Colorado 2024 1st Special Session

Colorado House Bill HB1001 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
	1	+	Second Extraordinary Session
	2	+	Seventy-fourth General Assembly
	3	+	STATE OF COLORADO
	4	+	REVISED
	5	+	This Version Includes All Amendments Adopted
	6	+	on Second Reading in the Second House
	7	+	LLS NO. 24B-0003.01 Pierce Lively x2059
1	8		HOUSE BILL 24B-1001
2		-	BY REPRESENTATIVE(S) McCluskie and Pugliese, Bird, Boesenecker,
3		-	Duran, Frizell, Lindstedt, Mauro, McCormick, Snyder, Taggart;
4		-	also SENATOR(S) Hansen and Kirkmeyer, Buckner, Exum, Fields,
5		-	Gardner, Ginal, Liston, Lundeen, Pelton B., Pelton R., Priola, Rich, Will,
6		-	Zenzinger, Fenberg.
	9	+	House Committees Senate Committees
	10	+	Appropriations Appropriations
	11	+	A BILL FOR AN ACT
7	12		C
8		-	ONCERNING PROPERTY TAX .
	13	+	ONCERNING PROPERTY TAX .101
	14	+	Bill Summary
	15	+	(Note: This summary applies to this bill as introduced and does
	16	+	not reflect any amendments that may be subsequently adopted. If this bill
	17	+	passes third reading in the house of introduction, a bill summary that
	18	+	applies to the reengrossed version of this bill will be available at
	19	+	http://leg.colorado.gov
	20	+	.)
	21	+	Property tax revenue limit. Senate Bill 24-233 created a limit on
	22	+	the annual growth of specified property tax revenue (property tax limit)
	23	+	for certain local governments excluding school districts. Sections 2
	24	+	through 6 of the bill modify that property tax limit and create a new
	25	+	property tax limit for school districts. Specifically, the bill:
	26	+	! Lowers the property tax limit for local governments
	27	+	excluding school districts from 5.5% to 5.25%;
	28	+	! Creates a property tax limit for school districts;
	29	+	SENATE
	30	+	2nd Reading Unamended
	31	+	August 28, 2024
	32	+	HOUSE
	33	+	Amended 3rd Reading
	34	+	August 28, 2024
	35	+	HOUSE
	36	+	Amended 2nd Reading
	37	+	August 27, 2024
	38	+	HOUSE SPONSORSHIP
	39	+	McCluskie and Pugliese,
	40	+	SENATE SPONSORSHIP
	41	+	Hansen and Kirkmeyer,
	42	+	Shading denotes HOUSE amendment. Double underlining denotes SENATE amendment.
	43	+	Capital letters or bold & italic numbers indicate new material to be added to existing law.
	44	+	Dashes through the words or numbers indicate deletions from existing law. ! Establishes the property tax limit for school districts as
	45	+	equal to the greatest amount of local share of statewide
	46	+	total program property tax revenue collected by a school
	47	+	district in a previous property tax year increased by the
	48	+	greater of 6% multiplied by the number of property tax
	49	+	years in a reassessment cycle or the percentage by which
	50	+	the general assembly annually increases the statewide base
	51	+	per pupil funding for public education from kindergarten
	52	+	through twelfth grade and the percentage increase in pupil
	53	+	enrollment for both the relevant property tax year and the
	54	+	other property tax year in the same reassessment cycle;
	55	+	! Annually establishes the valuation for assessment
	56	+	(valuation) for residential property as necessary to ensure
	57	+	that school districts do not exceed the property tax limit for
	58	+	school districts and to compensate for inaccurate
	59	+	adjustments to valuation in the immediately preceding
	60	+	property tax year;
	61	+	! Allows all school districts to waive the property tax limit,
	62	+	but requires statewide voter approval to do so and does not
	63	+	allow individual school districts to do so; and
	64	+	! Requires certain language to be included in any ballot
	65	+	question that seeks to waive either property tax limit
	66	+	created in these sections.
	67	+	Nonresidential and personal property valuation reductions.
	68	+	Sections 7 and 8 lower the valuation for most nonresidential and personal
	69	+	property as follows:
	70	+	! For the property tax year commencing on January 1, 2025,
	71	+	the valuation for most nonresidential and personal property
	72	+	is 27% of the actual value of the property and the valuation
	73	+	for vacant land is 27.5% of the actual value of the property;
	74	+	! For the property tax year commencing on January 1, 2026,
	75	+	the valuation for commercial property and agricultural
	76	+	property is 25% of the actual value of the property, the
	77	+	valuation for vacant land is 27.5% of the actual value of the
	78	+	property, and the valuation for most other nonresidential
	79	+	and personal property is 26%; and
	80	+	! For property tax years commencing on or after January 1,
	81	+	2027, the valuation for most nonresidential and personal
	82	+	property is 25% of the actual value of the property and the
	83	+	valuation for vacant land is 27.5% of the actual value of the
	84	+	property.
	85	+	Residential property valuation reductions. The bill also lowers
	86	+	the valuation for residential property. The amount of the reduction is
	87	+	based on the increase in statewide actual value between the property tax
	88	+	year that commences on January 1, 2024, and the property tax year that
	89	+	1001
	90	+	-2- commences on January 1, 2025. If the increase in actual value is greater
	91	+	than 5%, sections 9 and 10 reduce the valuation for residential property
	92	+	as follows:
	93	+	! For property tax years commencing on or after January 1,
	94	+	2025, for the purpose of a levy imposed by a school
	95	+	district, the valuation for residential property is 6.95% of
	96	+	the actual value of the property;
	97	+	! For the property tax year commencing on January 1, 2025,
	98	+	for the purpose of a levy imposed by a local government
	99	+	that is not a school district, the valuation for residential
	100	+	property is 6.15%; and
	101	+	! For property tax years commencing on or after January 1,
	102	+	2026, for the purpose of a levy imposed by a local
	103	+	government that is not a school district, the valuation for
	104	+	residential property is 6.7% of the amount equal to the
	105	+	actual value of the property minus the lesser of 10% of the
	106	+	actual value of the property or $70,000 as adjusted for
	107	+	inflation in the first year of each subsequent reassessment
	108	+	cycle.
	109	+	If the increase in statewide actual value is less than or equal to 5%,
	110	+	sections 9 and 10 reduce the valuation for residential property as follows:
	111	+	! For property tax years commencing on or after January 1,
	112	+	2025, for the purpose of a levy imposed by a school
	113	+	district, the valuation for residential property is 7.05% of
	114	+	the actual value of the property;
	115	+	! For the property tax year commencing on January 1, 2025,
	116	+	for the purpose of a levy imposed by a local government
	117	+	that is not a school district, the valuation for residential
	118	+	property is 6.25%; and
	119	+	! For property tax years commencing on or after January 1,
	120	+	2026, for the purpose of a levy imposed by a local
	121	+	government that is not a school district, the valuation for
	122	+	residential property is 6.8% of the amount equal to the
	123	+	actual value of the property minus the lesser of 10% of the
	124	+	actual value of the property or $70,000 as adjusted for
	125	+	inflation in the first year of each subsequent reassessment
	126	+	cycle.
	127	+	Section 10 also adjusts the valuations for qualified-senior primary
	128	+	residence real property to mirror the adjustments to the valuations for
	129	+	residential real property made in sections 9 and 10.
	130	+	Definitions of assessed value and valuation for assessment.
	131	+	Section 1 creates definitions of "assessed value" and "valuation for
	132	+	assessment" that apply throughout statute to prevent any confusion arising
	133	+	from having 2 different assessment rates.
	134	+	Conforming amendments. Sections 11 and 12 make conforming
	135	+	1001
	136	+	-3- amendments.
	137	+	Local government backfill. Senate Bill 24-233 establishes a
	138	+	process for the state to reimburse local governments for lost property tax
	139	+	revenue for the property tax year commencing on January 1, 2024.
	140	+	Section 13 extends this process from Senate Bill 24-233 to cover the
	141	+	property tax year commencing on January 1, 2025, but only to cover
	142	+	decreases in assessed value attributable to the bill.
	143	+	Tax bills. Section 14 removes references to assessed value from
	144	+	taxpayers' tax bills, to prevent confusion from having 2 different assessed
	145	+	values on a tax bill.
	146	+	Effective date. Senate Bill 24-233 becomes law only if neither of
	147	+	the following initiatives (property tax initiatives) are approved by the
	148	+	people at the general election held on November 5, 2024:
	149	+	! An initiative that reduces valuations for assessment; or
	150	+	! An initiative that requires voter approval for retaining
	151	+	property tax revenue that exceeds a limit.
	152	+	Section 15 modifies the effective date of Senate Bill 24-233 so
	153	+	that Senate Bill 24-233 takes effect either:
	154	+	! On October 1, 2024, if both property tax initiatives are
	155	+	withdrawn from the ballot; or
	156	+	! On the date of the official declaration of the vote, if one or
	157	+	both of the property tax initiatives appears on the ballot and
	158	+	no property tax initiative is approved by the people.
	159	+	Section 16 establishes the effective date of the bill so that the
	160	+	majority of the bill only takes effect if Senate Bill 24-233 becomes law.
	161	+	Be it enacted by the General Assembly of the State of Colorado:1
	162	+	SECTION 1. In Colorado Revised Statutes, 2-2-2201, amend (8);2
	163	+	and add (5)(d) and (6)(d) as follows:3
	164	+	2-2-2201. Commission on property tax - creation - powers and4
	165	+	duties - report - repeal. (5) (d) THE COMMISSION SHALL EVALUATE THE5
	166	+	EQUITY OF VALUATION FOR ASSESSMENT ESTABLISHED FOR PROPERTY IN6
	167	+	SENATE BILL 24-233 AND HOUSE BILL 24B-1001.7
	168	+	(6) (d) NO LATER THAN MAY 1, 2025, THE COMMISSION SHALL8
	169	+	MAKE A REPORT ON THE EQUITY OF THE VALUATION FOR ASSESSMENT9
	170	+	ESTABLISHED FOR PROPERTY IN SENATE BILL 24-233 AND HOUSE BILL10
	171	+	24B-1001.11
	172	+	1001-4- (8) This section is repealed, effective December 31, 2024 JULY 1,1
	173	+	2025.2
	174	+	SECTION 2. In Colorado Revised Statutes, add 2-4-115 as3
	175	+	follows:4
	176	+	2-4-115. Assessed value - valuation for assessment. (1) T
	177	+	HE5
	178	+	PHRASE "ASSESSED VALUE" MEANS EITHER THE ASSESSED VALUE FOR THE6
	179	+	PURPOSE OF A LEVY IMPOSED BY A LOCAL GOVERNMENTAL ENTITY OR THE7
	180	+	ASSESSED VALUE FOR THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL8
	181	+	DISTRICT AS BEST DETERMINED IN THE PARTICULAR CONTEXT BY THE9
	182	+	PROPERTY TAX ADMINISTRATOR .10
	183	+	(2) T
	184	+	HE PHRASE "VALUATION FOR ASSESSMENT " MEANS EITHER11
	185	+	THE VALUATION FOR ASSESSMENT FOR THE PURPOSE OF A LEVY IMPOSED12
	186	+	BY A LOCAL GOVERNMENTAL ENTITY OR THE VALUATION FOR ASSESSMENT13
	187	+	FOR THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT AS BEST14
	188	+	DETERMINED IN THE PARTICULAR CONTEXT BY THE PROPERTY TAX15
	189	+	ADMINISTRATOR.16
	190	+	SECTION
	191	+	3. In Colorado Revised Statutes, 29-1-1701, amend17
	192	+	as added by Senate Bill 24-233 (1), (2), (3) introductory portion, (3)(c),18
	193	+	(3)(e), (3)(f), (3)(h), and (3)(i); and add (1.5), (2.5), (3)(j), (4), and (5) as19
	194	+	follows:20
	195	+	29-1-1701. Definitions. As used in this part 17, unless the context21
	196	+	otherwise requires:22
	197	+	(1) "Local governmental entity GOVERNMENT" means a 23
	198	+	governmental entity
9	199
10		-	Be it enacted by the General Assembly of the State of Colorado:
11		-	SECTION 1. In Colorado Revised Statutes, 2-2-2201, amend (8);
12		-	and add (5)(d) and (6)(d) as follows:
13		-	2-2-2201. Commission on property tax - creation - powers and
14		-	duties - report - repeal. (5) (d) T
15		-	HE COMMISSION SHALL EVALUATE THE
16		-	EQUITY OF VALUATION FOR ASSESSMENT ESTABLISHED FOR PROPERTY IN
17		-	SENATE BILL 24-233 AND HOUSE BILL 24B-1001.
