Second Extraordinary Session
Seventy-fourth General Assembly
STATE OF COLORADO
REREVISED
This Version Includes All Amendments
Adopted in the Second House
LLS NO. 24B-0003.01 Pierce Lively x2059
HOUSE BILL 24B-1001
House Committees Senate Committees
Appropriations 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;
SENATE
3rd Reading Unamended
August 29, 2024
SENATE
2nd Reading Unamended
August 28, 2024
HOUSE
Amended 3rd Reading
August 28, 2024
HOUSE
Amended 2nd Reading
August 27, 2024
HOUSE SPONSORSHIP
McCluskie and Pugliese, Bird, Boesenecker, Duran, Frizell, Lindstedt, Mauro,
McCormick, Snyder, Taggart
SENATE SPONSORSHIP
Hansen and Kirkmeyer, Buckner, Exum, Fenberg, Fields, Gardner, Ginal, Liston,
Lundeen, Pelton B., Pelton R., Priola, Rich, Will, Zenzinger
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 23
governmental entity
authorized by law to impose ad valorem taxes on24
taxable property located within its territorial limits; except that the term25
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 that is subject3
to and has not received voter approval to exceed the revenue limit set4
forth in section 29-1-301
FOR THAT PROPERTY TAX YEAR ; and5
(d) Local government
GOVERNMENTAL ENTITY OR SC HOOL6
DISTRICT that does not have voter approval to collect, retain, and spend,7
without regard to any spending, revenue, or other limitation contained8
within section 20 of article X of the state constitution, the majority of the9
local governmental entity's ENTITY OR SCHOOL DISTRICT'S revenue from10
the imposition of ad valorem property taxes levied in any year subsequent11
to the approval.12
(1.5) "L
OCAL GOVERNMENTAL ENTITY " MEANS A LOCAL13
GOVERNMENT AUTHORIZED BY LAW TO IMPOSE AD VALOREM TAXES ON14
TAXABLE PROPERTY LOCATED WITHIN ITS TERRITORIAL LIMITS ; EXCEPT15
THAT THE TERM EXCLUDES ANY :16
(a) S
CHOOL DISTRICT; AND17
(b) C
ITY AND COUNTY, CITY, OR TOWN THAT HAS ADOPTED A HOME18
RULE CHARTER.19
(2) "Property tax limit" means,
AS APPLICABLE, the annual limit20
ON A LOCAL GOVERNMENTAL ENTITY 'S QUALIFIED PROPERTY TAX21
REVENUE THAT IS established in section 29-1-1702
SECTIONS 29-1-170222
(1)
AND 29-1-1703 (1) and calculated pursuant to section 29-1-1703 on a
23
local governmental entity's property tax revenue 29-1-1703 (1) OR THE24
ANNUAL LIMIT ON A SCHOOL DISTRICT 'S QUALIFIED LOCAL SHARE25
PROPERTY TAX REVENUE THAT IS ESTABLISHED IN SECTIONS 29-1-1702.526
(2)
AND 29-1-1703 (3) AND CALCULATED PURSUANT TO SECTION27
1001
-6- 29-1-1703 (3).1
(2.5) (a) "Q
UALIFIED LOCAL SHARE PROPERTY TAX REVENUE "2
MEANS THE TOTAL AMOUNT OF PROPERTY TAX REVENUE ESTIMATED TO BE3
RETAINED BY ALL SCHOOL DISTRICTS IN THE STATE IN CONNECTION WITH4
DISTRICT TOTAL PROGRAM FUNDING FROM A PROPERTY TAX YEAR5
EXCLUSIVE OF PROPERTY TAX REVENUE THAT IS FROM ANY OF THE6
FOLLOWING SOURCES OR IS USED FOR ANY OF THE FOLLOWING PURPOSES :7
(I) T
HE INCREASED VALUATION FOR ASSESSMENT WITHIN A8
SCHOOL DISTRICT FOR THE PRECEDING PROPERTY TAX YEAR THAT IS9
ATTRIBUTABLE TO NEW CONSTRUCTION AND PERSONAL PROPERTY10
CONNECTED THEREWITH , AS DEFINED BY THE PROPERTY TAX11
ADMINISTRATOR IN MANUALS PREPARED PURSUANT TO SECTION 39-2-10912
(1)(e);13
(II) T
HE INCREASED VALUATION FOR ASSESSMENT ATTRIBUTABLE14
TO A CHANGE IN LAW FOR A PROPERTY TAX CLASSIFICATION OR TO THE15
ANNEXATION OR INCLUSION OF ADDITIONAL LAND , THE IMPROVEMENTS16
THEREON, AND PERSONAL PROPERTY CONNECTED THEREWITH WITHIN A17
SCHOOL DISTRICT FOR THE PRECEDING PROPERTY TAX YEAR ;18
(III) I
NCREASED PROPERTY TAX REVENUE ATTRIBUTABLE TO THE19
EXPIRATION OF THE USE OF A SCHOOL DISTRICT 'S INCREMENTAL TAX20
REVENUES DIVERTED FOR THE PURPOSES OF PART 1 OF ARTICLE 25 OF21
TITLE 31,
PART 8 OF ARTICLE 25 OF TITLE 31, ARTICLE 31 OF TITLE 30, OR22
OTHER TAX INCREMENT FINANCING PURPOSES ;23
(IV) T
HE VALUATION FOR ASSESSMENT THAT WAS OMITTED FROM24
THE ASSESSMENT ROLL IN THE PRECEDING PROPERTY TAX YEAR ;25
(V) P
ROPERTY TAX REVENUE ABATED OR REFUNDED BY A SCHOOL26
DISTRICT FROM THE PROPERTY TAX YEAR ;27
1001
-7- (VI) THE INCREASE IN THE VALUATION FOR ASSESSMENT1
ATTRIBUTABLE TO PREVIOUSLY LEGALLY EXEMPT PROPERTY IN THE2
PREVIOUS PROPERTY TAX YEAR THAT BECOMES TAXABLE ;3
(VII) T
HE INCREASE IN THE VALUATION FOR ASSESSMENT FROM4
PRODUCING MINES OR LANDS OR LEAS EHOLDS PRODUCING OIL OR GAS IN5
THE PREVIOUS PROPERTY TAX YEAR ;6 7
(VIII) PROPERTY TAX REVENUE ATTRIBUTABLE TO A SCHOOL8
DISTRICT INCREASING THE TOTAL NUMBER OF MILLS IT LEVIES IN9
CONNECTION WITH DISTRICT TOTAL PROGRAM FUNDING AND UPON10
RECEIVING THE APPROVAL OF THE MAJORITY OF A SCHOOL DISTRICT 'S11
VOTERS VOTING THEREON FOR SUCH AN INCREASE IN AN ELECTION12
OCCURRING ON OR AFTER NOVEMBER 5, 2024;13
(IX) PROPERTY TAX REVENUE ATTRIBUTABLE TO ANY MILLS A14
SCHOOL DISTRICT LEVIES THAT ARE NOT LEVIED IN CONNECTION WITH15
DISTRICT TOTAL PROGRAM FUNDING ;16
(X) P
ROPERTY TAX REVENUE ATTRIBUTABLE TO A CHANGE IN THE17
AMOUNT OF SPECIFIC OWNERSHIP TAX REVENUE PAID TO THE DISTRICT , AS18
DEFINED IN SECTION 22-54-103 (11), IN THE PREVIOUS PROPERTY TAX19
YEAR; OR20
(XI) P
ROPERTY TAX REVENUE ATTRIBUTABLE TO A CHANGE IN THE21
AMOUNT OF PROPERTY TAX CREDITS ISSUED PURSUANT TO SECTION22
22-54-106
(2.1) IN THE PREVIOUS PROPERTY TAX YEAR.23
(b) E
XCEPT AS APPLIED IN DETERMINING THE COUNTERFACTUAL24
PERCENTAGE, AS DEFINED IN SECTION 29-1-1702.5 (1)(c), IN DETERMINING25
THE AMOUNT OF QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE FOR26
PURPOSES OF SUBSECTIONS (2.5)(a)(I), (2.5)(a)(II), (2.5)(a)(IV),27
1001
-8- (2.5)(a)(VI), AND (2.5)(a)(VII) OF THIS SECTION, THE ANNUAL CHANGE IN1
PROPERTY TAX REVENUE OR VALUATION FOR ASSESSMENT IS ASSUMED TO2
BE THE SAME FOR THE RELEVANT PROPERTY TAX YEAR AS IT WAS FOR THE3
PROPERTY TAX YEAR IMMEDIATELY PRECEDING THE RELEVANT PROPERTY4
TAX YEAR.5
(3) "Qualified property tax revenue" means a local governmental6
entity's property tax revenue for a property tax year exclusive of property7
tax revenue that is from
ANY OF the following sources and
OR is used for8
ANY OF the following purposes:9
(c) Increased property tax revenue attributable to the expiration
IN10
THE PREVIOUS PROPERTY TAX YEAR of the use of the local governmental11
entity's incremental tax revenues diverted for the purposes of part 1 of12
article 25 of title 31,
part 1 of article 30 of title 31 PART 8 OF ARTICLE 2513
OF TITLE 31, ARTICLE 31 OF TITLE 30, or other tax increment financing14
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 FOR9
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 FOR15
ASSESSMENT THAT APPLIES TO THAT RESIDENTIAL REAL PROPERTY FOR16
THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT PURSUANT TO17
SUBSECTION (3)(a) OF THIS SECTION DOES NOT CHANGE THE UNDERLYING18
VALUATION FOR ASSESSMENT THAT APPLIES TO THAT RESIDENTIAL REAL19
PROPERTY FOR THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT .20
T
HEREFORE, REDUCING THE AMOUNT OF THE TEMPORARY REDUCTION IN21
THE 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
SUBSECTION (3)(a) OF THIS SECTION MUST NOT EXCEED THE VALUATION3
FOR ASSESSMENT ESTABLISHED IN SECTION 39-1-104.2 THAT APPLIES TO4
RESIDENTIAL REAL PROPERTY FOR THE PURPOSE OF A LEVY IMPOSED BY A5
SCHOOL DISTRICT.6
(II) N
OTWITHSTANDING
SUBSECTION (2) OF THIS SECTION AND7
SECTION 29-1-1703 (3), QUALIFIED LOCAL SHARE PROPERTY TAX8
