tax year.23
(d) "Weighted total program" means statewide total program as24
calculated pursuant to sections 22-54-103.3 and 22-54-103.5, as25
applicable.26
SECTION 14. In Colorado Revised Statutes, 39-2-115, add27
1001
-37- (1)(a.5) as follows:1
39-2-115. Review of abstracts of assessment -2
recommendations - repeal. (1) (a.5) (I) ON AUGUST 25, 2025, IF FILING3
AN ABSTRACT OF ASSESSMENT OF THE COUNTY WITH THE ADMINISTRATOR ,4
A COUNTY ASSESSOR SHALL ALSO FILE A REPORT OF THE ACTUAL VALUE5
OF PROPERTY WITHIN THE COUNTY FOR THE PROPERTY TAX YEAR6
COMMENCING ON JANUARY 1, 2025.7
(II) THIS SUBSECTION (1)(a.5) IS REPEALED, EFFECTIVE JULY 1,8
2026.9
SECTION 15. In Colorado Revised Statutes, 39-3-211, amend10
as added by Senate Bill 24-233 (4), (5)(b), (7)(d), and (8); and add (3.5),11
(5)(a.5), and (6.5) as follows:12
39-3-211. Reporting of assessed value reductions -13
reimbursement of local governmental entities - local governmental14
entity backfill cash fund - creation - legislative declaration -15
definitions - repeal. (3.5) F
OR THE PROPERTY TAX YEAR COMMENCING16
ON JANUARY 1, 2025, EACH ASSESSOR SHALL:17
(a) C
ALCULATE THE DECREASE, IF ANY, IN THE TOTAL ASSESSED18
VALUE OF REAL PROPERTY FOR EACH LOCAL GOVERNMENTAL ENTITY19
WITHIN THE ASSESSOR'S COUNTY BETWEEN THE PROPERTY TAX YEAR20
COMMENCING ON JANUARY 1, 2024, AND THE PROPERTY TAX YEAR21
COMMENCING ON JANUARY 1, 2025, AS A RESULT OF THIS HOUSE BILL22
24B-___;
AND23
(b) D
ETERMINE EACH LOCAL GOVERNMENTAL ENTITY 'S MILL LEVY24
FOR THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1, 2024,25
EXCLUDING ANY MILLS LEVIED TO PROVIDE FOR THE PAYMENT OF BONDS26
AND INTEREST THEREON OR FOR THE PAYMENT OF ANY OTHER27
1001
-38- CONTRACTUAL OBLIGATION THAT HAS BEEN APPROVED BY A MAJORITY OF1
THE LOCAL GOVERNMENTAL ENTITY 'S VOTERS VOTING THEREON.2
(4) No later than March 1, 2025, an assessor shall report the3
amounts calculated pursuant to subsection (3)(a) of this section, as4
applicable, the basis for the amounts, and the mill levies determined5
pursuant to subsection (3)(b) of this section to the administrator. N
O6
LATER THAN MARCH 1, 2026, AN ASSESSOR SHALL REPORT THE AMOUNTS7
CALCULATED PURSUANT TO SUBSECTION (3.5)(a) OF THIS SECTION, AS8
APPLICABLE, THE BASIS FOR THE AMOUNTS , AND THE MILL LEVIES9
DETERMINED PURSUANT TO SUBSECTION (3.5)(b) OF THIS SECTION TO THE10
ADMINISTRATOR. The administrator may require an assessor to provide11
additional information as necessary to evaluate the accuracy of the12
amounts reported. The administrator shall confirm that the reported13
amounts are correct or rectify the amounts if necessary. The administrator14
shall then forward the correct amounts for a county to the state treasurer15
to enable the state treasurer to issue a reimbursement warrant to a16
treasurer in accordance with subsection (5) of this section.17
(5) (a.5) N
O LATER THAN APRIL 15, 2026, THE STATE TREASURER18
SHALL ISSUE A WARRANT, TO BE PAID UPON DEMAND FROM THE FUND , TO19
EACH TREASURER THAT IS EQUAL TO THE TOTAL REIMBURSEMENT20