18		-	(6) (d) N
19		-	O LATER THAN MAY 1, 2025, THE COMMISSION SHALL MAKE
20		-	A REPORT ON THE EQUITY OF THE VALUATION FOR ASSESSMENT ESTABLISHED
21		-	FOR PROPERTY IN
22		-	SENATE BILL 24-233 AND HOUSE BILL 24B-1001.
23		-	NOTE: This bill has been prepared for the signatures of the appropriate legislative
24		-	officers and the Governor. To determine whether the Governor has signed the bill
25		-	or taken other action on it, please consult the legislative status sheet, the legislative
26		-	history, or the Session Laws.
27		-	________
28		-	Capital letters or bold & italic numbers indicate new material added to existing law; dashes
29		-	through words or numbers indicate deletions from existing law and such material is not part of
30		-	the act. (8) This section is repealed, effective December 31, 2024 JULY 1,
31		-	2025.
32		-	SECTION 2. In Colorado Revised Statutes, add 2-4-115 as
33		-	follows:
34		-	2-4-115. Assessed value - valuation for assessment. (1) T
35		-	HE
36		-	PHRASE
37		-	"ASSESSED VALUE" MEANS EITHER THE ASSESSED VALUE FOR THE
38		-	PURPOSE OF A LEVY IMPOSED BY A LOCAL GOVERNMENTAL ENTITY OR THE
39		-	ASSESSED VALUE FOR THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL
40		-	DISTRICT AS BEST DETERMINED IN THE PARTICULAR CONTEXT BY THE
41		-	PROPERTY TAX ADMINISTRATOR
42		-	.
43		-	(2) T
44		-	HE PHRASE "VALUATION FOR ASSESSMENT " MEANS EITHER THE
45		-	VALUATION FOR ASSESSMENT FOR THE PURPOSE OF A LEVY IMPOSED BY A
46		-	LOCAL GOVERNMENTAL ENTITY OR THE VALUATION FOR ASSESSMENT FOR
47		-	THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT AS BEST
48		-	DETERMINED IN THE PARTICULAR CONTEXT BY THE PROPERTY TAX
49		-	ADMINISTRATOR
50		-	.
51		-	SECTION 3. In Colorado Revised Statutes, 29-1-1701, amend as
52		-	added by Senate Bill 24-233 (1), (2), (3) introductory portion, (3)(c),
53		-	(3)(e), (3)(f), (3)(h), and (3)(i); and add (1.5), (2.5), (3)(j), (4), and (5) as
54		-	follows:
55		-	29-1-1701. Definitions. As used in this part 17, unless the context
56		-	otherwise requires:
57		-	(1) "Local governmental entity
58		-	GOVERNMENT" means a
59		-	governmental entity authorized by law to impose ad valorem taxes on
60		-	taxable property located within its territorial limits; except that the term
61		-	excludes any:
62		-	(a) School district;
63		-	(b) City and county, city, or town that has adopted a home rule
64		-	charter;
65		-	(c) Local government GOVERNMENTAL ENTITY that is subject to and
66		-	has not received voter approval to exceed the revenue limit set forth in
67		-	PAGE 2-HOUSE BILL 24B-1001 section 29-1-301 FOR THAT PROPERTY TAX YEAR ; and
68		-	(d) Local government GOVERNMENTAL ENTITY OR SCHOOL DISTRICT
69		-	that does not have voter approval to collect, retain, and spend, without
70		-	regard to any spending, revenue, or other limitation contained within section
71		-	20 of article X of the state constitution, the majority of the local
72		-	governmental entity's
73		-	ENTITY OR SCHOOL DISTRICT'S revenue from the
74		-	imposition of ad valorem property taxes levied in any year subsequent to the
75		-	approval.
	200	+	authorized by law to impose ad valorem taxes on24
	201	+	taxable property located within its territorial limits; except that the term25
	202	+	excludes any:26
	203	+	(a) School district;27
	204	+	1001
	205	+	-5- (b) City and county, city, or town that has adopted a home rule1
	206	+	charter;2
	207	+	(c) Local government GOVERNMENTAL ENTITY that is subject3
	208	+	to and has not received voter approval to exceed the revenue limit set4
	209	+	forth in section 29-1-301
	210	+	FOR THAT PROPERTY TAX YEAR ; and5
	211	+	(d) Local government
	212	+	GOVERNMENTAL ENTITY OR SC HOOL6
	213	+	DISTRICT that does not have voter approval to collect, retain, and spend,7
	214	+	without regard to any spending, revenue, or other limitation contained8
	215	+	within section 20 of article X of the state constitution, the majority of the9
	216	+	local governmental entity's ENTITY OR SCHOOL DISTRICT'S revenue from10
	217	+	the imposition of ad valorem property taxes levied in any year subsequent11
	218	+	to the approval.12
76	219		(1.5) "L
77		-	OCAL GOVERNMENTAL ENTITY " MEANS A LOCAL
78		-	GOVERNMENT AUTHORIZED BY LAW TO IMPOSE AD VALOREM TAXES ON
79		-	TAXABLE PROPERTY LOCATED WITHIN ITS TERRITORIAL LIMITS
80		-	; EXCEPT THAT
81		-	THE TERM EXCLUDES ANY
82		-	:
	220	+	OCAL GOVERNMENTAL ENTITY " MEANS A LOCAL13
	221	+	GOVERNMENT AUTHORIZED BY LAW TO IMPOSE AD VALOREM TAXES ON14
	222	+	TAXABLE PROPERTY LOCATED WITHIN ITS TERRITORIAL LIMITS ; EXCEPT15
	223	+	THAT THE TERM EXCLUDES ANY :16
83	224		(a) S
84		-	CHOOL DISTRICT; ~~AND~~
85		-	(b) ~~CITY AND COUNTY, CITY, OR TOWN THAT HAS ADOPTED A HOME~~
86		-	~~RULE CHARTER~~
87		-	.
	225	+	CHOOL DISTRICT; AND17
	226	+	(b) C
	227	+	ITY AND COUNTY, CITY, OR TOWN THAT HAS ADOPTED A HOME18
	228	+	RULE CHARTER.19
88	229		(2) "Property tax limit" means,
89		-	AS APPLICABLE, the annual ~~limit ON~~
90		-	A LOCAL GOVERNMENTAL ENTITY
91		-	~~'S QUALIFIED PROPERTY TAX REVENUE~~
92		-	~~THAT IS~~
93		-	~~established in section 29-1-1702~~
94		-	~~SECTIONS~~ 29-1-~~1702~~ (1) AND
95		-	~~29-1-1703 (1) and calculated pursuant to section 29-1-1703 on a local~~
96		-	governmental entity's property tax revenue 29-1-1703 (1) OR ~~THE ANNUAL~~
97		-	LIMIT ON A SCHOOL DISTRICT
98		-	~~'S QUALIFIED LOCAL SHARE~~ PROPERTY TAX
99		-	~~REVENUE THAT IS ESTABLISHED IN SECTIONS~~
100		-	~~29-1-1702.5 (2)~~ AND 29-1-1703
101		-	~~(3)~~
102		-	~~AND CALCULATED PURSUANT TO SECTION~~ 29-1-1703 (3).
	230	+	AS APPLICABLE, the annual limit20
	231	+	ON A LOCAL GOVERNMENTAL ENTITY 'S QUALIFIED PROPERTY TAX21
	232	+	REVENUE THAT IS established in section 29-1-1702
	233	+	SECTIONS 29-1-170222
	234	+	(1)
	235	+	AND 29-1-1703 (1) and calculated pursuant to section 29-1-1703 on a
	236	+	23
	237	+	local governmental entity's property tax revenue 29-1-1703 (1) OR THE24
	238	+	ANNUAL LIMIT ON A SCHOOL DISTRICT 'S QUALIFIED LOCAL SHARE25
	239	+	PROPERTY TAX REVENUE THAT IS ESTABLISHED IN SECTIONS 29-1-1702.526
	240	+	(2)
	241	+	AND 29-1-1703 (3) AND CALCULATED PURSUANT TO SECTION27
	242	+	1001
	243	+	-6- 29-1-1703 (3).1
103	244		(2.5) (a) "Q
104		-	UALIFIED LOCAL SHARE PROPERTY TAX REVENUE " MEANS
105		-	THE TOTAL AMOUNT OF PROPERTY TAX REVENUE ESTIMATED TO BE
106		-	RETAINED BY ALL SCHOOL DISTRICTS IN THE STATE IN CONNECTION WITH
107		-	DISTRICT TOTAL PROGRAM FUNDING FROM A PROPERTY TAX YEAR
108		-	EXCLUSIVE OF PROPERTY TAX REVENUE THAT IS FROM ANY OF THE
109		-	FOLLOWING SOURCES OR IS USED FOR ANY OF THE FOLLOWING PURPOSES
110		-	:
	245	+	UALIFIED LOCAL SHARE PROPERTY TAX REVENUE "2
	246	+	MEANS THE TOTAL AMOUNT OF PROPERTY TAX REVENUE ESTIMATED TO BE3
	247	+	RETAINED BY ALL SCHOOL DISTRICTS IN THE STATE IN CONNECTION WITH4
	248	+	DISTRICT TOTAL PROGRAM FUNDING FROM A PROPERTY TAX YEAR5
	249	+	EXCLUSIVE OF PROPERTY TAX REVENUE THAT IS FROM ANY OF THE6
	250	+	FOLLOWING SOURCES OR IS USED FOR ANY OF THE FOLLOWING PURPOSES :7
111	251		(I) T
112		-	HE INCREASED VALUATION FOR ASSESSMENT WITHIN ~~A SCHOOL~~
113		-	DISTRICT FOR THE PRECEDING PROPERTY TAX YEAR THAT ~~IS ATTRIBUTABLE~~
114		-	TO NEW CONSTRUCTION AND PERSONAL ~~PROPERTY CONNECTED THEREWITH~~
115		-	,
116		-	~~AS DEFINED BY THE PROPERTY TAX~~ ADMINISTRATOR IN MANUALS PREPARED
117		-	~~PAGE 3-HOUSE BILL 24B-1001 PURSUANT TO SECTION 39-2-109~~ (1)(e);
	252	+	HE INCREASED VALUATION FOR ASSESSMENT WITHIN A8
	253	+	SCHOOL DISTRICT FOR THE PRECEDING PROPERTY TAX YEAR THAT IS9
	254	+	ATTRIBUTABLE TO NEW CONSTRUCTION AND PERSONAL PROPERTY10
	255	+	CONNECTED THEREWITH , AS DEFINED BY THE PROPERTY TAX11
	256	+	ADMINISTRATOR IN MANUALS PREPARED PURSUANT TO SECTION 39-2-10912
	257	+	(1)(e);13
118	258		(II) T
119		-	HE INCREASED VALUATION FOR ASSESSMENT ATTRIBUTABLE TO
120		-	A CHANGE IN LAW FOR A PROPERTY TAX CLASSIFICATION OR TO THE
121		-	ANNEXATION OR INCLUSION OF ADDITIONAL LAND
122		-	, THE IMPROVEMENTS
123		-	THEREON
124		-	, AND PERSONAL PROPERTY CONNECTED THEREWITH WITHIN A
125		-	SCHOOL DISTRICT FOR THE PRECEDING PROPERTY TAX YEAR
126		-	;
	259	+	HE INCREASED VALUATION FOR ASSESSMENT ATTRIBUTABLE14
	260	+	TO A CHANGE IN LAW FOR A PROPERTY TAX CLASSIFICATION OR TO THE15