REVENUE MAY EXCEED THE SCHOOL DISTRICT PROPERTY TAX LIMIT FOR A9
PROPERTY TAX YEAR IF DOING SO IS A RESULT OF ESTABLISHING THE10
VALUATION FOR ASSESSMENT PURSUANT TO SUBSECTIONS (3)(a) AND11
(3)(b)
OF THIS SECTION.12
(4) (a) (I) (A) N
O LATER THAN DECEMBER 10, 2024, AN ASSESSOR13
SHALL REPORT TO THE PROPERTY TAX ADMINISTRATOR IN THE DIVISION OF14
PROPERTY TAXATION IN THE DEPARTMENT OF LOCAL AFFAIRS THE15
INFORMATION THAT THE ADMINISTRATOR DETERMINES IS NECESSARY TO16
DETERMINE THE AMOUNT OF QUALIFIED LOCAL SHARE PROPERTY TAX17
REVENUE FOR PURPOSES OF SECTIONS 29-1-1701 (2.5)(a)(I) TO18
(2.5)(a)(VII)
FOR THE RELEVANT PROPERTY TAX YEAR .19
(B) T
HIS SUBSECTION (4)(a)(I) IS REPEALED, EFFECTIVE JULY 1,20
2025.21
(II) N
O LATER THAN AUGUST 25, 2025, AND EACH AUGUST 2522
THEREAFTER, AN ASSESSOR SHALL REPORT TO THE PROPERTY TAX23
ADMINISTRATOR IN THE DIVISION OF PROPERTY TAXATION IN THE24
DEPARTMENT OF LOCAL AFFAIRS THE INFORMATION THAT THE25
ADMINISTRATOR DETERMINES NECESSARY TO DETERMINE THE AMOUNT OF26
QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE FOR PURPOSES OF27
1001
-13- SECTION 29-1-1701 (2.5)(a)(I) TO (2.5)(a)(VII) FOR THE RELEVANT1
PROPERTY TAX YEAR. 2
(b) (I) (A) N
O LATER THAN JANUARY 2, 2025, THE PROPERTY TAX3
ADMINISTRATOR IN THE DIVISION OF PROPERTY TAXATION IN THE4
DEPARTMENT OF LOCAL AFFAIRS SHALL REPORT TO LEGISLATIVE COUNCIL5
STAFF THE INFORMATION THAT THE LEGISLATIVE COUNCIL STAFF6
DETERMINES NECESSARY TO DETERMINE THE AMOUNT OF QUALIFIED7
LOCAL SHARE PROPERTY TAX REVENUE FOR PURPOSES OF SECTION8
29-1-1701 (2.5)(a)(I)
TO (2.5)(a)(VII) FOR THE RELEVANT PROPERTY TAX9
YEAR.10
(B) T
HIS SUBSECTION (4)(b)(I) IS REPEALED, EFFECTIVE JULY 1,11
2025.12
(II) N
O LATER THAN OCTOBER 31, 2025, AND EACH OCTOBER 3113
THEREAFTER, THE PROPERTY TAX ADMINISTRATOR IN THE DIVISION OF14
PROPERTY TAXATION IN THE DEPARTMENT OF LOCAL AFFAIRS SHALL15
REPORT TO LEGISLATIVE COUNCIL STAFF THE INFORMATION THAT THE16
LEGISLATIVE COUNCIL STAFF DETERMINES NECESSARY TO D ETERMINE THE17
AMOUNT OF QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE FOR18
PURPOSES OF SECTION 29-1-1701 (2.5)(a)(I) TO (2.5)(a)(VII) FOR THE19
RELEVANT PROPERTY TAX YEAR .20
(c) N
O LATER THAN JANUARY 15, 2025, AND EACH JANUARY 1521
THEREAFTER, LEGISLATIVE COUNCIL STAFF SHALL PROVIDE THE STATE22
BOARD OF EQUALIZATION WITH THE INFORMATION NECESSARY TO23
CALCULATE THE BALANCING PERCENTAGE AND CORRECTION PERCENTAGE24
FOR THE RELEVANT PROPERTY TAX YEAR AND THE COUNTERFACTUAL25
PERCENTAGE FOR THE IMMEDIATELY PRECEDING PROPERTY TAX YEAR .26
(d) N
O LATER THAN TWENTY -ONE DAYS AFTER RECEIVING THE27
1001
-14- INFORMATION PROVIDED BY LEGISLATIVE COUNCIL STAFF PURSUANT TO1
SUBSECTION (4)(c) OF THIS SECTION, THE STATE BOARD OF EQUALIZATION2
SHALL MEET AND SUBMIT A REPORT TO THE GENERAL ASSEMBLY THAT3
CALCULATES, AS APPLICABLE, THE TOTAL OF THE BALANCING PERCENTAGE4
AND THE CORRECTION PERCENTAGE FOR THE RELEVANT PROPERTY TAX5
YEAR OR THE TOTAL OF THE VALUATION FOR ASSESSMENT THAT APPLIES6
TO THAT RESIDENTIAL REAL PROPERTY FOR THE PURPOSE OF A LEVY7
IMPOSED BY A SCHOOL DISTRICT AND THE CORRECTION PERCENTAGE FOR8
THE RELEVANT PROPERTY TAX YEAR .9
SECTION 5. In Colorado Revised Statutes, amend as added by10
Senate Bill 24-233 29-1-1703 as follows:11
29-1-1703. Property tax limit calculation - definitions.12
(1) A local governmental entity's property tax limit for a property tax13
year is equal to the local governmental entity's base year qualified14
property tax revenue increased for each year since the base year,15
including the relevant property tax year, by five and one-half percent THE16
BASE AMOUNT OF THE LOCAL GOVERNMENTAL ENTITY 'S QUALIFIED17
PROPERTY TAX REVENUE INCREASED BY THE TOTAL OF THE GROWTH RATE18
PERCENTAGE AND THEN INCREASED BY THE CARRYOVER AMOUNT .19
(1.5) AS USED IN SUBSECTION (1) OF THIS SECTION, UNLESS THE20
CONTEXT OTHERWISE REQUIRES :21
(a) "BASE AMOUNT OF THE LOCAL GOVERNMENTAL ENTITY 'S22
QUALIFIED PROPERTY TAX REVENUE " MEANS THE AMOUNT OF QUALIFIED23
PROPERTY TAX REVENUE COLLECTED AND LAWFULLY RETAINED BY A24
LOCAL GOVERNMENTAL ENTITY FROM WHICHEVER PROPERTY TAX YEAR25
IN A PREVIOUS REASSESSMENT CYCLE WAS THE PROPERTY TAX YEAR FOR26
WHICH THE LOCAL GOVERNMENTAL ENTITY COLLECTED AND LAWFULLY27
1001
-15- RETAINED THE MOST PROPERTY TAX REVENUE .1
(b) (I) "CARRYOVER AMOUNT " MEANS, EXCEPT AS DESCRIBED IN2
SUBSECTION (1.5)(b)(II) OF THIS SECTION, AN AMOUNT EQUAL TO THE3
DIFFERENCE BETWEEN THE:4
(A) BASE AMOUNT OF THE LOCAL GOVERNMENTAL ENTITY 'S5
QUALIFIED PROPERTY TAX REVENUE THAT WAS APPLICABLE FOR THE MOST6
RECENT REASSESSMENT CYCLE INCREASED BY THE GROWTH RATE7
PERCENTAGE FOR THAT REASSESSMENT CYCLE ; AND8
(B) THE LOCAL GOVERNMENT'S QUALIFIED PROPERTY TAX9
REVENUE FROM THE YEAR WITH THE GREATEST QUALIFIED PROPERTY TAX10
REVENUE IN THE MOST RECENT REASSESSMENT CYCLE .11
(II) THERE IS NO CARRYOVER AMOUNT FOR A REASSESSMENT12
CYCLE FOR A LOCAL GOVERNMENTAL ENTITY OCCURRING AFTER A13
REASSESSMENT CYCLE WHEN THAT LOCAL GOVERNMENTAL ENTITY14
RETAINED AN AMOUNT OF QUALIFIED PROPERTY TAX REVENUE EQUAL OR15
GREATER THAN THE TOTAL OF THE BASE AMOUNT OF THE LOCAL16
GOVERNMENTAL ENTITY'S QUALIFIED PROPERTY TAX REVENUE FOR THAT17
REASSESSMENT CYCLE INCREASED BY THE GROWTH RATE PERCENTAGE18
FOR THAT REASSESSMENT CYCLE .19
(c) "GROWTH RATE PERCENTAGE " MEANS FIVE AND TWENTY-FIVE20
HUNDREDTHS PERCENT MULTIPLIED BY THE NUMBER OF PROPERTY TAX21
YEARS IN THE CURRENT REASSESSMENT CYCLE .22
(2) As used in this section, unless the context otherwise requires,23
"base year" means:24
(a) Except as otherwise provided in subsection (2)(b) of this25
section:26
(I) For a local governmental entity that had qualified property tax27
1001
-16- revenue for the property tax year commencing on January 1, 2023, the1
local governmental entity's qualified property tax revenue for the property2
tax year commencing on January 1, 2023, plus any money that the local3
governmental entity received pursuant to section 39-3-210; or4
(II) For a local governmental entity that did not have qualified5
property tax revenue for the property tax year commencing on January 1,6
2023, the local governmental entity's qualified property tax revenue for7
the first year that the local governmental entity had property tax revenue;8
or9
(b) For a local governmental entity that temporarily waives the10
property limit pursuant to section 29-1-1704, the local governmental11
entity's qualified property tax revenue for the most recent property tax12
year for which the local governmental entity temporarily waived the13
property limit pursuant to section 29-1-1704.14
(3) A SCHOOL DISTRICT'S PROPERTY TAX LIMIT FOR A PROPERTY15
TAX YEAR IS EQUAL TO THE AMOUNT OF TOTAL LOCAL SHARE PROPERTY16
TAX REVENUE INCREASED BY THE TOTAL OF THE GROWTH RATE17
PERCENTAGE AND THEN INCREASED BY THE CARRYOVER AMOUNT .18
(4) AS USED IN SUBSECTION (3) OF THIS SECTION, UNLESS THE19
CONTEXT OTHERWISE REQUIRES :20
(a) (I) "CARRYOVER AMOUNT" MEANS, EXCEPT AS DESCRIBED IN21
SUBSECTION (4)(a)(II) OF THIS SECTION, AN AMOUNT EQUAL TO THE22
DIFFERENCE BETWEEN THE:23
(A) TOTAL LOCAL SHARE PROPERTY TAX REVENUE THAT WAS24
APPLICABLE FOR THE MOST RECENT REASSESSMENT CYCLE INCREASED BY25
THE GROWTH RATE PERCENTAGE FOR THAT REASSESSMENT CYCLE ; AND26
(B) THE QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE FROM27