AMOUNTS SET FORTH IN SUBSECTION (6.5) OF THIS SECTION FOR ALL LOCAL21
GOVERNMENTAL ENTITIES WITHIN THE TREASURER 'S COUNTY.22
(b) Each treasurer shall distribute the total amount received from23
the state treasurer to the local governmental entities, excluding school24
districts, within the treasurer's county as if the amount had been regularly25
paid as property tax so that the local governmental entities receive the26
amounts determined pursuant to subsection
SUBSECTIONS (6) AND (6.5)27
1001
-39- of this section. If the total amount received from the state treasurer is1
reduced pursuant to subsection SUBSECTIONS (6)(b) AND (6.5)(b) of this2
section, each treasurer shall proportionally reduce the amount distributed3
to each local governmental entity. When distributing the total amount4
received from the state treasurer, each treasurer shall provide each local5
governmental entity with a statement of the amount distributed to the6
local governmental entity that represents the reimbursement received7
under subsection SUBSECTIONS (6) AND (6.5)(b) of this section. 8
(6.5) (a) F
OR EACH LOCAL GOVERNMENTAL ENTITY THAT HAD A9
DECREASE IN TOTAL ASSESSED VALUE OF REAL PROPERTY FROM THE10
PROPERTY TAX YEAR COMMENCING ON JANUARY 1, 2024, TO THE11
PROPERTY TAX YEAR COMMENCING ON JANUARY 1, 2025, AS A RESULT OF12
THIS HOUSE BILL 24B-___, THE AMOUNT OF REIMBURSEMENT IS AN13
AMOUNT EQUAL TO THAT DECREASE IN TOTAL ASSESSED VALUE14
MULTIPLIED BY THE LOCAL GOVERNMENTAL ENTITY 'S MILL LEVY FOR THE15
PROPERTY TAX YEAR COMMENCING ON JANUARY 1, 2024, EXCLUDING ANY16
MILLS LEVIED TO PROVIDE FOR THE PAYMENT OF BONDS AND INTEREST17
THEREON OR FOR THE PAYMENT OF ANY OTHER CONTRACTUAL18
OBLIGATION THAT HAS BEEN APPROVED BY A MAJORITY OF THE LOCAL19
GOVERNMENTAL ENTITY 'S VOTERS VOTING THEREON.20
(b) N
OTWITHSTANDING SUBSECTION (6.5)(a) OF THIS SECTION, IF21
THERE IS INSUFFICIENT MONEY IN THE FUND FOR THE STATE TREASURER TO22
ISSUE WARRANTS PURSUANT TO SUBSECTION (5)(a.5) OF THIS SECTION IN23
THE AMOUNTS DETERMINED PURSUANT TO SUBSECTION (6.5)(a) OF THIS24
SECTION, THE AMOUNTS OF THE WARRANTS ISSUED BY THE STATE25
TREASURER MUST BE PROPORTIONALLY REDUCED .26
(c) T
HE REIMBURSEMENT AMOUNTS SET FORTH IN THIS SECTION27
1001
-40- ARE BASED ON THE AMOUNTS THAT THE ADMINISTRATOR REPORTS TO THE1
TREASURER IN ACCORDANCE WITH SUBSECTION (4) OF THIS SECTION.2
(7) (d) After issuing every warrant required pursuant to subsection3
(5) SUBSECTION (5)(a.5) of this section, the state treasurer shall credit any4
unexpended and unencumbered money remaining in the fund at the end5
of a fiscal year THAT TIME to the sustainable rebuilding program fund6
created in section 24-38.5-115 (7).7
(8) This section is repealed, effective July 1, 2026 JULY 1, 2027. 8
SECTION 16. In Colorado Revised Statutes, 39-5-121, add9
(1)(c) as follows:10
39-5-121. Notice of valuation - legislative declaration -11
definition - repeal. (1) (c) FOR PROPERTY TAX YEARS COMMENCING ON12
OR AFTER JANUARY 1, 2025, THE ASSESSOR SHALL NOT INCLUDE THE13