	261	+	ANNEXATION OR INCLUSION OF ADDITIONAL LAND , THE IMPROVEMENTS16
	262	+	THEREON, AND PERSONAL PROPERTY CONNECTED THEREWITH WITHIN A17
	263	+	SCHOOL DISTRICT FOR THE PRECEDING PROPERTY TAX YEAR ;18
127	264		(III) I
128		-	NCREASED PROPERTY TAX REVENUE ATTRIBUTABLE TO THE
129		-	EXPIRATION OF THE USE OF A SCHOOL DISTRICT
130		-	'S INCREMENTAL TAX
131		-	REVENUES DIVERTED FOR THE PURPOSES OF PART
132		-	1 OF ARTICLE 25 OF TITLE
133		-	31, PART 8 OF ARTICLE 25 OF TITLE 31, ARTICLE 31 OF TITLE 30, OR OTHER
134		-	TAX INCREMENT FINANCING PURPOSES
135		-	;
	265	+	NCREASED PROPERTY TAX REVENUE ATTRIBUTABLE TO THE19
	266	+	EXPIRATION OF THE USE OF A SCHOOL DISTRICT 'S INCREMENTAL TAX20
	267	+	REVENUES DIVERTED FOR THE PURPOSES OF PART 1 OF ARTICLE 25 OF21
	268	+	TITLE 31,
	269	+	PART 8 OF ARTICLE 25 OF TITLE 31, ARTICLE 31 OF TITLE 30, OR22
	270	+	OTHER TAX INCREMENT FINANCING PURPOSES ;23
136	271		(IV) T
137		-	HE VALUATION FOR ASSESSMENT THAT WAS OMITTED FROM
138		-	THE ASSESSMENT ROLL IN THE PRECEDING PROPERTY TAX YEAR
139		-	;
	272	+	HE VALUATION FOR ASSESSMENT THAT WAS OMITTED FROM24
	273	+	THE ASSESSMENT ROLL IN THE PRECEDING PROPERTY TAX YEAR ;25
140	274		(V) P
141		-	ROPERTY TAX REVENUE ABATED OR REFUNDED BY A SCHOOL
142		-	DISTRICT FROM THE PROPERTY TAX YEAR
143		-	;
144		-	(VI) T
145		-	HE INCREASE IN THE VALUATION FOR ASSESSMENT
146		-	ATTRIBUTABLE TO PREVIOUSLY LEGALLY EXEMPT PROPERTY IN THE
147		-	PREVIOUS PROPERTY TAX YEAR THAT BECOMES TAXABLE
148		-	;
	275	+	ROPERTY TAX REVENUE ABATED OR REFUNDED BY A SCHOOL26
	276	+	DISTRICT FROM THE PROPERTY TAX YEAR ;27
	277	+	1001
	278	+	-7- (VI) THE INCREASE IN THE VALUATION FOR ASSESSMENT1
	279	+	ATTRIBUTABLE TO PREVIOUSLY LEGALLY EXEMPT PROPERTY IN THE2
	280	+	PREVIOUS PROPERTY TAX YEAR THAT BECOMES TAXABLE ;3
149	281		(VII) T
150		-	HE INCREASE IN THE VALUATION FOR ASSESSMENT FROM
151		-	PRODUCING MINES OR LANDS OR LEASE HOLDS PRODUCING OIL OR GAS IN THE
152		-	PREVIOUS PROPERTY TAX YEAR
153		-	;
154		-	(VIII) P
155		-	ROPERTY TAX REVENUE ATTRIBUTABLE TO A SCHOOL
156		-	DISTRICT INCREASING THE TOTAL NUMBER OF MILLS IT LEVIES IN
157		-	CONNECTION WITH DISTRICT TOTAL PROGRAM FUNDING AND UPON
158		-	RECEIVING THE APPROVAL OF THE MAJORITY OF A SC HOOL DISTRICT
159		-	'S
160		-	VOTERS VOTING THEREON FOR SUCH AN INCREASE IN AN ELECTION
161		-	OCCURRING ON OR AFTER
162		-	NOVEMBER 5, 2024;
163		-	(IX) P
164		-	ROPERTY TAX REVENUE ATTRIBUTABLE TO ANY MILLS A
165		-	SCHOOL DISTRICT LEVIES THAT ARE NOT LEVIED IN CONNECTION WITH
166		-	DISTRICT TOTAL PROGRAM FUNDING
167		-	;
	282	+	HE INCREASE IN THE VALUATION FOR ASSESSMENT FROM4
	283	+	PRODUCING MINES OR LANDS OR LEAS EHOLDS PRODUCING OIL OR GAS IN5
	284	+	THE PREVIOUS PROPERTY TAX YEAR ;6 7
	285	+	(VIII) PROPERTY TAX REVENUE ATTRIBUTABLE TO A SCHOOL8
	286	+	DISTRICT INCREASING THE TOTAL NUMBER OF MILLS IT LEVIES IN9
	287	+	CONNECTION WITH DISTRICT TOTAL PROGRAM FUNDING AND UPON10
	288	+	RECEIVING THE APPROVAL OF THE MAJORITY OF A SCHOOL DISTRICT 'S11
	289	+	VOTERS VOTING THEREON FOR SUCH AN INCREASE IN AN ELECTION12
	290	+	OCCURRING ON OR AFTER NOVEMBER 5, 2024;13
	291	+	(IX) PROPERTY TAX REVENUE ATTRIBUTABLE TO ANY MILLS A14
	292	+	SCHOOL DISTRICT LEVIES THAT ARE NOT LEVIED IN CONNECTION WITH15
	293	+	DISTRICT TOTAL PROGRAM FUNDING ;16
168	294		(X) P
169		-	ROPERTY TAX REVENUE ATTRIBUTABLE TO A CHANGE IN THE
170		-	PAGE 4-HOUSE BILL 24B-1001 AMOUNT OF SPECIFIC OWNERSHIP TAX REVENUE PAID TO THE DISTRICT , AS
171		-	DEFINED IN SECTION
172		-	22-54-103 (11), IN THE PREVIOUS PROPERTY TAX YEAR;
173		-	OR
174		-	(XI) PROPERTY TAX REVENUE ATTRIBUTABLE TO A CHANGE IN THE
175		-	AMOUNT OF PROPERTY TAX CREDITS ISSUED PURSUANT TO SECTION
176		-	22-54-106 (2.1) IN THE PREVIOUS PROPERTY TAX YEAR.
	295	+	ROPERTY TAX REVENUE ATTRIBUTABLE TO A CHANGE IN THE17
	296	+	AMOUNT OF SPECIFIC OWNERSHIP TAX REVENUE PAID TO THE DISTRICT , AS18
	297	+	DEFINED IN SECTION 22-54-103 (11), IN THE PREVIOUS PROPERTY TAX19
	298	+	YEAR; OR20
	299	+	(XI) P
	300	+	ROPERTY TAX REVENUE ATTRIBUTABLE TO A CHANGE IN THE21
	301	+	AMOUNT OF PROPERTY TAX CREDITS ISSUED PURSUANT TO SECTION22
	302	+	22-54-106
	303	+	(2.1) IN THE PREVIOUS PROPERTY TAX YEAR.23
177	304		(b) E
178		-	XCEPT AS APPLIED IN DETERMINING THE COUNTERFACTUAL
179		-	PERCENTAGE
180		-	, AS DEFINED IN SECTION 29-1-1702.5 (1)(c), IN DETERMINING
181		-	THE AMOUNT OF QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE FOR
182		-	PURPOSES OF SUBSECTIONS
183		-	(2.5)(a)(I), (2.5)(a)(II), (2.5)(a)(IV),
184		-	(2.5)(a)(VI),
185		-	AND (2.5)(a)(VII) OF THIS SECTION, THE ANNUAL CHANGE IN
186		-	PROPERTY TAX REVENUE OR VALUATION FOR ASSESSMENT IS ASSUMED TO
187		-	BE THE SAME FOR THE RELEVANT PROPERTY TAX YEAR AS IT WAS FOR THE
188		-	PROPERTY TAX YEAR IMMEDIATELY PRECEDING THE RELEVANT PROPERTY
189		-	TAX YEAR
190		-	.
191		-	(3) "Qualified property tax revenue" means a local governmental
192		-	entity's property tax revenue for a property tax year exclusive of property
	305	+	XCEPT AS APPLIED IN DETERMINING THE COUNTERFACTUAL24
	306	+	PERCENTAGE, AS DEFINED IN SECTION 29-1-1702.5 (1)(c), IN DETERMINING25
	307	+	THE AMOUNT OF QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE FOR26
	308	+	PURPOSES OF SUBSECTIONS (2.5)(a)(I), (2.5)(a)(II), (2.5)(a)(IV),27
	309	+	1001
	310	+	-8- (2.5)(a)(VI), AND (2.5)(a)(VII) OF THIS SECTION, THE ANNUAL CHANGE IN1
	311	+	PROPERTY TAX REVENUE OR VALUATION FOR ASSESSMENT IS ASSUMED TO2
	312	+	BE THE SAME FOR THE RELEVANT PROPERTY TAX YEAR AS IT WAS FOR THE3
	313	+	PROPERTY TAX YEAR IMMEDIATELY PRECEDING THE RELEVANT PROPERTY4
	314	+	TAX YEAR.5
	315	+	(3) "Qualified property tax revenue" means a local governmental6
	316	+	entity's property tax revenue for a property tax year exclusive of property7
193	317		tax revenue that is from
194	318		ANY OF the following sources and
195		-	OR is used ~~for~~
196		-	ANY OF the following purposes:
	319	+	OR is used for8
	320	+	ANY OF the following purposes:9
197	321		(c) Increased property tax revenue attributable to the expiration
198		-	IN
199		-	THE PREVIOUS PROPERTY TAX YEAR
200		-	of the use of the local governmental
201		-	entity's incremental tax revenues diverted for the purposes of part 1 of
202		-	article 25 of title 31, part 1 of article 30 of title 31
203		-	PART 8 OF ARTICLE 25 OF
204		-	TITLE
205		-	31, ARTICLE 31 OF TITLE 30, or other tax increment financing
206		-	purposes;
207		-	(e) Property tax revenue abated or refunded by the local
208		-	governmental entity during
209		-	FROM the property tax year;
210		-	(f) Property tax revenue attributable to previously PROPERTY THAT
211		-	WAS
212		-	legally exempt federal
213		-	property IN THE PREVIOUS PROPERTY TAX YEAR
214		-	that becomes taxable; if such property causes an increase in the level of
215		-	services provided by the local governmental entity;
216		-	(h) An amount to provide for the payment of bonds that HAVE BOTH
217		-	BEEN APPROVED BY A MAJORITY OF THE LOCAL GOVERNMENTAL ENTITY
218		-	'S
219		-	PAGE 5-HOUSE BILL 24B-1001 VOTERS VOTING THEREON AND are outstanding as of the effective date of
220		-	this part 17 NOVEMBER 5, 2024, and the interest thereon, or for the payment
221		-	of any other contractual obligation that has been approved by a majority of
222		-	the local governmental entity's voters voting thereon outstanding as of the
223		-	effective date of this part 17 NOVEMBER 5, 2024; and bonds or other
224		-	contractual obligations issued in accordance with the existing voted
225		-	authorization of a local governmental entity approved by a majority of the
226		-	local governmental entity's voters voting thereon in accordance with section
227		-	20 of article X of the state constitution as of the effective date of this part
228		-	17; or NOVEMBER 5, 2024;
229		-	(i) Property tax revenue attributable to a local governmental entity
230		-	increasing the total number of mills it levies upon receiving the approval of
231		-	the majority of the local governmental entity's voters
232		-	VOTING THEREON for
233		-	such an increase in an election occurring on or after the effective date of
234		-	this part 17 NOVEMBER 5, 2024; OR
235		-	(j) PROPERTY TAX REVENUE ATTRIBUTABLE TO SPECIFIC OWNERSHIP
236		-	TAX REVENUE PAID TO THE LOCAL GOVERNMENTAL ENTITY
237		-	.