1001
-17- THE YEAR WITH THE GREATEST QUALIFIED LOCAL SHARE PROPERTY TAX1
REVENUE IN THE MOST RECENT REASSESSMENT CYCLE .2
(II) THERE IS NO CARRYOVER AMOUNT FOR A REASSESSMENT3
CYCLE OCCURRING AFTER A REASSESSMENT CYCLE WHEN SCHOOL4
DISTRICTS RETAINED AN AMOUNT OF QUALIFIED LOCAL SHARE PROPERTY5
TAX REVENUE EQUAL OR GREATER THAN THE TOTAL OF THE TOTAL LOCAL6
SHARE PROPERTY TAX REVENUE FOR THAT REASSESSMENT CYCLE7
INCREASED BY THE GROWTH RATE PERCENTAGE FOR THAT REASSESSMENT8
CYCLE.9
(b) "GROWTH RATE PERCENTAGE " MEANS THE GREATER OF:10
(I) SIX PERCENT MULTIPLIED BY THE NUMBER OF PROPERTY TAX11
YEARS IN THE CURRENT REASSESSMENT CYCLE ; OR12
(II) THE TOTAL OF THE ESTIMATED SCHOOL FACTOR FOR THE13
CURRENT PROPERTY TAX YEAR PLUS THE ESTIMATED SCHOOL FACTOR FOR14
ANY OTHER PROPERTY TAX YEAR IN THE SAME REASSESSMENT CYCLE .15
(c) "SCHOOL FACTOR" MEANS THE TOTAL PERCENTAGE OF THE16
RATE BY WHICH THE GENERAL ASSEMB LY INCREASES THE STATEWIDE BASE17
PER PUPIL FUNDING FOR PUBLIC EDUCATION FROM KINDERGARTEN18
THROUGH TWELFTH GRADE FOR THE RELEVANT SCHOOL YEAR , AS19
DETERMINED PURSUANT TO SECTION 22-55-106, FOR ALL SCHOOL20
DISTRICTS IN THE STATE PLUS THE PERCENTAGE INCREASE IN FUNDED21
PUPIL COUNT, AS DEFINED IN SECTION 22-54-103.5 (4), FOR THE RELEVANT22
SCHOOL YEAR FOR ALL SCHOOL DISTRICTS IN THE STATE . 23
(d) "TOTAL LOCAL SHARE PROPERTY TAX REVENUE " MEANS THE24
TOTAL AMOUNT OF PROPERTY TAX REVENUE COLLECTED AND LAWFULLY25
RETAINED BY ALL SCHOOL DISTRICTS IN THE STATE IN CONNECTION WITH26
DISTRICT TOTAL PROGRAM FUNDING FROM WHICHEVER PREVIOUS27
1001
-18- PROPERTY TAX YEAR IN A PREVIOUS REASSESSMENT CYCLE WAS THE1
PROPERTY TAX YEAR FOR WHICH THE TOTAL AMOUNT OF PROPERTY TAX2
REVENUE COLLECTED AND LAWFULLY RETAINED BY ALL SCHOOL3
DISTRICTS IN THE STATE IN CONNECTION WITH DISTRICT TOTAL PROGRAM4
FUNDING WAS GREATEST.5
SECTION 6. In Colorado Revised Statutes, amend as added by6
Senate Bill 24-233 29-1-1704 as follows:7
29-1-1704. Voter approval of property limit waiver. (1) (a) A8
local governmental entity's governing body may submit to the local9
governmental entity's electors the question of whether the local10
governmental entity may waive the
LOCAL GOVERNMENTAL ENTITY11
property tax limit established in section 29-1-1702 in connection with a12
single property tax year, a specified number of property tax years, or all13
future property tax years. If the majority of the local governmental entity's14
voters voting thereon approve such a request, the local governmental15
entity is not subject to the
LOCAL GOVERNMENTAL ENTITY property tax16
limit established in section 29-1-1702 for the period of property tax years17
for which voters approved waiving the property tax limit.18
(b) F
OR A MEASURE THAT IS PLACED ON THE BALLOT AFTER19
N
OVEMBER 5, 2024, THAT WOULD ALLOW A LOCAL GOVERNMENTAL20
ENTITY TO WAIVE THE PROPERTY TAX LIMIT ESTABLISHED IN SECTION21
29-1-1702
IN CONNECTION WITH A SINGLE PROPERTY TAX YEAR , A22
SPECIFIED NUMBER OF PROPERTY TAX YEARS , OR ALL FUTURE PROPERTY23
TAX YEARS, THE BALLOT TITLE MUST BEGIN "SHALL THE (NAME OF THE24
LOCAL GOVERNMENT ) WAIVE THE 5.25% PROPERTY TAX LIMIT FOR" AND25
THEN MUST SPECIFY WHETHER THE LOCAL GOVERNMENTAL ENTITY IS26
SEEKING TO WAIVE THE PROPERTY TAX LIMIT FOR A SINGLE PROPERTY TAX27
1001
-19- YEAR, A SPECIFIED NUMBER OF PROPERTY TAX YEARS , OR ALL FUTURE1
PROPERTY TAX YEARS.2
(2) (a) T
HE VOTERS OF THE STATE, RATHER THAN THE VOTERS OF3
ANY INDIVIDUAL SCHOOL DISTRICT , MAY WAIVE THE SCHOOL DISTRICT4
PROPERTY TAX REVENUE LIMIT ESTABLISHED IN SECTION 29-1-1702.5 IN5
CONNECTION WITH A SINGLE PROPERTY TAX YEAR , A SPECIFIED NUMBER6
OF PROPERTY TAX YEARS, OR ALL FUTURE PROPERTY TAX YEARS . IF THE7
MAJORITY OF THE VOTERS OF THE STATE VOTING THEREON APPROVE SUCH8
A REQUEST, ALL SCHOOL DISTRICTS ARE NOT SUBJECT TO THE SCHOOL9
DISTRICT PROPERTY TAX REVENUE LIMIT ESTABLISHED IN SECTION10
29-1-1702.5
FOR THE PERIOD OF PROPERTY TAX YEARS FOR WHICH VOTERS11
APPROVED WAIVING THE PROPERTY TAX REVENUE LIMIT . THE VOTERS OF12
AN INDIVIDUAL SCHOOL DISTRICT MAY NOT ELECT TO WAIVE THE SCHOOL13
DISTRICT PROPERTY TAX REVENUE LIMIT ESTABLISHED IN SECTION14
29-1-1702.5
FOR THAT INDIVIDUAL SCHOOL DISTRICT.15
(b) F
OR A MEASURE THAT IS PLACED ON THE BALLOT AFTER16
N
OVEMBER 5, 2024, THAT WOULD ALLOW ALL SCHOOL DISTRICTS TO17
WAIVE THE SCHOOL DISTRICT PROPERTY TAX REVENUE LIMIT ESTABLISHED18
IN SECTION 29-1-1702.5 IN CONNECTION WITH A SINGLE PROPERTY TAX19
YEAR, A SPECIFIED NUMBER OF PROPERTY TAX YEARS , OR ALL FUTURE20
PROPERTY TAX YEARS, THE BALLOT TITLE MUST BEGIN "SHALL ALL OF THE21
SCHOOL DISTRICTS IN THE STATE WAIVE THE 6% PROPERTY TAX LIMIT FOR"22
AND THEN MUST SPECIFY WHETHER THE PROPERTY TAX LIMIT WOULD BE23
WAIVED FOR ALL SCHOOL DISTRICTS FOR A SINGLE PROPERTY TAX YEAR ,24
A SPECIFIED NUMBER OF PROPERTY TAX YEARS , OR ALL FUTURE PROPERTY25
TAX YEARS.26
SECTION
7. In Colorado Revised Statutes, amend as added by27
1001
-20- Senate Bill 24-233 29-1-1705 as follows:1
29-1-1705. Prior obligations not impaired - voter-approval of2
mill increases - disaster emergency spending - definitions. (1) Nothing3
in this part 17 impairs:4
(a) The obligations of any bonds or other forms of indebtedness5
that are outstanding as of the effective date of this part 17 NOVEMBER 5,6
2024, or the refunding thereof, issued by a local governmental entity7
GOVERNMENT or otherwise invalidates any such bond or the obligations8
or refunding thereof; or9
(b) The existing voted authorization of a local governmental entity10
GOVERNMENT approved by a majority of the local governmental entity's11
GOVERNMENT'S voters voting thereon in accordance with section 20 of12
article X of the state constitution as of the effective date of this part 1713
N
OVEMBER 5, 2024. As established in section 29-1-1701 (3)(h), the14
imposition of a levy to provide for the payment of the following is not15
included in the calculation of the property tax limit:16
(I) Bonds that are outstanding as of the effective date of this part
17
17 NOVEMBER 5, 2024, and the interest thereon, or for the payment of any18
other contractual obligation outstanding as of the effective date of this19
part 17 NOVEMBER 5, 2024, that has been approved by a majority of the20
local governmental entity's GOVERNMENT'S voters voting thereon; and21
(II) Bonds or other contractual obligations issued in accordance22
with the existing voted authorization of a local governmental entity23
GOVERNMENT approved by a majority of the local governmental entity's24
GOVERNMENT'S voters voting thereon in accordance with section 20 of25
article X of the state constitution as of the effective date of this part 1726
are not included in the calculation of the property tax limit NOVEMBER 5,27
1001
-21- 2024.1
(2) (a) Nothing in this part 17 prevents a local governmental entity2
from submitting to the local governmental entity's electors the question3
of whether to increase the total number of mills levied by the local4
governmental entity and, upon RECEIVING THE APPROVAL OF a majority5
of the local governmental entity's voters voting to approve THEREON FOR6
such a request, increasing the total number of mills levied by the local7
governmental entity accordingly. As established in section 29-1-17018
(3)(i), property tax revenue attributable to a local governmental entity9