APPROPRIATE RATIO OF VALUATION FOR ASSESSMENT IN THE NOTICE14
SETTING FORTH THE VALUATION FOR LAND OR IMPROVEMENTS .15
SECTION 17. In Colorado Revised Statutes, 39-10-103, add16
(1)(d) as follows:17
39-10-103. Tax statement - repeal. (1) (d) F
OR PROPERTY TAX18
YEARS COMMENCING ON OR AFTER JANUARY 1, 2025, THE TREASURER19
SHALL NOT INCLUDE THE AMOUNT OF VALUATION FOR ASSESSMENT UPON20
WHICH TAXES ARE LEVIED UPON THE TAXPAYER .21
SECTION
18. In Session Laws of Colorado 2024, amend section22
14 of chapter 171 as follows:23
Section 14. Effective date. (1) This act shall not take effect if24
either or both of the following occur:25
(a) An initiative that reduces valuations for assessment is26
approved by the people at the general election held on November 5, 2024;27
1001
-41- (b) An initiative that requires voter approval for retaining property1
tax revenue that exceeds a limit is approved by the people at the general2
election held on November 5, 2024.3
(1.5) T
HIS ACT TAKES EFFECT ONLY IF:4
(a) B
OTH AN INITIATIVE THAT REDUCES VALUATIONS FOR5
ASSESSMENT AND AN INITIATIVE THAT REQUIRES VOTER APPROVAL FOR6
RETAINING PROPERTY TAX REVENUE THAT EXCEEDS A LIMIT ARE7
WITHDRAWN PURSUANT TO SECTION 1-40-134 FROM THE STATEWIDE8
BALLOT FOR THE GENERAL ELECTION HELD ON NOVEMBER 5, 2024; OR9
(b) T
HE CONDITION SPECIFIED IN SUBSECTION (1.5)(a) OF THIS10
SECTION DOES NOT OCCUR AND NEITHER AN INITIATIVE THAT REDUCES11
VALUATIONS FOR ASSESSMENT, NOR AN INITIATIVE THAT REQUIRES VOTER12
APPROVAL FOR RETAINING PROPERTY TAX REVENUE THAT EXCEEDS A13
LIMIT, IS APPROVED BY THE PEOPLE AT THE GENERAL ELECTION HELD ON14
N
OVEMBER 5, 2024. 15
(2) E
XCEPT AS PROVIDED IN SUBSECTION (3) OF THIS SECTION:16
(a) I
F THIS ACT TAKES EFFECT UNDER SUBSECTION (1.5)(a) OF THIS17
SECTION, THEN THIS ACT TAKES EFFECT ON OCTOBER 1, 2024; OR18
(2)
(b) If this act takes effect under subsection (1) SUBSECTION19
(1.5)(b) of this section, then this act takes effect upon the date of the20
official declaration of the vote for the general election held on November21
5, 2024. except that22
(3) I
F THIS ACT TAKES EFFECT UNDER SUBSECTION (2) OF THIS23
SECTION:24
(a) Section 3 of this act takes effect only if Senate Bill 24-11125
does not become law;26
(b) Sections 4 and 8 of this act take effect only if Senate Bill27
1001
-42- 24-111 becomes law;1
(c) Section 6 of this act takes effect only if House Bill 24-14482
does not become law; and3
(d) Section 7 of this act takes effect only if House Bill 24-14484
becomes law.5
SECTION 19. Effective date. This act takes effect only if Senate6
Bill 24-233 takes effect, in which case this act takes effect on the7
effective date of Senate Bill 24-233; except that sections 17, 18, and 198
take effect upon passage.9
SECTION 20. Safety clause. The general assembly finds,10
determines, and declares that this act is necessary for the immediate11
preservation of the public peace, health, or safety or for appropriations for12
the support and maintenance of the departments of the state and state13
institutions.14
1001
-43-