	322	+	IN10
	323	+	THE PREVIOUS PROPERTY TAX YEAR of the use of the local governmental11
	324	+	entity's incremental tax revenues diverted for the purposes of part 1 of12
	325	+	article 25 of title 31,
	326	+	part 1 of article 30 of title 31 PART 8 OF ARTICLE 2513
	327	+	OF TITLE 31, ARTICLE 31 OF TITLE 30, or other tax increment financing14
	328	+	purposes;15
	329	+	(e) Property tax revenue abated or refunded by the local16
	330	+	governmental entity during FROM the property tax year;17
	331	+	(f) Property tax revenue attributable to previously PROPERTY THAT18
	332	+	WAS legally exempt federal property IN THE PREVIOUS PROPERTY TAX19
	333	+	YEAR that becomes taxable; if such property causes an increase in the20
	334	+	level of services provided by the local governmental entity;21
	335	+	(h) An amount to provide for the payment of bonds that
	336	+	HAVE22
	337	+	BOTH BEEN APPROVED BY A MAJORITY OF THE LOCAL GOVERNMENTAL23
	338	+	ENTITY'S VOTERS VOTING THEREON AND are outstanding as of the effective
	339	+	24
	340	+	date of this part 17 NOVEMBER 5, 2024, and the interest thereon, or for the25
	341	+	payment of any other contractual obligation that has been approved by a26
	342	+	majority of the local governmental entity's voters voting thereon27
	343	+	1001
	344	+	-9- outstanding as of the effective date of this part 17 NOVEMBER 5, 2024;1
	345	+	and bonds or other contractual obligations issued in accordance with the2
	346	+	existing voted authorization of a local governmental entity approved by3
	347	+	a majority of the local governmental entity's voters voting thereon in4
	348	+	accordance with section 20 of article X of the state constitution as of the5
	349	+	effective date of this part 17; or NOVEMBER 5, 2024;6
	350	+	(i) Property tax revenue attributable to a local governmental entity7
	351	+	increasing the total number of mills it levies upon receiving the approval8
	352	+	of the majority of the local governmental entity's voters VOTING THEREON9
	353	+	for such an increase in an election occurring on or after the effective date10
	354	+	of this part 17 NOVEMBER 5, 2024; OR11
	355	+	(j) PROPERTY TAX REVENUE ATTRIBUTABLE TO SPECIFIC12
	356	+	OWNERSHIP TAX REVENUE PAID TO THE LOCAL GOVERNMENTAL ENTITY .13
238	357		(4) "R
239		-	EASSESSMENT CYCLE" MEANS A REASSESSMENT CYCLE
240		-	ESTABLISHED PURSUANT TO SECTION
241		-	39-1-104 (10.2).
	358	+	EASSESSMENT CYCLE" MEANS A REASSESSMENT CYCLE14
	359	+	ESTABLISHED PURSUANT TO SECTION 39-1-104 (10.2).15
242	360		(5) "S
243		-	CHOOL DISTRICT" MEANS A LOCAL GOVERNMENT THAT IS
244		-	AUTHORIZED BY LAW TO IMPOSE AD VALOREM TAXES ON TAXABLE PROPERTY
245		-	LOCATED WITHIN ITS TERRITORIAL LIMITS AND HAS A DISTRICT TOTAL
246		-	PROGRAM DETERMINED BY ARTICLE
247		-	54 OF TITLE 22.
248		-	SECTION 4. In Colorado Revised Statutes, add 29-1-1702.5 as
249		-	follows:
250		-	29-1-1702.5. School district property tax limit imposition -
251		-	temporary residential valuation for assessment adjustment - correction
252		-	- definition - repeal. (1) A
253		-	S USED IN THIS SECTION, UNLESS THE CONTEXT
254		-	OTHERWISE REQUIRES
255		-	:
	361	+	CHOOL DISTRICT" MEANS A LOCAL GOVERNMENT THAT IS16
	362	+	AUTHORIZED BY LAW TO IMPOSE AD VALOREM TAXES ON TAXABLE17
	363	+	PROPERTY LOCATED WITHIN ITS TERRITORIAL LIMITS AND HAS A DISTRICT18
	364	+	TOTAL PROGRAM DETERMINED BY ARTICLE 54 OF TITLE 22.19
	365	+	SECTION
	366	+	4. In Colorado Revised Statutes, add 29-1-1702.5 as20
	367	+	follows:21
	368	+	29-1-1702.5. School district property tax limit imposition -22
	369	+	temporary residential valuation for assessment adjustment -23
	370	+	correction - definition - repeal. (1) A
	371	+	S USED IN THIS SECTION, UNLESS24
	372	+	THE CONTEXT OTHERWISE REQUIRES :25
256	373		(a) "B
257		-	ALANCING PERCENTAGE " MEANS THE VALUATION FOR
258		-	ASSESSMENT OF ALL RESIDENTIAL REAL PROPERTY
259		-	, FOR THE PURPOSE OF A
260		-	LEVY IMPOSED BY A SCHOOL DISTRICT
261		-	, NECESSARY FOR SCHOOL DISTRICT
262		-	QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE TO EQUAL THE SCHOOL
263		-	PAGE 6-HOUSE BILL 24B-1001 DISTRICT PROPERTY TAX LIMIT.
	374	+	ALANCING PERCENTAGE " MEANS THE VALUATION FOR26
	375	+	ASSESSMENT OF ALL RESIDENTIAL REAL PROPERTY , FOR THE PURPOSE OF27
	376	+	1001
	377	+	-10- A LEVY IMPOSED BY A SCHOOL DISTRICT , NECESSARY FOR SCHOOL1
	378	+	DISTRICT QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE TO E QUAL THE2
	379	+	SCHOOL DISTRICT PROPERTY TAX LIMIT.3
264	380		(b) "C
265		-	ORRECTION PERCENTAGE" MEANS THE DIFFERENCE BETWEEN
266		-	THE COUNTERFACTUAL PERCENTAGE AND THE VALUATION FOR ASSESSMENT
267		-	OF ALL RESIDENTIAL REAL PROPERTY FOR THE PURPOSE OF A LEVY IMPOSED
268		-	BY A SCHOOL DISTRICT FOR THE IMMEDIATELY PRECEDING PROPERTY TAX
269		-	YEAR
270		-	.
	381	+	ORRECTION PERCENTAGE" MEANS THE DIFFERENCE BETWEEN4
	382	+	THE COUNTERFACTUAL PERCENTAGE AND THE VALUATION FOR5
	383	+	ASSESSMENT OF ALL RESIDENTIAL REAL PROPERTY FOR THE PURPOSE OF A6
	384	+	LEVY IMPOSED BY A SCHOOL DISTRICT FOR THE IMMEDIATELY PRECEDING7
	385	+	PROPERTY TAX YEAR.8
271	386		(c) "C
272		-	OUNTERFACTUAL PERCENTAGE " MEANS THE ~~VALUATION FOR~~
273		-	~~ASSESSMENT OF ALL RESIDENTIAL REAL PROPERTY FOR THE IMMEDIATELY~~
274		-	~~PRECEDING~~ PROPERTY ~~TAX YEAR~~ FOR THE ~~PURPOSE OF A LEVY IMPOSED BY~~
275		-	A ~~SCHOOL DISTRICT THAT WOULD HAVE RESULTED IN SCHOOL DISTRICT~~
276		-	~~QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE EQUALING THE~~ SCHOOL
277		-	~~DISTRICT~~ PROPERTY TAX ~~LIMIT~~
278		-	.
	387	+	OUNTERFACTUAL PERCENTAGE " MEANS THE
	388	+	VALUATION FOR9
	389	+	ASSESSMENT OF ALL RESIDENTIAL REAL PROPERTY FOR THE IMMEDIATELY10
	390	+	PRECEDING PROPERTY TAX YEAR FOR THE PURPOSE OF A LEVY IMPOSED BY11
	391	+	A SCHOOL DISTRICT THAT WOULD HAVE RESULTED IN SCHOOL DISTRICT12
	392	+	QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE EQUALING THE SCHOOL13
	393	+	DISTRICT PROPERTY TAX LIMIT.14
279	394		(2) F
280		-	OR PROPERTY TAX YEARS COMMENCING ON OR ~~AFTER JANUARY~~
281		-	~~1, 2025, QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE FOR ALL SCHOOL~~
282		-	~~DISTRICTS FROM A~~ PROPERTY TAX ~~YEAR MUST NOT INCREASE BY MORE THAN~~
283		-	~~THE~~ SCHOOL ~~DISTRICT~~ PROPERTY TAX ~~LIMIT~~
284		-	.
	395	+	OR PROPERTY TAX YEARS COMMENCING ON OR AFTER15
	396	+	J
	397	+	ANUARY 1, 2025, QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE FOR16
	398	+	ALL SCHOOL DISTRICTS FROM A PROPERTY TAX YEAR MUST NOT INCREASE17
	399	+	BY MORE THAN THE SCHOOL DISTRICT PROPERTY TAX LIMIT .18
285	400		(3) (a) I
286		-	F THE QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE FOR
287		-	SCHOOL DISTRICTS FROM A PROPERTY TAX YEAR COMMENCING ON OR AFTER
288		-	JANUARY 1, 2025, WOULD OTHERWISE EXCEED THE SCHOOL DISTRICT
289		-	PROPERTY TAX LIMIT
290		-	, THE VALUATION FOR ASSESSMENT FOR ALL
291		-	RESIDENTIAL REAL PROPERTY
292		-	, FOR THE PURPOSE OF A LEVY IMPOSED BY A
293		-	SCHOOL DISTRICT
294		-	, IS TEMPORARILY REDUCED FOR THAT PROPERTY TAX YEAR
295		-	TO THE TOTAL OF THE BALANCING PERCENTAGE CALCULATED BY THE STATE
296		-	BOARD OF EQUALIZATION PURSUANT TO SUBSECTION
297		-	(4)(d) OF THIS SECTION
298		-	AND
299		-	, IF THE SCHOOL DISTRICT QUALIFIED LOCAL SHARE PROPERTY TAX
300		-	REVENUE EXCEEDED THE SCHOOL DISTRICT PROPERTY TAX LIMIT IN THE
301		-	IMMEDIATELY PRECEDING PROPERTY TAX YEAR
302		-	, THE CORRECTION
303		-	PERCENTAGE
304		-	.
	401	+	F THE QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE19
	402	+	FOR SCHOOL DISTRICTS FROM A PROPERTY TAX YEAR COMMENCING ON OR20
	403	+	AFTER JANUARY 1, 2025, WOULD OTHERWISE EXCEED THE SCHOOL21
	404	+	DISTRICT PROPERTY TAX LIMIT, THE VALUATION FOR ASSESSMENT FOR ALL22
	405	+	RESIDENTIAL REAL PROPERTY, FOR THE PURPOSE OF A LEVY IMPOSED BY23
	406	+	A SCHOOL DISTRICT, IS TEMPORARILY REDUCED FOR THAT PROPERTY TAX24
	407	+	YEAR TO THE TOTAL OF THE BALANCING PERCENTAGE CALCULATED BY25
	408	+	THE STATE BOARD OF EQUALIZATION PURSUANT TO SUBSECTION (4)(d) OF26
	409	+	THIS SECTION AND, IF THE SCHOOL DISTRICT QUALIFIED LOCAL SHARE27
	410	+	1001
	411	+	-11- PROPERTY TAX REVENUE EXCEEDED THE SCHOOL DISTRICT PROPERTY TAX1
	412	+	LIMIT IN THE IMMEDIATELY PRECEDING PROPERTY TAX YEAR , THE2
	413	+	CORRECTION PERCENTAGE .3
305	414		(b) I
306		-	F THE QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE FOR
307		-	SCHOOL DISTRICTS FROM A PROPERTY TAX YEAR COMMENCING ON OR AFTER
308		-	JANUARY 1, 2025, IS NOT PROJECTED TO EXCEED THE SCHOOL DISTRICT
309		-	PROPERTY TAX LIMIT
310		-	, THE VALUATION FOR ASSESSMENT FOR ALL
311		-	RESIDENTIAL REAL PROPERTY
312		-	, FOR THE PURPOSE OF A LEVY IMPOSED BY A
313		-	SCHOOL DISTRICT
314		-	, IS TEMPORARILY REDUCED , AS CALCULATED BY THE
315		-	STATE BOARD OF EQUALIZATION PURSUANT TO SUBSECTION
316		-	(4)(d) OF THIS
317		-	PAGE 7-HOUSE BILL 24B-1001 SECTION, FOR THAT PROPERTY TAX YEAR BY THE CORRECTION PERCENTAGE
318		-	IF THE SCHOOL DISTRICT QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE
319		-	EXCEEDED THE SCHOOL DISTRICT PROPERTY TAX LIMIT IN THE IMMEDIATELY
320		-	PRECEDING PROPERTY TAX YEAR
321		-	.