increasing the total number of mills it levies upon receiving the approval10
of the majority of the local governmental entity's voters VOTING THEREON11
for such an increase in an election occurring on or after the effective date12
of this part 17 NOVEMBER 5, 2024, is not included in the calculation of the13
LOCAL GOVERNMENTAL ENTITY'S property tax limit. A local governmental14
entity may also submit to the local government entity's electors the15
question of whether to increase the total number of mills levied by the16
local governmental entity in such a way that the mills increase to match17
the local governmental entity's property tax limit established pursuant to18
section 29-1-1702 and, upon RECEIVING THE APPROVAL OF a majority of19
the local governmental entity's voters voting to approve THEREON FOR20
such a request, increasing the total number of mills levied by the local21
governmental entity accordingly.22
(b) NOTHING IN THIS PART 17 PREVENTS A SCHOOL DISTRICT FROM23
SUBMITTING TO THE SCHOOL DISTRICT'S ELECTORS THE QUESTION OF24
WHETHER TO INCREASE THE TOTAL NUMBER OF MILLS LEVIED BY THE25
SCHOOL DISTRICT AND, UPON RECEIVING THE APPROVAL OF A MAJORITY OF26
THE SCHOOL DISTRICT'S VOTERS VOTING THEREON FOR SUCH A REQUEST,27
1001
-22- INCREASING THE TOTAL NUMBER OF MILLS LEVIED BY THE SCHOOL1
DISTRICT ACCORDINGLY. AS ESTABLISHED IN SECTION 29-1-17012
(2.5)(a)(VIII), PROPERTY TAX REVENUE ATTRIBUTABLE TO A SCHOOL3
DISTRICT INCREASING THE TOTAL NUMBER OF TOTAL PROGRAM FUNDING4
MILLS IT LEVIES UPON RECEIVING THE APPROVAL OF THE MAJORITY OF THE5
SCHOOL DISTRICT'S VOTERS VOTING THEREON FOR SUCH AN INCREASE IN6
AN ELECTION OCCURRING ON OR AFTER NOVEMBER 5, 2024, IS NOT7
INCLUDED IN THE CALCULATION OF THE SCHOOL DISTRICT'S PROPERTY TAX8
LIMIT. AS ESTABLISHED IN SECTION 29-1-1701 (2.5)(a)(IX), PROPERTY9
TAX REVENUE ATTRIBUTABLE TO MILLS THAT THE SCHOOL DISTRICT10
LEVIES THAT IT DOES NOT LEVY IN CONNECTION WITH TOTAL PROGRAM11
FUNDING IS NOT INCLUDED IN THE CALCULATION OF THE SCHOOL12
DISTRICT'S PROPERTY TAX LIMIT. A SCHOOL DISTRICT MAY ALSO SUBMIT13
TO THE SCHOOL DISTRICT'S ELECTORS THE QUESTION OF WHETHER TO14
INCREASE THE TOTAL NUMBER OF MILLS LEVIED BY THE SCHOOL DISTRICT15
IN CONNECTION WITH TOTAL PROGRAM FUNDING IN SUCH A WAY THAT THE16
MILLS INCREASE TO MATCH THE SCHOOL DISTRICT'S PROPERTY TAX LIMIT17
ESTABLISHED PURSUANT TO SECTION 29-1-1702.5 AND, UPON RECEIVING18
THE APPROVAL OF A MAJORITY OF THE SCHOOL DISTRICT'S VOTERS VOTING19
THEREON FOR SUCH A REQUEST, TO INCREASE THE TOTAL NUMBER OF20
MILLS LEVIED BY THE SCHOOL DISTRICT ACCORDINGLY . 21
(3) (a) N
OTWITHSTANDING THIS PART 17, AN AMOUNT OF22
QUALIFIED PROPERTY TAX REVENUE OR QUALIFIED LOCAL SHARE23
PROPERTY TAX REVENUE , AS APPLICABLE, EQUAL TO ANY AMOUNT OF24
DISASTER EMERGENCY SPENDING BY A LOCAL GOVERNMENT IN A25
PROPERTY TAX YEAR IS EXEMPT FROM THE CALCULATION OF THE26
PROPERTY TAX LIMIT THAT APPLIES TO THAT LOCAL GOVERNMENT FOR THE27
1001
-23- SAME PROPERTY TAX YEAR.1
(b) A
S USED IN THIS SUBSECTION (3), UNLESS THE CONTEXT2
OTHERWISE REQUIRES:3
(I) "D
ECLARED DISASTER" HAS THE SAME MEANING AS SECTION4
24-32-134 (1)(b).5
(II) "D
ISASTER EMERGENCY SPENDING " MEANS THE AMOUNT OF6
ACTUAL EXPENDITURES BY A LOCAL GOVERNMENT IN A PROPERTY TAX7
YEAR AS THE DIRECT RESULT OF A DECLARED DISASTER .8
SECTION
8. In Colorado Revised Statutes, 39-1-104, amend9
(1)(a), (1)(b), and (1.8)(a); and add (1.9) as follows:10
39-1-104. Valuation for assessment - definitions. (1) (a) F
OR11
PROPERTY TAX YEARS COMMENCING BEFORE JANUARY 1, 2025, the12
valuation for assessment of all taxable property in the state shall be
IS13
twenty-nine percent of the actual value thereof as determined by the14
assessor and the administrator in the manner prescribed by law, and that15
percentage shall be uniformly applied, without exception, to the actual16
value, so determined, of the real and personal property located within the17
territorial limits of the authority levying a property tax, and all property18
taxes shall be levied against the aggregate valuation for assessment19
resulting from the application of that percentage.20
(b) Notwithstanding subsection (1)(a) of this section, for the21
property tax year YEARS commencing on January 1, 2023, AND JANUARY22
1, 2024, the valuation for assessment of nonresidential property that is23
classified as lodging property is temporarily reduced to twenty-seven and24
nine-tenths percent of an amount equal to the actual value minus the25
lesser of thirty thousand dollars or the amount that reduces the valuation26
for assessment to one thousand dollars.27
1001
-24- (1.8) (a) FOR PROPERTY TAX YEARS COMMENCING BEFORE1
J
ANUARY 1, 2025, the valuation for assessment of real and personal2
property that is classified as agricultural property or renewable energy3
production property is twenty-nine percent of the actual value thereof;4
except that, for property tax years commencing on January 1, 2022,5
January 1, 2023, and January 1, 2024, the valuation for assessment of this6
property is temporarily reduced to twenty-six and four-tenths percent of7
the actual value thereof.8
(1.9) (a) F
OR THE PROPERTY TAX YEAR COMMENCING ON JANUARY9
1,
2025, THE VALUATION FOR ASSESSMENT FOR PERSONAL PROPERTY AND10
NONRESIDENTIAL REAL PROPERTY IS TWENTY -SEVEN PERCENT OF THE11
ACTUAL VALUE
THEREOF. 12
(b) F
OR THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1,13
2026,
THE VALUATION FOR ASSESSMENT FOR PERSONAL PROPERTY AND14
NONRESIDENTIAL REAL PROPERTY IS TWENTY -SIX PERCENT OF THE ACTUAL15
VALUE THEREOF; EXCEPT THAT, FOR ALL PROPERTY LISTED BY THE16
ASSESSOR UNDER ANY IMPROVED COMMERCIAL SUBCLASS CODES AND ALL17
REAL OR PERSONAL PROPERTY THAT IS CLASSIFIED AS AGRICULTURAL18
PROPERTY, THE VALUATION FOR ASSESSMENT IS TWENTY-FIVE PERCENT OF19
THE ACTUAL VALUE THEREOF .20
(c) F
OR PROPERTY TAX YEARS COMMENCING ON OR AFTER21
J
ANUARY 1, 2027, THE VALUATION FOR ASSESSMENT FOR PERSONAL22
PROPERTY AND NONRESIDENTIAL REAL PROPERTY IS TWENTY -FIVE23
PERCENT OF THE ACTUAL VALUE
THEREOF. 24
(d) T
HE ACTUAL VALUE OF REAL AND PERSONAL PROPERTY25
SPECIFIED IN THIS SUBSECTION (1.9) IS DETERMINED BY THE ASSESSOR AND26
THE ADMINISTRATOR IN THE MANNER PRESCRIBED BY LAW , AND A27
1001
-25- VALUATION FOR ASSESSMENT PERCENTAGE IS UNIFORMLY APPLIED ,1
WITHOUT EXCEPTION, TO THE ACTUAL VALUE, SO DETERMINED, OF THE2
VARIOUS CLASSES AND SUBCLASSES OF REAL AND PERSONAL PROPERTY3
LOCATED WITHIN THE TERRITORIAL LIMITS OF THE AUTHORITY LEVYING A4
PROPERTY TAX, AND ALL PROPERTY TAXES ARE LEVIED AGAINST THE5
AGGREGATE VALUATION FOR ASSESSMENT RESULTING FROM THE6
APPLICATION OF THE PERCENTAGE .7
SECTION 9. In Colorado Revised Statutes, 39-1-104, amend as8
amended by Senate Bill 24-233 (1.8)(b) introductory portion and9
(1.8)(c); and repeal as added by Senate Bill 24-233 (1.8)(b.5) as10
follows:11
39-1-104. Valuation for assessment - definitions. (1.8) (b) F
OR12
PROPERTY TAX YEARS COMMENCING BEFORE JANUARY 1, 2025, the13
valuation for assessment of all nonresidential property that is not14
specified in subsection (1)
OR (1.8)(a) or (1.8)(b.5)
of this section is15
twenty-nine percent of the actual value thereof; except that, for the16
property tax years commencing on January 1, 2023, and January 1, 2024,17