	415	+	F THE QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE FOR4
	416	+	SCHOOL DISTRICTS FROM A PROPERTY TAX YEAR COMMENCING ON OR5
	417	+	AFTER JANUARY 1, 2025, IS NOT PROJECTED TO EXCEED THE SCHOOL6
	418	+	DISTRICT PROPERTY TAX LIMIT, THE VALUATION FOR ASSESSMENT FOR ALL7
	419	+	RESIDENTIAL REAL PROPERTY, FOR THE PURPOSE OF A LEVY IMPOSED BY8
	420	+	A SCHOOL DISTRICT, IS TEMPORARILY REDUCED, AS CALCULATED BY THE9
	421	+	STATE BOARD OF EQUALIZATION PURSUANT TO SUBSECTION (4)(d) OF THIS10
	422	+	SECTION, FOR THAT PROPERTY TAX YEAR BY THE CORRECTION11
	423	+	PERCENTAGE IF THE SCHOOL DISTRICT QUALIFIED LOCAL SHARE PROPERTY12
	424	+	TAX REVENUE EXCEEDED THE SCHOOL DISTRICT PROPERTY TAX LIMIT IN13
	425	+	THE IMMEDIATELY PRECEDING PROPERTY TAX YEAR .14
322	426		(c) A
323		-	TEMPORARY REDUCTION IN THE VALUATION FOR ASSESSMENT
324		-	THAT APPLIES TO THAT RESIDENTIAL REAL PROPERTY FOR THE PURPOSE OF
325		-	A LEVY IMPOSED BY A SCHOOL DISTRICT PURSUANT TO SUBSECTION
326		-	(3)(a) OF
327		-	THIS SECTION DOES NOT CHANGE THE UNDERLYING VALUATION FOR
328		-	ASSESSMENT THAT APPLIES TO THAT RESIDENTIAL REAL PROPERTY FOR THE
329		-	PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT
330		-	. THEREFORE, REDUCING
331		-	THE AMOUNT OF THE TEMPORARY REDUCTION IN THE VALUATION FOR
332		-	ASSESSMENT THAT APPLIES TO RESIDENTIAL REAL PROPERTY FOR THE
333		-	PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT PURSUANT TO
334		-	SUBSECTION
335		-	(3)(a) OR (3)(b) OF THIS SECTION, OR REMOVING SUCH A
336		-	TEMPORARY REDUCTION
337		-	, FROM ONE PROPERTY TAX YEAR TO THE NEXT DOES
338		-	NOT REQUIRE PRIOR VOTER APPROVAL UNDER SECTION
339		-	20 (4)(a) OF ARTICLE
340		-	X OF THE STATE CONSTITUTION.
341		-	(d) (I) N
342		-	OTWITHSTANDING SUBSECTIONS (3)(a) AND (3)(b) OF THIS
	427	+	TEMPORARY REDUCTION IN THE
	428	+	VALUATION FOR15
	429	+	ASSESSMENT THAT APPLIES TO THAT RESIDENTIAL REAL PROPERTY FOR16
	430	+	THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT PURSUANT TO17
	431	+	SUBSECTION (3)(a) OF THIS SECTION DOES NOT CHANGE THE UNDERLYING18
	432	+	VALUATION FOR ASSESSMENT THAT APPLIES TO THAT RESIDENTIAL REAL19
	433	+	PROPERTY FOR THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT .20
	434	+	T
	435	+	HEREFORE, REDUCING THE AMOUNT OF THE TEMPORARY REDUCTION IN21
	436	+	THE VALUATION OF ASSESSMENT THAT APPLIES TO RESIDENTIAL REAL22
	437	+	PROPERTY FOR THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT23
	438	+	PURSUANT TO SUBSECTION (3)(a) OR (3)(b) OF THIS SECTION, OR24
	439	+	REMOVING SUCH A TEMPORARY REDUCTION , FROM ONE PROPERTY TAX25
	440	+	YEAR TO THE NEXT DOES NOT REQUIRE PRIOR VOTER APPROVAL UNDER26
	441	+	SECTION 20 (4)(a) OF ARTICLE X OF THE STATE CONSTITUTION.27
	442	+	1001
	443	+	-12- (d) (I) NOTWITHSTANDING SUBSECTIONS (3)(a) AND (3)(b) OF THIS1
	444	+	SECTION, THE VALUATION FOR ASSESSMENT ESTABLISHED PURSUANT TO2
	445	+	SUBSECTION (3)(a) OF THIS SECTION MUST NOT EXCEED THE VALUATION3
	446	+	FOR ASSESSMENT ESTABLISHED IN SECTION 39-1-104.2 THAT APPLIES TO4
	447	+	RESIDENTIAL REAL PROPERTY FOR THE PURPOSE OF A LEVY IMPOSED BY A5
	448	+	SCHOOL DISTRICT.6
	449	+	(II) N
	450	+	OTWITHSTANDING
	451	+	SUBSECTION (2) OF THIS SECTION AND7
	452	+	SECTION 29-1-1703 (3), QUALIFIED LOCAL SHARE PROPERTY TAX8
	453	+	REVENUE MAY EXCEED THE SCHOOL DISTRICT PROPERTY TAX LIMIT FOR A9
	454	+	PROPERTY TAX YEAR IF DOING SO IS A RESULT OF ESTABLISHING THE10
	455	+	VALUATION FOR ASSESSMENT PURSUANT TO SUBSECTIONS (3)(a) AND11
	456	+	(3)(b)
	457	+	OF THIS SECTION.12
	458	+	(4) (a) (I) (A) N
	459	+	O LATER THAN DECEMBER 10, 2024, AN ASSESSOR13
	460	+	SHALL REPORT TO THE PROPERTY TAX ADMINISTRATOR IN THE DIVISION OF14
	461	+	PROPERTY TAXATION IN THE DEPARTMENT OF LOCAL AFFAIRS THE15
	462	+	INFORMATION THAT THE ADMINISTRATOR DETERMINES IS NECESSARY TO16
	463	+	DETERMINE THE AMOUNT OF QUALIFIED LOCAL SHARE PROPERTY TAX17
	464	+	REVENUE FOR PURPOSES OF SECTIONS 29-1-1701 (2.5)(a)(I) TO18
	465	+	(2.5)(a)(VII)
	466	+	FOR THE RELEVANT PROPERTY TAX YEAR .19
	467	+	(B) T
	468	+	HIS SUBSECTION (4)(a)(I) IS REPEALED, EFFECTIVE JULY 1,20
	469	+	2025.21
	470	+	(II) N
	471	+	O LATER THAN AUGUST 25, 2025, AND EACH AUGUST 2522
	472	+	THEREAFTER, AN ASSESSOR SHALL REPORT TO THE PROPERTY TAX23
	473	+	ADMINISTRATOR IN THE DIVISION OF PROPERTY TAXATION IN THE24
	474	+	DEPARTMENT OF LOCAL AFFAIRS THE INFORMATION THAT THE25
	475	+	ADMINISTRATOR DETERMINES NECESSARY TO DETERMINE THE AMOUNT OF26
	476	+	QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE FOR PURPOSES OF27
	477	+	1001
	478	+	-13- SECTION 29-1-1701 (2.5)(a)(I) TO (2.5)(a)(VII) FOR THE RELEVANT1
	479	+	PROPERTY TAX YEAR. 2
	480	+	(b) (I) (A) N
	481	+	O LATER THAN JANUARY 2, 2025, THE PROPERTY TAX3
	482	+	ADMINISTRATOR IN THE DIVISION OF PROPERTY TAXATION IN THE4
	483	+	DEPARTMENT OF LOCAL AFFAIRS SHALL REPORT TO LEGISLATIVE COUNCIL5
	484	+	STAFF THE INFORMATION THAT THE LEGISLATIVE COUNCIL STAFF6
	485	+	DETERMINES NECESSARY TO DETERMINE THE AMOUNT OF QUALIFIED7
	486	+	LOCAL SHARE PROPERTY TAX REVENUE FOR PURPOSES OF SECTION8
	487	+	29-1-1701 (2.5)(a)(I)
	488	+	TO (2.5)(a)(VII) FOR THE RELEVANT PROPERTY TAX9
	489	+	YEAR.10
	490	+	(B) T
	491	+	HIS SUBSECTION (4)(b)(I) IS REPEALED, EFFECTIVE JULY 1,11
	492	+	2025.12
	493	+	(II) N
	494	+	O LATER THAN OCTOBER 31, 2025, AND EACH OCTOBER 3113
	495	+	THEREAFTER, THE PROPERTY TAX ADMINISTRATOR IN THE DIVISION OF14
	496	+	PROPERTY TAXATION IN THE DEPARTMENT OF LOCAL AFFAIRS SHALL15
	497	+	REPORT TO LEGISLATIVE COUNCIL STAFF THE INFORMATION THAT THE16
	498	+	LEGISLATIVE COUNCIL STAFF DETERMINES NECESSARY TO D ETERMINE THE17
	499	+	AMOUNT OF QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE FOR18
	500	+	PURPOSES OF SECTION 29-1-1701 (2.5)(a)(I) TO (2.5)(a)(VII) FOR THE19
	501	+	RELEVANT PROPERTY TAX YEAR .20
	502	+	(c) N
	503	+	O LATER THAN JANUARY 15, 2025, AND EACH JANUARY 1521
	504	+	THEREAFTER, LEGISLATIVE COUNCIL STAFF SHALL PROVIDE THE STATE22
	505	+	BOARD OF EQUALIZATION WITH THE INFORMATION NECESSARY TO23
	506	+	CALCULATE THE BALANCING PERCENTAGE AND CORRECTION PERCENTAGE24
	507	+	FOR THE RELEVANT PROPERTY TAX YEAR AND THE COUNTERFACTUAL25
	508	+	PERCENTAGE FOR THE IMMEDIATELY PRECEDING PROPERTY TAX YEAR .26
	509	+	(d) N
	510	+	O LATER THAN TWENTY -ONE DAYS AFTER RECEIVING THE27
	511	+	1001
	512	+	-14- INFORMATION PROVIDED BY LEGISLATIVE COUNCIL STAFF PURSUANT TO1
	513	+	SUBSECTION (4)(c) OF THIS SECTION, THE STATE BOARD OF EQUALIZATION2
	514	+	SHALL MEET AND SUBMIT A REPORT TO THE GENERAL ASSEMBLY THAT3
	515	+	CALCULATES, AS APPLICABLE, THE TOTAL OF THE BALANCING PERCENTAGE4
	516	+	AND THE CORRECTION PERCENTAGE FOR THE RELEVANT PROPERTY TAX5
	517	+	YEAR OR THE TOTAL OF THE VALUATION FOR ASSESSMENT THAT APPLIES6
	518	+	TO THAT RESIDENTIAL REAL PROPERTY FOR THE PURPOSE OF A LEVY7
	519	+	IMPOSED BY A SCHOOL DISTRICT AND THE CORRECTION PERCENTAGE FOR8
	520	+	THE RELEVANT PROPERTY TAX YEAR .9
	521	+	SECTION 5. In Colorado Revised Statutes, amend as added by10
	522	+	Senate Bill 24-233 29-1-1703 as follows:11
	523	+	29-1-1703. Property tax limit calculation - definitions.12
	524	+	(1) A local governmental entity's property tax limit for a property tax13
	525	+	year is equal to the local governmental entity's base year qualified14
	526	+	property tax revenue increased for each year since the base year,15
	527	+	including the relevant property tax year, by five and one-half percent THE16
	528	+	BASE AMOUNT OF THE LOCAL GOVERNMENTAL ENTITY 'S QUALIFIED17
	529	+	PROPERTY TAX REVENUE INCREASED BY THE TOTAL OF THE GROWTH RATE18
	530	+	PERCENTAGE AND THEN INCREASED BY THE CARRYOVER AMOUNT .19
	531	+	(1.5) AS USED IN SUBSECTION (1) OF THIS SECTION, UNLESS THE20
	532	+	CONTEXT OTHERWISE REQUIRES :21
	533	+	(a) "BASE AMOUNT OF THE LOCAL GOVERNMENTAL ENTITY 'S22
	534	+	QUALIFIED PROPERTY TAX REVENUE " MEANS THE AMOUNT OF QUALIFIED23
	535	+	PROPERTY TAX REVENUE COLLECTED AND LAWFULLY RETAINED BY A24
	536	+	LOCAL GOVERNMENTAL ENTITY FROM WHICHEVER PROPERTY TAX YEAR25
	537	+	IN A PREVIOUS REASSESSMENT CYCLE WAS THE PROPERTY TAX YEAR FOR26
	538	+	WHICH THE LOCAL GOVERNMENTAL ENTITY COLLECTED AND LAWFULLY27
	539	+	1001
	540	+	-15- RETAINED THE MOST PROPERTY TAX REVENUE .1
	541	+	(b) (I) "CARRYOVER AMOUNT " MEANS, EXCEPT AS DESCRIBED IN2
	542	+	SUBSECTION (1.5)(b)(II) OF THIS SECTION, AN AMOUNT EQUAL TO THE3
	543	+	DIFFERENCE BETWEEN THE:4
	544	+	(A) BASE AMOUNT OF THE LOCAL GOVERNMENTAL ENTITY 'S5
	545	+	QUALIFIED PROPERTY TAX REVENUE THAT WAS APPLICABLE FOR THE MOST6
	546	+	RECENT REASSESSMENT CYCLE INCREASED BY THE GROWTH RATE7
	547	+	PERCENTAGE FOR THAT REASSESSMENT CYCLE ; AND8
	548	+	(B) THE LOCAL GOVERNMENT'S QUALIFIED PROPERTY TAX9
	549	+	REVENUE FROM THE YEAR WITH THE GREATEST QUALIFIED PROPERTY TAX10
	550	+	REVENUE IN THE MOST RECENT REASSESSMENT CYCLE .11
	551	+	(II) THERE IS NO CARRYOVER AMOUNT FOR A REASSESSMENT12
	552	+	CYCLE FOR A LOCAL GOVERNMENTAL ENTITY OCCURRING AFTER A13
	553	+	REASSESSMENT CYCLE WHEN THAT LOCAL GOVERNMENTAL ENTITY14
	554	+	RETAINED AN AMOUNT OF QUALIFIED PROPERTY TAX REVENUE EQUAL OR15
	555	+	GREATER THAN THE TOTAL OF THE BASE AMOUNT OF THE LOCAL16
	556	+	GOVERNMENTAL ENTITY'S QUALIFIED PROPERTY TAX REVENUE FOR THAT17
	557	+	REASSESSMENT CYCLE INCREASED BY THE GROWTH RATE PERCENTAGE18
	558	+	FOR THAT REASSESSMENT CYCLE .19
	559	+	(c) "GROWTH RATE PERCENTAGE " MEANS FIVE AND TWENTY-FIVE20
	560	+	HUNDREDTHS PERCENT MULTIPLIED BY THE NUMBER OF PROPERTY TAX21
	561	+	YEARS IN THE CURRENT REASSESSMENT CYCLE .22
	562	+	(2) As used in this section, unless the context otherwise requires,23
	563	+	"base year" means:24
	564	+	(a) Except as otherwise provided in subsection (2)(b) of this25
	565	+	section:26
	566	+	(I) For a local governmental entity that had qualified property tax27
	567	+	1001
	568	+	-16- revenue for the property tax year commencing on January 1, 2023, the1
	569	+	local governmental entity's qualified property tax revenue for the property2
	570	+	tax year commencing on January 1, 2023, plus any money that the local3
	571	+	governmental entity received pursuant to section 39-3-210; or4
	572	+	(II) For a local governmental entity that did not have qualified5
	573	+	property tax revenue for the property tax year commencing on January 1,6
	574	+	2023, the local governmental entity's qualified property tax revenue for7
	575	+	the first year that the local governmental entity had property tax revenue;8
	576	+	or9
	577	+	(b) For a local governmental entity that temporarily waives the10
	578	+	property limit pursuant to section 29-1-1704, the local governmental11
	579	+	entity's qualified property tax revenue for the most recent property tax12
	580	+	year for which the local governmental entity temporarily waived the13
	581	+	property limit pursuant to section 29-1-1704.14
	582	+	(3) A SCHOOL DISTRICT'S PROPERTY TAX LIMIT FOR A PROPERTY15
	583	+	TAX YEAR IS EQUAL TO THE AMOUNT OF TOTAL LOCAL SHARE PROPERTY16
	584	+	TAX REVENUE INCREASED BY THE TOTAL OF THE GROWTH RATE17
	585	+	PERCENTAGE AND THEN INCREASED BY THE CARRYOVER AMOUNT .18
	586	+	(4) AS USED IN SUBSECTION (3) OF THIS SECTION, UNLESS THE19
	587	+	CONTEXT OTHERWISE REQUIRES :20
	588	+	(a) (I) "CARRYOVER AMOUNT" MEANS, EXCEPT AS DESCRIBED IN21
	589	+	SUBSECTION (4)(a)(II) OF THIS SECTION, AN AMOUNT EQUAL TO THE22
	590	+	DIFFERENCE BETWEEN THE:23
	591	+	(A) TOTAL LOCAL SHARE PROPERTY TAX REVENUE THAT WAS24
	592	+	APPLICABLE FOR THE MOST RECENT REASSESSMENT CYCLE INCREASED BY25
	593	+	THE GROWTH RATE PERCENTAGE FOR THAT REASSESSMENT CYCLE ; AND26
	594	+	(B) THE QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE FROM27
	595	+	1001
	596	+	-17- THE YEAR WITH THE GREATEST QUALIFIED LOCAL SHARE PROPERTY TAX1
	597	+	REVENUE IN THE MOST RECENT REASSESSMENT CYCLE .2
	598	+	(II) THERE IS NO CARRYOVER AMOUNT FOR A REASSESSMENT3
	599	+	CYCLE OCCURRING AFTER A REASSESSMENT CYCLE WHEN SCHOOL4
	600	+	DISTRICTS RETAINED AN AMOUNT OF QUALIFIED LOCAL SHARE PROPERTY5
	601	+	TAX REVENUE EQUAL OR GREATER THAN THE TOTAL OF THE TOTAL LOCAL6
	602	+	SHARE PROPERTY TAX REVENUE FOR THAT REASSESSMENT CYCLE7
	603	+	INCREASED BY THE GROWTH RATE PERCENTAGE FOR THAT REASSESSMENT8
	604	+	CYCLE.9
	605	+	(b) "GROWTH RATE PERCENTAGE " MEANS THE GREATER OF:10
	606	+	(I) SIX PERCENT MULTIPLIED BY THE NUMBER OF PROPERTY TAX11
	607	+	YEARS IN THE CURRENT REASSESSMENT CYCLE ; OR12
	608	+	(II) THE TOTAL OF THE ESTIMATED SCHOOL FACTOR FOR THE13
	609	+	CURRENT PROPERTY TAX YEAR PLUS THE ESTIMATED SCHOOL FACTOR FOR14
	610	+	ANY OTHER PROPERTY TAX YEAR IN THE SAME REASSESSMENT CYCLE .15
	611	+	(c) "SCHOOL FACTOR" MEANS THE TOTAL PERCENTAGE OF THE16
	612	+	RATE BY WHICH THE GENERAL ASSEMB LY INCREASES THE STATEWIDE BASE17
	613	+	PER PUPIL FUNDING FOR PUBLIC EDUCATION FROM KINDERGARTEN18
	614	+	THROUGH TWELFTH GRADE FOR THE RELEVANT SCHOOL YEAR , AS19
	615	+	DETERMINED PURSUANT TO SECTION 22-55-106, FOR ALL SCHOOL20
	616	+	DISTRICTS IN THE STATE PLUS THE PERCENTAGE INCREASE IN FUNDED21
	617	+	PUPIL COUNT, AS DEFINED IN SECTION 22-54-103.5 (4), FOR THE RELEVANT22
	618	+	SCHOOL YEAR FOR ALL SCHOOL DISTRICTS IN THE STATE . 23
	619	+	(d) "TOTAL LOCAL SHARE PROPERTY TAX REVENUE " MEANS THE24
	620	+	TOTAL AMOUNT OF PROPERTY TAX REVENUE COLLECTED AND LAWFULLY25
	621	+	RETAINED BY ALL SCHOOL DISTRICTS IN THE STATE IN CONNECTION WITH26
	622	+	DISTRICT TOTAL PROGRAM FUNDING FROM WHICHEVER PREVIOUS27
	623	+	1001
	624	+	-18- PROPERTY TAX YEAR IN A PREVIOUS REASSESSMENT CYCLE WAS THE1
	625	+	PROPERTY TAX YEAR FOR WHICH THE TOTAL AMOUNT OF PROPERTY TAX2
	626	+	REVENUE COLLECTED AND LAWFULLY RETAINED BY ALL SCHOOL3
	627	+	DISTRICTS IN THE STATE IN CONNECTION WITH DISTRICT TOTAL PROGRAM4
	628	+	FUNDING WAS GREATEST.5
	629	+	SECTION 6. In Colorado Revised Statutes, amend as added by6
	630	+	Senate Bill 24-233 29-1-1704 as follows:7
	631	+	29-1-1704. Voter approval of property limit waiver. (1) (a) A8
	632	+	local governmental entity's governing body may submit to the local9
	633	+	governmental entity's electors the question of whether the local10
	634	+	governmental entity may waive the
	635	+	LOCAL GOVERNMENTAL ENTITY11
	636	+	property tax limit established in section 29-1-1702 in connection with a12
	637	+	single property tax year, a specified number of property tax years, or all13
	638	+	future property tax years. If the majority of the local governmental entity's14
	639	+	voters voting thereon approve such a request, the local governmental15
	640	+	entity is not subject to the
	641	+	LOCAL GOVERNMENTAL ENTITY property tax16
	642	+	limit established in section 29-1-1702 for the period of property tax years17
	643	+	for which voters approved waiving the property tax limit.18
	644	+	(b) F
	645	+	OR A MEASURE THAT IS PLACED ON THE BALLOT AFTER19
	646	+	N
	647	+	OVEMBER 5, 2024, THAT WOULD ALLOW A LOCAL GOVERNMENTAL20
	648	+	ENTITY TO WAIVE THE PROPERTY TAX LIMIT ESTABLISHED IN SECTION21
	649	+	29-1-1702
	650	+	IN CONNECTION WITH A SINGLE PROPERTY TAX YEAR , A22
	651	+	SPECIFIED NUMBER OF PROPERTY TAX YEARS , OR ALL FUTURE PROPERTY23
	652	+	TAX YEARS, THE BALLOT TITLE MUST BEGIN "SHALL THE (NAME OF THE24
	653	+	LOCAL GOVERNMENT ) WAIVE THE 5.25% PROPERTY TAX LIMIT FOR" AND25
	654	+	THEN MUST SPECIFY WHETHER THE LOCAL GOVERNMENTAL ENTITY IS26
	655	+	SEEKING TO WAIVE THE PROPERTY TAX LIMIT FOR A SINGLE PROPERTY TAX27
	656	+	1001
	657	+	-19- YEAR, A SPECIFIED NUMBER OF PROPERTY TAX YEARS , OR ALL FUTURE1
	658	+	PROPERTY TAX YEARS.2
	659	+	(2) (a) T
	660	+	HE VOTERS OF THE STATE, RATHER THAN THE VOTERS OF3
	661	+	ANY INDIVIDUAL SCHOOL DISTRICT , MAY WAIVE THE SCHOOL DISTRICT4
	662	+	PROPERTY TAX REVENUE LIMIT ESTABLISHED IN SECTION 29-1-1702.5 IN5
	663	+	CONNECTION WITH A SINGLE PROPERTY TAX YEAR , A SPECIFIED NUMBER6
	664	+	OF PROPERTY TAX YEARS, OR ALL FUTURE PROPERTY TAX YEARS . IF THE7
	665	+	MAJORITY OF THE VOTERS OF THE STATE VOTING THEREON APPROVE SUCH8
	666	+	A REQUEST, ALL SCHOOL DISTRICTS ARE NOT SUBJECT TO THE SCHOOL9
	667	+	DISTRICT PROPERTY TAX REVENUE LIMIT ESTABLISHED IN SECTION10
	668	+	29-1-1702.5
	669	+	FOR THE PERIOD OF PROPERTY TAX YEARS FOR WHICH VOTERS11
	670	+	APPROVED WAIVING THE PROPERTY TAX REVENUE LIMIT . THE VOTERS OF12
	671	+	AN INDIVIDUAL SCHOOL DISTRICT MAY NOT ELECT TO WAIVE THE SCHOOL13
	672	+	DISTRICT PROPERTY TAX REVENUE LIMIT ESTABLISHED IN SECTION14
	673	+	29-1-1702.5
	674	+	FOR THAT INDIVIDUAL SCHOOL DISTRICT.15
	675	+	(b) F
	676	+	OR A MEASURE THAT IS PLACED ON THE BALLOT AFTER16
	677	+	N
	678	+	OVEMBER 5, 2024, THAT WOULD ALLOW ALL SCHOOL DISTRICTS TO17
	679	+	WAIVE THE SCHOOL DISTRICT PROPERTY TAX REVENUE LIMIT ESTABLISHED18
	680	+	IN SECTION 29-1-1702.5 IN CONNECTION WITH A SINGLE PROPERTY TAX19
	681	+	YEAR, A SPECIFIED NUMBER OF PROPERTY TAX YEARS , OR ALL FUTURE20
	682	+	PROPERTY TAX YEARS, THE BALLOT TITLE MUST BEGIN "SHALL ALL OF THE21
	683	+	SCHOOL DISTRICTS IN THE STATE WAIVE THE 6% PROPERTY TAX LIMIT FOR"22
	684	+	AND THEN MUST SPECIFY WHETHER THE PROPERTY TAX LIMIT WOULD BE23
	685	+	WAIVED FOR ALL SCHOOL DISTRICTS FOR A SINGLE PROPERTY TAX YEAR ,24
	686	+	A SPECIFIED NUMBER OF PROPERTY TAX YEARS , OR ALL FUTURE PROPERTY25
	687	+	TAX YEARS.26
343	688		SECTION
344		-	, THE VALUATION FOR ASSESSMENT ESTABLISHED PURSUANT TO
345		-	SUBSECTION
346		-	(3)(a) OF THIS SECTION MUST NOT EXCEED THE VALUATION FOR
347		-	ASSESSMENT ESTABLISHED IN SECTION
348		-	39-1-104.2 THAT APPLIES TO
349		-	RESIDENTIAL REAL PROPERTY FOR THE PURPOSE OF A LEVY IMPOSED BY A
350		-	SCHOOL DISTRICT
351		-	.