the valuation for assessment of this property is temporarily reduced to:18
(b.5) The valuation for assessment for all property listed by the19
assessor under any improved commercial subclass codes and all real or20
personal property that is classified as agricultural property is:21
(I) For the property tax year commencing on January 1, 2025,22
temporarily reduced to twenty-seven percent of the actual value of the23
property; and24
(II) For property tax years commencing on or after January 1,25
2026, reduced to twenty-five percent of the actual value of the property. 26
(c) The actual value of real and personal property specified in27
1001
-26- subsection (1.8)(a) OR (1.8)(b) or (1.8)(b.5) of this section is determined1
by the assessor and the administrator in the manner prescribed by law,2
and a valuation for assessment percentage is uniformly applied, without3
exception, to the actual value, so determined, of the various classes and4
subclasses of real and personal property located within the territorial5
limits of the authority levying a property tax, and all property taxes are6
levied against the aggregate valuation for assessment resulting from the7
application of the percentage. 8
SECTION 10. In Colorado Revised Statutes, 39-1-104.2, add9
(1)(e), (3)(t.5), (3)(u.5), and (8) as follows:10
39-1-104.2. Residential real property - valuation for11
assessment - legislative declaration - definitions. (1) As used in this12
section, unless the context otherwise requires:13
(e) "S
TATEWIDE ACTUAL VALUE GROWTH " MEANS, AS DETERMINED14
PURSUANT TO SUBSECTION (8) OF THIS SECTION,
AN ESTIMATE BY THE15
ADMINISTRATOR BASED UPON THE INFORMATION REPORTED BY COUNTY16
ASSESSORS PURSUANT TO SECTION 39-2-115 ON AUGUST 25, 2025, OF THE17
DIFFERENCE IN THE TOTAL STATEWIDE ACTUAL VALUE FROM THE18
PROPERTY TAX YEAR COMMENCING ON JANUARY 1, 2024, AND THE TOTAL19
STATEWIDE ACTUAL VALUE FROM THE PROPERTY TAX YEAR COMMENCING20
ON JANUARY 1, 2025.21
(3) (t.5) (I) F
OR THE PROPERTY TAX YEAR COMMENCING ON22
J
ANUARY 1, 2025, IF THE STATE BOARD OF EQUALIZATION DETERMINES23
THAT THE STATEWIDE ACTUAL VALUE GROWTH IS GREATER THAN FIVE24
PERCENT, THE VALUATION FOR ASSESSMENT FOR ALL RESIDENTIAL REAL25
PROPERTY OTHER THAN QUALIFIED -SENIOR PRIMARY RESIDENCE REAL26
PROPERTY IS:27
1001
-27- (A) FOR THE PURPOSE OF A LEVY IMPOSED BY A LOCAL1
GOVERNMENTAL ENTITY , 6.15 PERCENT OF THE ACTUAL VALUE OF THE2
PROPERTY; AND3
(B) F
OR THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT ,4
6.95
PERCENT OF THE ACTUAL VALUE OF THE PROPERTY ; EXCEPT THAT THE5
VALUATION FOR ASSESSMENT FOR THE PURPOSE OF A LEVY IMPOSED BY A6
SCHOOL DISTRICT MAY BE TEMPORARILY REDUCED FOR A PROPERTY TAX7
YEAR AS SET FORTH IN SECTION 29-1-1702.5.8
(II) I
F IT IS ADMINISTRATIVELY INFEASIBLE TO CALCULATE TWO9
DIFFERENT VALUATIONS FOR ASSESSMENT FOR THE SAME PROPERTY BASED10
ON THE SAME ACTUAL VALUE, BUT WITH TWO DIFFERENT PERCENTAGES OF11
THAT ACTUAL VALUE, AN ASSESSOR MAY DETERMINE THE VALUE OF A12
PROPERTY UNDER SUBSECTION (3)(t.5)(I)(B) OF THIS SECTION BY13
CALCULATING 113.00813 PERCENT OF AN AMOUNT EQUAL TO 6.1514
PERCENT OF THE ACTUAL VALUE OF THE PROPERTY .15
(u.5) (I) F
OR PROPERTY TAX YEARS COMMENCING ON OR AFTER16
J
ANUARY 1, 2026, IF THE STATE BOARD OF EQUALIZATION DETERMINES17
THAT THE STATEWIDE ACTUAL VALUE GROWTH IS GREATER THAN FIVE18
PERCENT, THE VALUATION FOR ASSESSMENT FOR ALL RESIDENTIAL REAL19
PROPERTY OTHER THAN QUALIFIED -SENIOR PRIMARY RESIDENCE REAL20
PROPERTY IS:21
(A) F
OR THE PURPOSE OF A LEVY IMPOSED BY A LOCAL22
GOVERNMENTAL ENTITY , 6.7 PERCENT OF THE AMOUNT E QUAL TO THE23
ACTUAL VALUE OF THE PROPERTY MINUS THE LESSER OF TEN PERCENT OF24
THE ACTUAL VALUE OF THE
PROPERTY, SEVENTY THOUSAND DOLLARS AS25
INCREASED FOR INFLATION IN THE FIRST YEAR OF EACH SUBSEQUENT26
REASSESSMENT CYCLE, OR THE AMOUNT THAT CAUSES THE VALUATION27
1001
-28- FOR ASSESSMENT OF THE PROPERTY TO BE ONE THOUSAND DOLLARS; AND1
(B) F
OR THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT ,2
6.95
PERCENT OF THE AMOUNT EQUAL TO THE ACTUAL VALUE OF THE3
PROPERTY; EXCEPT THAT THE VALUATION FOR ASSESSMENT FOR THE4
PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT MAY BE5
TEMPORARILY REDUCED FOR A PROPERTY TAX YEAR AS SET FORTH IN6
SECTION 29-1-1702.5.7
(II) F
OR REASSESSMENT CYCLES COMMENCING ON OR AFTER8
J
ANUARY 1, 2027, THE ADMINISTRATOR SHALL PUBLISH THE9
INFLATION-INCREASED VALUE USED TO CALCULATE THE VALUATION FOR10
ASSESSMENT PURSUANT TO SUBSECTION (3)(u.5)(I)(A) OF THIS SECTION. 11
(III) T
HE GENERAL ASSEMBLY FINDS AND DECLARES THAT ANY12
MODIFICATION TO THE VALUATION FOR ASSESSMENT ESTABLISHED IN THIS13
SUBSECTION (3)(u.5), EXCLUSIVE OF THE TERMINATION OF ANY14
TEMPORARY REDUCTION PURSUANT TO SECTION 29-1-1702.5, THAT15
WOULD RESULT IN A PROPERTY TAX INCREASE WOULD REQUIRE PRIOR16
VOTER APPROVAL UNDER SECTION 20 (4)(a) OF ARTICLE X OF THE STATE17
CONSTITUTION.18
(8) (a) A
S SOON AS PRACTICABLE UPON RECEIVING THE
19
INFORMATION DESCRIBED IN SECTION 39-2-115 (1)(a.5), THE20
ADMINISTRATOR SHALL DETERMINE THE STATEWIDE ACTUAL VALUE21
GROWTH AND REPORT THAT DETERMINATION TO THE STATE BOARD OF22
EQUALIZATION, AND THE STATE BOARD OF EQUALIZATION SHALL CERTIFY23
THE STATEWIDE ACTUAL VALUE GROWTH , WHETHER THAT GROWTH IS LESS24
THAN OR EQUAL TO FIVE PERCENT , AND DETERMINE WHICH OF THE25
VALUATIONS FOR ASSESSMENT DESCRIBED IN SUBSECTION (3) OF THIS26
SECTION APPLY IN PROPERTY TAX YEARS COMMENCING ON OR AFTER27
1001
-29- JANUARY 1, 2025.1
(b) U
PON THE STATE BOARD OF EQUALIZATION DETERMINING2
WHICH OF THE VALUATIONS FOR ASSESSMENT DETERMINED PURSUANT TO3
THIS SECTION APPLY IN PROPERTY TAX YEARS COMMENCING ON OR AFTER4
J
ANUARY 1, 2025, THE STATE BOARD OF EQUALIZATION SHALL NOTIFY THE5
ADMINISTRATOR, AND THE ADMINISTRATOR SHALL PUBLISH THOSE6
VALUATIONS FOR ASSESSMENT ON THE WEBSITE MAINTAINED BY THE7
DIVISION OF PROPERTY TAXATION IN THE DEPARTMENT OF LOCAL AFFAIRS .8
(c) T
HE GENERAL ASSEMBLY FINDS AND DECLARES THAT ANY9
MODIFICATION TO THE VALUATIONS FOR ASSESSMENT THAT THE STATE10
BOARD OF EQUALIZATION DETERMINES ARE APPLICABLE IN PROPERTY TAX11
YEARS COMMENCING ON OR AFTER JANUARY 1, 2025, PURSUANT TO THIS12
SUBSECTION (8) THAT WOULD RESULT IN A PROPERTY TAX INCREASE13
WOULD REQUIRE PRIOR VOTER APPROVAL UNDER SECTION 20 (4)(a) OF14
ARTICLE X OF THE STATE CONSTITUTION.15
SECTION
11. In Colorado Revised Statutes, 39-1-104.2, amend16
as amended by Senate Bill 24-233 (3)(s); and amend as added by17
Senate Bill 24-233 (3)(t), (3)(u)(I), and (3)(u)(III) as follows: 18
39-1-104.2. Residential real property - valuation for19
assessment - legislative declaration - definitions. (3) (s) (I) For20
property tax years commencing on or after January 1, 2025, but before21
January 1, 2027, if there are sufficient excess state revenues, the valuation22
for assessment for qualified-senior primary residence real property,23
including multi-family qualified-senior primary residence real property,24
is:25
(A) For the property tax year commencing on January 1, 2025,
IF26
THE STATE BOARD OF EQUALIZATION DETERMINES THAT THE STATEWIDE27
1001
-30- ACTUAL VALUE GROWTH IS LESS THAN OR EQUAL TO FIVE PERCENT , for the1
purpose of a levy imposed by a local governmental entity, 6.4 6.252
percent of the amount equal to the actual value of the property minus3