352		-	(II) N
353		-	OTWITHSTANDING SUBSECTION (2) OF THIS SECTION AND
	689	+	7. In Colorado Revised Statutes, amend as added by27
	690	+	1001
	691	+	-20- Senate Bill 24-233 29-1-1705 as follows:1
	692	+	29-1-1705. Prior obligations not impaired - voter-approval of2
	693	+	mill increases - disaster emergency spending - definitions. (1) Nothing3
	694	+	in this part 17 impairs:4
	695	+	(a) The obligations of any bonds or other forms of indebtedness5
	696	+	that are outstanding as of the effective date of this part 17 NOVEMBER 5,6
	697	+	2024, or the refunding thereof, issued by a local governmental entity7
	698	+	GOVERNMENT or otherwise invalidates any such bond or the obligations8
	699	+	or refunding thereof; or9
	700	+	(b) The existing voted authorization of a local governmental entity10
	701	+	GOVERNMENT approved by a majority of the local governmental entity's11
	702	+	GOVERNMENT'S voters voting thereon in accordance with section 20 of12
	703	+	article X of the state constitution as of the effective date of this part 1713
	704	+	N
	705	+	OVEMBER 5, 2024. As established in section 29-1-1701 (3)(h), the14
	706	+	imposition of a levy to provide for the payment of the following is not15
	707	+	included in the calculation of the property tax limit:16
	708	+	(I) Bonds that are outstanding as of the effective date of this part
	709	+	17
	710	+	17 NOVEMBER 5, 2024, and the interest thereon, or for the payment of any18
	711	+	other contractual obligation outstanding as of the effective date of this19
	712	+	part 17 NOVEMBER 5, 2024, that has been approved by a majority of the20
	713	+	local governmental entity's GOVERNMENT'S voters voting thereon; and21
	714	+	(II) Bonds or other contractual obligations issued in accordance22
	715	+	with the existing voted authorization of a local governmental entity23
	716	+	GOVERNMENT approved by a majority of the local governmental entity's24
	717	+	GOVERNMENT'S voters voting thereon in accordance with section 20 of25
	718	+	article X of the state constitution as of the effective date of this part 1726
	719	+	are not included in the calculation of the property tax limit NOVEMBER 5,27
	720	+	1001
	721	+	-21- 2024.1
	722	+	(2) (a) Nothing in this part 17 prevents a local governmental entity2
	723	+	from submitting to the local governmental entity's electors the question3
	724	+	of whether to increase the total number of mills levied by the local4
	725	+	governmental entity and, upon RECEIVING THE APPROVAL OF a majority5
	726	+	of the local governmental entity's voters voting to approve THEREON FOR6
	727	+	such a request, increasing the total number of mills levied by the local7
	728	+	governmental entity accordingly. As established in section 29-1-17018
	729	+	(3)(i), property tax revenue attributable to a local governmental entity9
	730	+	increasing the total number of mills it levies upon receiving the approval10
	731	+	of the majority of the local governmental entity's voters VOTING THEREON11
	732	+	for such an increase in an election occurring on or after the effective date12
	733	+	of this part 17 NOVEMBER 5, 2024, is not included in the calculation of the13
	734	+	LOCAL GOVERNMENTAL ENTITY'S property tax limit. A local governmental14
	735	+	entity may also submit to the local government entity's electors the15
	736	+	question of whether to increase the total number of mills levied by the16
	737	+	local governmental entity in such a way that the mills increase to match17
	738	+	the local governmental entity's property tax limit established pursuant to18
	739	+	section 29-1-1702 and, upon RECEIVING THE APPROVAL OF a majority of19
	740	+	the local governmental entity's voters voting to approve THEREON FOR20
	741	+	such a request, increasing the total number of mills levied by the local21
	742	+	governmental entity accordingly.22
	743	+	(b) NOTHING IN THIS PART 17 PREVENTS A SCHOOL DISTRICT FROM23
	744	+	SUBMITTING TO THE SCHOOL DISTRICT'S ELECTORS THE QUESTION OF24
	745	+	WHETHER TO INCREASE THE TOTAL NUMBER OF MILLS LEVIED BY THE25
	746	+	SCHOOL DISTRICT AND, UPON RECEIVING THE APPROVAL OF A MAJORITY OF26
	747	+	THE SCHOOL DISTRICT'S VOTERS VOTING THEREON FOR SUCH A REQUEST,27
	748	+	1001
	749	+	-22- INCREASING THE TOTAL NUMBER OF MILLS LEVIED BY THE SCHOOL1
	750	+	DISTRICT ACCORDINGLY. AS ESTABLISHED IN SECTION 29-1-17012
	751	+	(2.5)(a)(VIII), PROPERTY TAX REVENUE ATTRIBUTABLE TO A SCHOOL3
	752	+	DISTRICT INCREASING THE TOTAL NUMBER OF TOTAL PROGRAM FUNDING4
	753	+	MILLS IT LEVIES UPON RECEIVING THE APPROVAL OF THE MAJORITY OF THE5
	754	+	SCHOOL DISTRICT'S VOTERS VOTING THEREON FOR SUCH AN INCREASE IN6
	755	+	AN ELECTION OCCURRING ON OR AFTER NOVEMBER 5, 2024, IS NOT7
	756	+	INCLUDED IN THE CALCULATION OF THE SCHOOL DISTRICT'S PROPERTY TAX8
	757	+	LIMIT. AS ESTABLISHED IN SECTION 29-1-1701 (2.5)(a)(IX), PROPERTY9
	758	+	TAX REVENUE ATTRIBUTABLE TO MILLS THAT THE SCHOOL DISTRICT10
	759	+	LEVIES THAT IT DOES NOT LEVY IN CONNECTION WITH TOTAL PROGRAM11
	760	+	FUNDING IS NOT INCLUDED IN THE CALCULATION OF THE SCHOOL12
	761	+	DISTRICT'S PROPERTY TAX LIMIT. A SCHOOL DISTRICT MAY ALSO SUBMIT13
	762	+	TO THE SCHOOL DISTRICT'S ELECTORS THE QUESTION OF WHETHER TO14
	763	+	INCREASE THE TOTAL NUMBER OF MILLS LEVIED BY THE SCHOOL DISTRICT15
	764	+	IN CONNECTION WITH TOTAL PROGRAM FUNDING IN SUCH A WAY THAT THE16
	765	+	MILLS INCREASE TO MATCH THE SCHOOL DISTRICT'S PROPERTY TAX LIMIT17
	766	+	ESTABLISHED PURSUANT TO SECTION 29-1-1702.5 AND, UPON RECEIVING18
	767	+	THE APPROVAL OF A MAJORITY OF THE SCHOOL DISTRICT'S VOTERS VOTING19
	768	+	THEREON FOR SUCH A REQUEST, TO INCREASE THE TOTAL NUMBER OF20
	769	+	MILLS LEVIED BY THE SCHOOL DISTRICT ACCORDINGLY . 21
	770	+	(3) (a) N
	771	+	OTWITHSTANDING THIS PART 17, AN AMOUNT OF22
	772	+	QUALIFIED PROPERTY TAX REVENUE OR QUALIFIED LOCAL SHARE23
	773	+	PROPERTY TAX REVENUE , AS APPLICABLE, EQUAL TO ANY AMOUNT OF24
	774	+	DISASTER EMERGENCY SPENDING BY A LOCAL GOVERNMENT IN A25
	775	+	PROPERTY TAX YEAR IS EXEMPT FROM THE CALCULATION OF THE26
	776	+	PROPERTY TAX LIMIT THAT APPLIES TO THAT LOCAL GOVERNMENT FOR THE27
	777	+	1001
	778	+	-23- SAME PROPERTY TAX YEAR.1
	779	+	(b) A
	780	+	S USED IN THIS SUBSECTION (3), UNLESS THE CONTEXT2
	781	+	OTHERWISE REQUIRES:3
	782	+	(I) "D
	783	+	ECLARED DISASTER" HAS THE SAME MEANING AS SECTION4
	784	+	24-32-134 (1)(b).5
	785	+	(II) "D
	786	+	ISASTER EMERGENCY SPENDING " MEANS THE AMOUNT OF6
	787	+	ACTUAL EXPENDITURES BY A LOCAL GOVERNMENT IN A PROPERTY TAX7
	788	+	YEAR AS THE DIRECT RESULT OF A DECLARED DISASTER .8
354	789		SECTION
355		-	29-1-1703 (3), QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE
356		-	MAY EXCEED THE SCHOOL DISTRICT PROPERTY TAX LIMIT FOR A PROPERTY
357		-	TAX YEAR IF DOING SO IS A RESULT OF ESTABLISHING THE VALUATION FOR
358		-	ASSESSMENT PURSUANT TO SUBSECTIONS
359		-	(3)(a) AND (3)(b) OF THIS SECTION.