either THE LESSER OF fifty percent of the first two hundred thousand4
dollars of that actual value plus the lesser of ten percent of the actual5
value of the property or seventy thousand dollars as increased for inflation6
in the first year of each subsequent reassessment cycle or the amount that7
causes the valuation for assessment of the property to be one thousand8
dollars;9
(A.5) F
OR THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1,10
2025,
IF THE STATE BOARD OF EQUAL IZATION DETERMINES THAT THE11
STATEWIDE ACTUAL VALUE GROWTH IS GREATER THAN FIVE PERCENT , FOR12
THE PURPOSE OF A LEVY IMPOSED BY A LOCAL GOVERNMENTAL ENTITY ,13
6.15
PERCENT OF THE AMOUNT EQUAL TO THE ACTUAL VALUE OF THE14
PROPERTY MINUS
THE LESSER OF FIFTY PERCENT OF THE FIRST TWO15
HUNDRED THOUSAND DOLLARS OF THAT ACTUAL VALUE OR THE AMOUNT16
THAT CAUSES THE VALUATION FOR ASSESSMENT OF THE PROPERTY TO BE17
ONE THOUSAND DOLLARS ;18
(B) For the property tax year commencing on January 1, 2026,
IF19
THE STATE BOARD OF EQUALIZATION DETERMINES THAT THE STATEWIDE20
ACTUAL VALUE GROWTH IS LESS THAN OR EQUAL TO FIVE PERCENT , for the21
purpose of a levy imposed by a local governmental entity, 6.95
6.822
percent of the amount equal to the actual value of the property minus23
either fifty percent of the first two hundred thousand dollars of that actual24
value plus the lesser of ten percent of the actual value of the property or25
seventy thousand dollars as increased for inflation in the first year of each26
subsequent reassessment cycle or the amount that causes the valuation for27
1001
-31- assessment of the property to be one thousand dollars; and1
(B.5) F
OR THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1,2
2026,
IF THE STATE BOARD OF EQUALIZATION DETERMINES THAT THE3
STATEWIDE ACTUAL VALUE GROWTH IS GREATER THAN FIVE PERCENT , FOR4
THE PURPOSE OF A LEVY IMPOSED BY A LOCAL GOVERNMENTAL ENTITY ,5
6.7
PERCENT OF THE AMOUNT EQUAL TO THE ACTUAL VALUE OF THE6
PROPERTY MINUS
EITHER FIFTY PERCENT OF THE FIRST TWO HUNDRED7
THOUSAND DOLLARS OF THAT ACTUAL VALUE PLUS THE LESSER OF TEN8
PERCENT OF THE ACTUAL VALUE OF THE PROPERTY OR SEVENTY9
THOUSAND DOLLARS AS INCREASED FOR INFLATION IN THE FIRST YEAR OF10
EACH SUBSEQUENT REASSESSMENT CYCLE OR THE AMOUNT THAT CAUSES11
THE VALUATION FOR ASSESSMENT FOR THE PROPERTY TO BE ONE12
THOUSAND DOLLARS;13
(C) For the property tax years commencing on January 1, 2025,14
and January 1, 2026,
IF THE STATE BOARD OF EQUALIZATION DETERMINES15
THAT THE STATEWIDE ACTUAL VALUE GROWTH IS LESS THAN OR EQUAL TO16
FIVE PERCENT, for the purpose of a levy imposed by a school district, 7.15
17
7.05 percent of the amount equal to the actual value of the property minus18
the lesser of fifty percent of the first two hundred thousand dollars of that19
actual value or the amount that causes the valuation for assessment of the20
property to be one thousand dollars; EXCEPT THAT THE VALUATION FOR21
ASSESSMENT FOR THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT22
MAY BE TEMPORARILY REDUCED FOR A PROPERTY TAX YEAR AS SET FORTH23
IN SECTION 29-1-1702.5; AND24
(D) F
OR THE PROPERTY TAX YEARS COMMENCING ON JANUARY 1,25
2025,
AND JANUARY 1, 2026, IF THE STATE BOARD OF EQUALIZATION26
DETERMINES THAT THE STATEWIDE ACTUAL VALUE GROWTH IS GREATER27
1001
-32- THAN FIVE PERCENT, FOR THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL1
DISTRICT, 6.95 PERCENT OF THE AMOUNT EQUAL TO THE ACTUAL VALUE2
OF THE PROPERTY MINUS THE LESSER OF FIFTY PERCENT OF THE FIRST TWO3
HUNDRED THOUSAND DOLLARS OF THAT ACTUAL VALUE OR THE AMOUNT4
THAT CAUSES THE VALUATION FOR ASSESSMENT OF THE PROPERTY TO BE5
ONE THOUSAND DOLLARS; EXCEPT THAT THE VALUATION FOR ASSESSMENT6
FOR THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT MAY BE7
TEMPORARILY REDUCED FOR A PROPERTY TAX YEAR AS SET FORTH IN8
SECTION 29-1-1702.5.9
(II) (A) 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 AND if12
it is administratively infeasible to calculate two different valuations for13
assessment for the same property based on two different percentages of14
actual value, an assessor may determine the value of a property under15
subsection (3)(s)(I)(A)
SUBSECTION (3)(s)(I)(C) of this section by16
calculating 111.71875 112.8 percent of an amount equal to 6.4 6.2517
percent of the amount equal to the actual value of the property minus18
either THE LESSER OF fifty percent of the first two hundred thousand19
dollars of that actual value plus the lesser of ten percent of the actual20
value of the property or seventy thousand dollars or the amount that21
causes the valuation for assessment of the property to be one thousand22
dollars.23
(B) F
OR THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1,24
2025,
IF THE STATE BOARD OF EQUAL IZATION DETERMINES THAT THE25
STATEWIDE ACTUAL VALUE GROWTH IS GREATER THAN FIVE PERCENT AND26
IF IT IS ADMINISTRATIVELY INFEASIBLE TO CALCULATE TWO DIFFERENT27
1001
-33- VALUATIONS FOR ASSESSMENT FOR THE SAME PROPERTY BASED ON TWO1
DIFFERENT PERCENTAGES OF ACTUAL VALUE , AN ASSESSOR MAY2
DETERMINE THE VALUE OF A PROPERTY UNDER SUBSECTION (3)(s)(I)(D)3
OF THIS SECTION BY CALCULATING 113.00813 PERCENT OF AN AMOUNT4
EQUAL TO 6.15 PERCENT OF THE AMOUNT EQUAL TO THE ACTUAL VALUE5
OF THE PROPERTY MINUS THE LESSER OF FIFTY PERCENT OF THE FIRST TWO6
HUNDRED THOUSAND DOLLARS OF THAT ACTUAL VALUE OR THE AMOUNT7
THAT CAUSE THE VALUATION FOR ASSESSMENT OF THE PROPERTY TO BE8
ONE THOUSAND DOLLARS .9
(III) The general assembly finds and declares that any10
modification to the valuation for assessment established in this subsection11
(3)(s),
EXCLUSIVE OF THE TERMINATION OF ANY TEMPORARY REDUCTION12
PURSUANT TO SECTION 29-1-1702.5, that would result in a property tax13
increase would require prior voter approval under section 20 (4)(a) of14
article X of the state constitution.15
(t) (I) For the property tax year commencing on January 1, 2025,16
IF THE STATE BOARD OF EQUALIZATION DETERMINES THAT THE STATEWIDE17
ACTUAL VALUE GROWTH IS LESS THAN OR EQUAL TO FIVE PERCENT , the18
valuation for assessment for all residential real property other than19
qualified-senior primary residence real property is:20
(A) For the purpose of a levy imposed by a local governmental21
entity, 6.4
6.25 percent of the actual value of the property; and22
(B) For the purpose of a levy imposed by a school district, 7.1523
7.05 percent of the actual value of the property;
EXCEPT THAT THE24
VALUATION FOR ASSESSMENT FOR THE PURPOSE OF A LEVY IMPOSED BY A25
SCHOOL DISTRICT MAY BE TEMPORARILY REDUCED FOR A PROPERTY TAX26
YEAR AS SET FORTH IN SECTION 29-1-1702.5.27
1001
-34- (II) If it is administratively infeasible to calculate two different1
valuations for assessment for the same property based on the same actual2
value, but with two different percentages of that actual value, an assessor3
may determine the value of a property under subsection (3)(t)(I)(B) of this4
section by calculating 111.71875 112.8 percent of an amount equal to 6.45
6.25 percent of the actual value of the property.6
(III) T
HE GENERAL ASSEMBLY FINDS AND DECLARES THAT ANY7
MODIFICATION TO THE VALUATION FOR ASSESSMENT ESTABLISHED IN THIS8
SUBSECTION (3)(t), EXCLUSIVE OF THE TERMINATION OF ANY TEMPORARY9
REDUCTION PURSUANT TO SECTION 29-1-1702.5, THAT WOULD RESULT IN10
A PROPERTY TAX INCREASE WOULD REQUIRE PRIOR VOTER APPROVAL11
UNDER SECTION 20 (4)(a) OF ARTICLE X OF THE STATE CONSTITUTION.12
(u) (I) For property tax years commencing on or after January 1,13
2026,
IF THE STATE BOARD OF EQUAL IZATION DETERMINES THAT THE14
STATEWIDE ACTUAL VALUE GROWTH IS LESS THAN OR EQUAL TO FIVE15
PERCENT, the valuation for assessment for all residential real property16
other than qualified-senior primary residence real property is:17
(A) For the purpose of a levy imposed by a local governmental18
entity, 6.95
6.8 percent of the amount equal to the actual value of the19
property minus the lesser of ten percent of the actual value of the20
property, or seventy thousand dollars as increased for inflation in the first21
year of each subsequent reassessment cycle, OR THE AMOUNT THAT CAUSE22
THE VALUATION FOR ASSESSMENT FOR THE PROPERTY TO BE ONE23
THOUSAND DOLLARS; and24
(B) For the purpose of a levy imposed by a school district, 7.1525
7.05 percent of the amount equal to the actual value of the property;26
except that the valuation for assessment for the purpose of a levy imposed27
1001
-35- by a school district may be temporarily reduced for a property tax year as1
set forth in section 39-1-104.7 29-1-1702.5.2
(III) The general assembly finds and declares that any3
modification to the valuation for assessment established in this subsection4
(3)(u),
EXCLUSIVE OF THE TERMINATION OF ANY TEMPORARY REDUCTION5
PURSUANT TO SECTION 29-1-1702.5, that would result in a property tax6
increase would require prior voter approval under section 20 (4)(a) of7
article X of the state constitution.8
SECTION
12. In Colorado Revised Statutes, 39-1-104.6, amend9
as added by Senate Bill 24-233 (10)(c) as follows:10
39-1-104.6. Qualified-senior primary residence real property11
- valuation for assessment - reimbursement to local governments for12
reduced valuation - temporary mechanism for refunding excess state13
revenues - legislative declaration - definitions. (10) Reimbursement14
as refund of excess state revenues. (c) As used in this subsection (10),15
unless the context otherwise requires, "revenue lost as a result of the16
classification of real property as qualified-senior primary residence real17
property" means revenue that is lost as a result of certain residential18
properties being classified as "qualified-senior primary residence real19
property", and having a valuation for assessment determined pursuant to20
section 39-1-104.2 (3)(s), rather than being classified as "all residential21
real property other than qualified-senior primary residence real property"22
and having a valuation for assessment determined pursuant to section23
39-1-104.2 (3)(t), (3)(t.5), and (3)(u), AND (3)(u.5).24
SECTION 13. In Colorado Revised Statutes, repeal as added by25
Senate Bill 24-233 39-1-104.7 as follows:26
39-1-104.7. Total program balancing adjustment of residential27
1001
-36- rate - definitions. (1) For qualifying property tax years, the valuation for1
assessment for all residential real property, for the purpose of a levy2
imposed by a school district, is equal to the lesser of:3
(a) Seven and fifteen hundredths percent of the actual value of the4
property; or5
(b) The percentage of the actual value of the property necessary6
for statewide school district property tax revenue divided by weighted7
total program to equal zero and six-tenths.8
(2) (a) Legislative council staff shall notify the state board of9
equalization of the first year after 2026 in which the local share of total10
program is equal to or greater than sixty percent of the total program11
determined pursuant to article 54 of title 22.12
(b) No later than one week after the annual public school finance13
act becomes law, legislative council staff shall provide the state board of14
equalization with the information necessary to calculate the balancing15
percentage for a qualifying property tax year.16
(c) No later than three weeks after receiving the information17
provided by legislative council staff pursuant to subsection (2) of this18
section, the state board of equalization shall submit a report to the general19
assembly that calculates the balancing percentage.20
(3) If the balancing percentage is lower than seven and fifteen21
hundredths percent, then, for that property tax year, the valuation for22
assessment for residential real property for the purpose of a levy imposed23
by a school district is temporarily reduced in accordance with subsection24
(1)(b) of this section. The valuation for assessment for this property is25
seven and fifteen hundredths percent of the actual value of the property26
for the next property tax year, but the valuation for assessment may be27
1001
-37- reduced again for that property tax year in accordance with subsection1
(1)(b) of this section.2
(4) As used in this section, unless the context otherwise requires:3
(a) "Balancing percentage" means the percentage of the actual4
value of all residential real property described in subsection (1)(b) of this5
section.6
(b) "Qualifying property tax year" means a property tax year7
commencing after legislative council staff has provided the state board of8
equalization with the notice described in subsection (2) of this section.9
(c) "Statewide school district property tax revenue" means the10
total amount of property tax revenue estimated to be retained by all of the11
school districts in the state in connection with district total program12
funding for the current qualifying property tax year.13
(d) "Weighted total program" means statewide total program as14
calculated pursuant to sections 22-54-103.3 and 22-54-103.5, as15
applicable.16
SECTION 14. In Colorado Revised Statutes, 39-2-115, add17
(1)(a.5) as follows:18
39-2-115. Review of abstracts of assessment -19
recommendations - repeal. (1) (a.5) (I) ON AUGUST 25, 2025, IF FILING20
AN ABSTRACT OF ASSESSMENT OF THE COUNTY WITH THE ADMINISTRATOR ,21
A COUNTY ASSESSOR SHALL ALSO FILE A REPORT OF THE ACTUAL VALUE22
OF PROPERTY WITHIN THE COUNTY FOR THE PROPERTY TAX YEAR23
COMMENCING ON JANUARY 1, 2025.24
(II) THIS SUBSECTION (1)(a.5) IS REPEALED, EFFECTIVE JULY 1,25
2026.26
SECTION 15. In Colorado Revised Statutes, 39-3-211, amend27
1001
-38- as added by Senate Bill 24-233 (4), (5)(b), (7)(d), and (8); and add (3.5),1
(5)(a.5), and (6.5) as follows:2
39-3-211. Reporting of assessed value reductions -3
reimbursement of local governmental entities - local governmental4
entity backfill cash fund - creation - legislative declaration -5
definitions - repeal. (3.5) F
OR THE PROPERTY TAX YEAR COMMENCING6
ON JANUARY 1, 2025, EACH ASSESSOR SHALL:7
(a) C
ALCULATE THE DECREASE, IF ANY, IN THE TOTAL ASSESSED8
VALUE OF REAL PROPERTY FOR EACH LOCAL GOVERNMENTAL ENTITY9
WITHIN THE ASSESSOR'S COUNTY BETWEEN THE PROPERTY TAX YEAR10
COMMENCING ON JANUARY 1, 2024, AND THE PROPERTY TAX YEAR11
COMMENCING ON JANUARY 1, 2025, AS A RESULT OF
HOUSE BILL12
24B-1001; AND13
(b) D
ETERMINE EACH LOCAL GOVERNMENTAL ENTITY 'S MILL LEVY14
FOR THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1, 2024,15
EXCLUDING ANY MILLS LEVIED TO PROVIDE FOR THE PAYMENT OF BONDS16
AND INTEREST THEREON OR FOR THE PAYMENT OF ANY OTHER17
CONTRACTUAL OBLIGATION THAT HAS BEEN APPROVED BY A MAJORITY OF18
THE LOCAL GOVERNMENTAL ENTITY 'S VOTERS VOTING THEREON.19
(4) No later than March 1, 2025, an assessor shall report the20
amounts calculated pursuant to subsection (3)(a) of this section, as21
applicable, the basis for the amounts, and the mill levies determined22
pursuant to subsection (3)(b) of this section to the administrator. N
O23
LATER THAN MARCH 1, 2026, AN ASSESSOR SHALL REPORT THE AMOUNTS24
CALCULATED PURSUANT TO SUBSECTION (3.5)(a) OF THIS SECTION, AS25
APPLICABLE, THE BASIS FOR THE AMOUNTS , AND THE MILL LEVIES26
DETERMINED PURSUANT TO SUBSECTION (3.5)(b) OF THIS SECTION TO THE27
1001
-39- ADMINISTRATOR. The administrator may require an assessor to provide1
additional information as necessary to evaluate the accuracy of the2
amounts reported. The administrator shall confirm that the reported3
amounts are correct or rectify the amounts if necessary. The administrator4
shall then forward the correct amounts for a county to the state treasurer5
to enable the state treasurer to issue a reimbursement warrant to a6
treasurer in accordance with subsection (5) of this section.7
(5) (a.5) N
O LATER THAN APRIL 15, 2026, THE STATE TREASURER8
SHALL ISSUE A WARRANT, TO BE PAID UPON DEMAND FROM THE FUND , TO9
EACH TREASURER THAT IS EQUAL TO THE TOTAL REIMBURSEMENT10
AMOUNTS SET FORTH IN SUBSECTION (6.5) OF THIS SECTION FOR ALL LOCAL11
GOVERNMENTAL ENTITIES WITHIN THE TREASURER 'S COUNTY.12
(b) Each treasurer shall distribute the total amount received from13
the state treasurer to the local governmental entities, excluding school14
districts, within the treasurer's county as if the amount had been regularly15
paid as property tax so that the local governmental entities receive the16
amounts determined pursuant to subsection
SUBSECTIONS (6) AND (6.5)17
of this section. If the total amount received from the state treasurer is18
reduced pursuant to subsection SUBSECTIONS (6)(b) AND (6.5)(b) of this19
section, each treasurer shall proportionally reduce the amount distributed20
to each local governmental entity. When distributing the total amount21
received from the state treasurer, each treasurer shall provide each local22
governmental entity with a statement of the amount distributed to the23
local governmental entity that represents the reimbursement received24
under subsection SUBSECTIONS (6) AND (6.5)(b) of this section. 25
(6.5) (a) F
OR EACH LOCAL GOVERNMENTAL ENTITY THAT HAD A26
DECREASE IN TOTAL ASSESSED VALUE OF REAL PROPERTY FROM THE27
1001
-40- PROPERTY TAX YEAR COMMENCING ON JANUARY 1, 2024, TO THE1
PROPERTY TAX YEAR COMMENCING ON JANUARY 1, 2025, AS A RESULT OF2
HOUSE BILL 24B-1001, THE AMOUNT OF REIMBURSEMENT IS AN AMOUNT3
EQUAL TO THAT DECREASE IN TOTAL ASSESSED VALUE MULTIPLIED BY THE4
LOCAL GOVERNMENTAL ENTITY 'S MILL LEVY FOR THE PROPERTY TAX YEAR5
COMMENCING ON JANUARY 1, 2024, EXCLUDING ANY MILLS LEVIED TO6
PROVIDE FOR THE PAYMENT OF BONDS AND INTEREST THEREON OR FOR7
THE PAYMENT OF ANY OTHER CONTRACTUAL OBLIGATION THAT HAS BEEN8
APPROVED BY A MAJORITY OF THE LOCAL GOVERNMENTAL ENTITY 'S9
VOTERS VOTING THEREON.10
(b) N
OTWITHSTANDING SUBSECTION (6.5)(a) OF THIS SECTION, IF11
THERE IS INSUFFICIENT MONEY IN THE FUND FOR THE STATE TREASURER TO12
ISSUE WARRANTS PURSUANT TO SUBSECTION (5)(a.5) OF THIS SECTION IN13
THE AMOUNTS DETERMINED PURSUANT TO SUBSECTION (6.5)(a) OF THIS14
SECTION, THE AMOUNTS OF THE WARRANTS ISSUED BY THE STATE15
TREASURER MUST BE PROPORTIONALLY REDUCED .16
(c) T
HE REIMBURSEMENT AMOUNTS SET FORTH IN THIS SECTION17
ARE BASED ON THE AMOUNTS THAT THE ADMINISTRATOR REPORTS TO THE18
TREASURER IN ACCORDANCE WITH SUBSECTION (4) OF THIS SECTION.19
(7) (d) After issuing every warrant required pursuant to subsection
20
(5) SUBSECTION (5)(a.5) of this section, the state treasurer shall credit any21
unexpended and unencumbered money remaining in the fund at the end22
of a fiscal year THAT TIME to the sustainable rebuilding program fund23
created in section 24-38.5-115 (7).24
(8) This section is repealed, effective July 1, 2026 JULY 1, 2027. 25
SECTION 16. In Colorado Revised Statutes, 39-5-121, add26
(1)(c) as follows:27
1001
-41- 39-5-121. Notice of valuation - legislative declaration -1
definition - repeal. (1) (c) FOR PROPERTY TAX YEARS COMMENCING ON2
OR AFTER JANUARY 1, 2025, THE ASSESSOR SHALL NOT INCLUDE THE3
APPROPRIATE RATIO OF VALUATION FOR ASSESSMENT IN THE NOTICE4
SETTING FORTH THE VALUATION FOR LAND OR IMPROVEMENTS .5
SECTION 17. In Colorado Revised Statutes, 39-10-103, add6
(1)(d) as follows:7
39-10-103. Tax statement - repeal. (1) (d) F
OR PROPERTY TAX8
YEARS COMMENCING ON OR AFTER JANUARY 1, 2025, THE TREASURER9
SHALL NOT INCLUDE THE AMOUNT OF VALUATION FOR ASSESSMENT UPON10
WHICH TAXES ARE LEVIED UPON THE TAXPAYER .11
SECTION
18. In Session Laws of Colorado 2024, amend section12
14 of chapter 171 as follows:13
Section 14. Effective date. (1) This act shall not take effect if14
either or both of the following occur:15
(a) An initiative that reduces valuations for assessment is16
approved by the people at the general election held on November 5, 2024;17
(b) An initiative that requires voter approval for retaining property18
tax revenue that exceeds a limit is approved by the people at the general19
election held on November 5, 2024.20
(1.5) T
HIS ACT TAKES EFFECT ONLY IF:21
(a) B
OTH AN INITIATIVE THAT REDUCES VALUATIONS FOR22
ASSESSMENT AND AN INITIATIVE THAT REQUIRES VOTER APPROVAL FOR23
RETAINING PROPERTY TAX REVENUE THAT EXCEEDS A LIMIT ARE24
WITHDRAWN PURSUANT TO SECTION 1-40-134 FROM THE STATEWIDE25
BALLOT FOR THE GENERAL ELECTION HELD ON NOVEMBER 5, 2024; OR26
(b) T
HE CONDITION SPECIFIED IN SUBSECTION (1.5)(a) OF THIS27
1001
-42- SECTION DOES NOT OCCUR AND NEITHER AN INITIATIVE THAT REDUCES1
VALUATIONS FOR ASSESSMENT, NOR AN INITIATIVE THAT REQUIRES VOTER2
APPROVAL FOR RETAINING PROPERTY TAX REVENUE THAT EXCEEDS A3
LIMIT, IS APPROVED BY THE PEOPLE AT THE GENERAL ELECTION HELD ON4
N
OVEMBER 5, 2024. 5
(2) E
XCEPT AS PROVIDED IN SUBSECTION (3) OF THIS SECTION:6
(a) I
F THIS ACT TAKES EFFECT UNDER SUBSECTION (1.5)(a) OF THIS7
SECTION, THEN THIS ACT TAKES EFFECT ON OCTOBER 1, 2024; OR8
(2)
(b) If this act takes effect under subsection (1) SUBSECTION9
(1.5)(b) of this section, then this act takes effect upon the date of the10
official declaration of the vote for the general election held on November11
5, 2024. except that12
(3) I
F THIS ACT TAKES EFFECT UNDER SUBSECTION (2) OF THIS13
SECTION:14
(a) Section 3 of this act takes effect only if Senate Bill 24-11115
does not become law;16
(b) Sections 4 and 8 of this act take effect only if Senate Bill17
24-111 becomes law;18
(c) Section 6 of this act takes effect only if House Bill 24-144819
does not become law; and20
(d) Section 7 of this act takes effect only if House Bill 24-144821
becomes law.22
SECTION
19. Effective date. This act takes effect only if Senate23
Bill 24-233 takes effect, in which case this act takes effect on the24
effective date of Senate Bill 24-233; except that sections 18, 19, and 2025
take effect upon passage.26
SECTION 20. Safety clause. The general assembly finds,27
1001
-43- determines, and declares that this act is necessary for the immediate1
preservation of the public peace, health, or safety or for appropriations for2
the support and maintenance of the departments of the state and state3
institutions.4
1001
-44-