360		-	(4) (a) (I) (A) N
361		-	O LATER THAN DECEMBER 10, 2024, AN ASSESSOR
362		-	SHALL REPORT TO THE PROPERTY TAX ADMINISTRATOR IN THE DIVISION OF
363		-	PROPERTY TAXATION IN THE DEPARTMENT OF LOCAL AFFAIRS THE
364		-	INFORMATION THAT THE ADMINISTRATOR DETERMINES IS NECESSARY TO
365		-	DETERMINE THE AMOUNT OF QUALIFIED LOCAL SHARE PROPERTY TAX
366		-	REVENUE FOR PURPOSES OF SECTIONS
367		-	29-1-1701 (2.5)(a)(I) TO (2.5)(a)(VII)
368		-	FOR THE RELEVANT PROPERTY TAX YEAR .
369		-	PAGE 8-HOUSE BILL 24B-1001 (B) THIS SUBSECTION (4)(a)(I) IS REPEALED, EFFECTIVE JULY 1,
370		-	2025.
371		-	(II) N
372		-	O LATER THAN AUGUST 25, 2025, AND EACH AUGUST 25
373		-	THEREAFTER, AN ASSESSOR SHALL REPORT TO THE PROPERTY TAX
374		-	ADMINISTRATOR IN THE DIVISION OF PROPERTY TAXATION IN THE
375		-	DEPARTMENT OF LOCAL AFFAIRS THE INFORMATION THAT THE
376		-	ADMINISTRATOR DETERMINES NECESSARY TO DETERMINE THE AMOUNT OF
377		-	QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE FOR PURPOSES OF SECTION
378		-	29-1-1701 (2.5)(a)(I) TO (2.5)(a)(VII) FOR THE RELEVANT PROPERTY TAX
379		-	YEAR
380		-	.
381		-	(b) (I) (A) N
382		-	O LATER THAN JANUARY 2, 2025, THE PROPERTY TAX
383		-	ADMINISTRATOR IN THE DIVISION OF PROPERTY TAXATION IN THE
384		-	DEPARTMENT OF LOCAL AFFAIRS SHALL REPORT TO LEGISLATIVE COUNCIL
385		-	STAFF THE INFORMATION THAT THE LEGISLATIVE COUNCIL STAFF
386		-	DETERMINES NECESSARY TO DETERMINE THE AMOUNT OF QUALIFIED LOCAL
387		-	SHARE PROPERTY TAX REVENUE FOR PURPOSES OF SECTION
388		-	29-1-1701
389		-	(2.5)(a)(I)
390		-	TO (2.5)(a)(VII) FOR THE RELEVANT PROPERTY TAX YEAR .
	790	+	8. In Colorado Revised Statutes, 39-1-104, amend9
	791	+	(1)(a), (1)(b), and (1.8)(a); and add (1.9) as follows:10
	792	+	39-1-104. Valuation for assessment - definitions. (1) (a) F
	793	+	OR11
	794	+	PROPERTY TAX YEARS COMMENCING BEFORE JANUARY 1, 2025, the12
	795	+	valuation for assessment of all taxable property in the state shall be
	796	+	IS13
	797	+	twenty-nine percent of the actual value thereof as determined by the14
	798	+	assessor and the administrator in the manner prescribed by law, and that15
	799	+	percentage shall be uniformly applied, without exception, to the actual16
	800	+	value, so determined, of the real and personal property located within the17
	801	+	territorial limits of the authority levying a property tax, and all property18
	802	+	taxes shall be levied against the aggregate valuation for assessment19
	803	+	resulting from the application of that percentage.20
	804	+	(b) Notwithstanding subsection (1)(a) of this section, for the21
	805	+	property tax year YEARS commencing on January 1, 2023, AND JANUARY22
	806	+	1, 2024, the valuation for assessment of nonresidential property that is23
	807	+	classified as lodging property is temporarily reduced to twenty-seven and24
	808	+	nine-tenths percent of an amount equal to the actual value minus the25
	809	+	lesser of thirty thousand dollars or the amount that reduces the valuation26
	810	+	for assessment to one thousand dollars.27
	811	+	1001
	812	+	-24- (1.8) (a) FOR PROPERTY TAX YEARS COMMENCING BEFORE1
	813	+	J
	814	+	ANUARY 1, 2025, the valuation for assessment of real and personal2
	815	+	property that is classified as agricultural property or renewable energy3
	816	+	production property is twenty-nine percent of the actual value thereof;4
	817	+	except that, for property tax years commencing on January 1, 2022,5
	818	+	January 1, 2023, and January 1, 2024, the valuation for assessment of this6
	819	+	property is temporarily reduced to twenty-six and four-tenths percent of7
	820	+	the actual value thereof.8
	821	+	(1.9) (a) F
	822	+	OR THE PROPERTY TAX YEAR COMMENCING ON JANUARY9
	823	+	1,
	824	+	2025, THE VALUATION FOR ASSESSMENT FOR PERSONAL PROPERTY AND10
	825	+	NONRESIDENTIAL REAL PROPERTY IS TWENTY -SEVEN PERCENT OF THE11
	826	+	ACTUAL VALUE
	827	+	THEREOF. 12
	828	+	(b) F
	829	+	OR THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1,13
	830	+	2026,
	831	+	THE VALUATION FOR ASSESSMENT FOR PERSONAL PROPERTY AND14
	832	+	NONRESIDENTIAL REAL PROPERTY IS TWENTY -SIX PERCENT OF THE ACTUAL15
	833	+	VALUE THEREOF; EXCEPT THAT, FOR ALL PROPERTY LISTED BY THE16
	834	+	ASSESSOR UNDER ANY IMPROVED COMMERCIAL SUBCLASS CODES AND ALL17
	835	+	REAL OR PERSONAL PROPERTY THAT IS CLASSIFIED AS AGRICULTURAL18
	836	+	PROPERTY, THE VALUATION FOR ASSESSMENT IS TWENTY-FIVE PERCENT OF19
	837	+	THE ACTUAL VALUE THEREOF .20
	838	+	(c) F
	839	+	OR PROPERTY TAX YEARS COMMENCING ON OR AFTER21
	840	+	J
	841	+	ANUARY 1, 2027, THE VALUATION FOR ASSESSMENT FOR PERSONAL22
	842	+	PROPERTY AND NONRESIDENTIAL REAL PROPERTY IS TWENTY -FIVE23
	843	+	PERCENT OF THE ACTUAL VALUE
	844	+	THEREOF. 24
	845	+	(d) T
	846	+	HE ACTUAL VALUE OF REAL AND PERSONAL PROPERTY25
	847	+	SPECIFIED IN THIS SUBSECTION (1.9) IS DETERMINED BY THE ASSESSOR AND26
	848	+	THE ADMINISTRATOR IN THE MANNER PRESCRIBED BY LAW , AND A27
	849	+	1001
	850	+	-25- VALUATION FOR ASSESSMENT PERCENTAGE IS UNIFORMLY APPLIED ,1
	851	+	WITHOUT EXCEPTION, TO THE ACTUAL VALUE, SO DETERMINED, OF THE2
	852	+	VARIOUS CLASSES AND SUBCLASSES OF REAL AND PERSONAL PROPERTY3
	853	+	LOCATED WITHIN THE TERRITORIAL LIMITS OF THE AUTHORITY LEVYING A4
	854	+	PROPERTY TAX, AND ALL PROPERTY TAXES ARE LEVIED AGAINST THE5
	855	+	AGGREGATE VALUATION FOR ASSESSMENT RESULTING FROM THE6
	856	+	APPLICATION OF THE PERCENTAGE .7
	857	+	SECTION 9. In Colorado Revised Statutes, 39-1-104, amend as8
	858	+	amended by Senate Bill 24-233 (1.8)(b) introductory portion and9
	859	+	(1.8)(c); and repeal as added by Senate Bill 24-233 (1.8)(b.5) as10
	860	+	follows:11
	861	+	39-1-104. Valuation for assessment - definitions. (1.8) (b) F
	862	+	OR12
	863	+	PROPERTY TAX YEARS COMMENCING BEFORE JANUARY 1, 2025, the13
	864	+	valuation for assessment of all nonresidential property that is not14
	865	+	specified in subsection (1)
	866	+	OR (1.8)(a) or (1.8)(b.5)
	867	+	of this section is15
	868	+	twenty-nine percent of the actual value thereof; except that, for the16
	869	+	property tax years commencing on January 1, 2023, and January 1, 2024,17
	870	+	the valuation for assessment of this property is temporarily reduced to:18
	871	+	(b.5) The valuation for assessment for all property listed by the19
	872	+	assessor under any improved commercial subclass codes and all real or20
	873	+	personal property that is classified as agricultural property is:21
	874	+	(I) For the property tax year commencing on January 1, 2025,22
	875	+	temporarily reduced to twenty-seven percent of the actual value of the23
	876	+	property; and24
	877	+	(II) For property tax years commencing on or after January 1,25
	878	+	2026, reduced to twenty-five percent of the actual value of the property. 26
	879	+	(c) The actual value of real and personal property specified in27
	880	+	1001
	881	+	-26- subsection (1.8)(a) OR (1.8)(b) or (1.8)(b.5) of this section is determined1
	882	+	by the assessor and the administrator in the manner prescribed by law,2
	883	+	and a valuation for assessment percentage is uniformly applied, without3
	884	+	exception, to the actual value, so determined, of the various classes and4
	885	+	subclasses of real and personal property located within the territorial5
	886	+	limits of the authority levying a property tax, and all property taxes are6
	887	+	levied against the aggregate valuation for assessment resulting from the7
	888	+	application of the percentage. 8
	889	+	SECTION 10. In Colorado Revised Statutes, 39-1-104.2, add9
	890	+	(1)(e), (3)(t.5), (3)(u.5), and (8) as follows:10
	891	+	39-1-104.2. Residential real property - valuation for11
	892	+	assessment - legislative declaration - definitions. (1) As used in this12
	893	+	section, unless the context otherwise requires:13
	894	+	(e) "S
	895	+	TATEWIDE ACTUAL VALUE GROWTH " MEANS, AS DETERMINED14
	896	+	PURSUANT TO SUBSECTION (8) OF THIS SECTION,
	897	+	AN ESTIMATE BY THE15
	898	+	ADMINISTRATOR BASED UPON THE INFORMATION REPORTED BY COUNTY16
	899	+	ASSESSORS PURSUANT TO SECTION 39-2-115 ON AUGUST 25, 2025, OF THE17
	900	+	DIFFERENCE IN THE TOTAL STATEWIDE ACTUAL VALUE FROM THE18
	901	+	PROPERTY TAX YEAR COMMENCING ON JANUARY 1, 2024, AND THE TOTAL19
	902	+	STATEWIDE ACTUAL VALUE FROM THE PROPERTY TAX YEAR COMMENCING20
	903	+	ON JANUARY 1, 2025.21
	904	+	(3) (t.5) (I) F
	905	+	OR THE PROPERTY TAX YEAR COMMENCING ON22
	906	+	J
	907	+	ANUARY 1, 2025, IF THE STATE BOARD OF EQUALIZATION DETERMINES23
	908	+	THAT THE STATEWIDE ACTUAL VALUE GROWTH IS GREATER THAN FIVE24
	909	+	PERCENT, THE VALUATION FOR ASSESSMENT FOR ALL RESIDENTIAL REAL25
	910	+	PROPERTY OTHER THAN QUALIFIED -SENIOR PRIMARY RESIDENCE REAL26
	911	+	PROPERTY IS:27
	912	+	1001
	913	+	-27- (A) FOR THE PURPOSE OF A LEVY IMPOSED BY A LOCAL1
	914	+	GOVERNMENTAL ENTITY , 6.15 PERCENT OF THE ACTUAL VALUE OF THE2
	915	+	PROPERTY; AND3
	916	+	(B) F
	917	+	OR THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT ,4
	918	+	6.95
	919	+	PERCENT OF THE ACTUAL VALUE OF THE PROPERTY ; EXCEPT THAT THE5
	920	+	VALUATION FOR ASSESSMENT FOR THE PURPOSE OF A LEVY IMPOSED BY A6
	921	+	SCHOOL DISTRICT MAY BE TEMPORARILY REDUCED FOR A PROPERTY TAX7
	922	+	YEAR AS SET FORTH IN SECTION 29-1-1702.5.8
	923	+	(II) I
	924	+	F IT IS ADMINISTRATIVELY INFEASIBLE TO CALCULATE TWO9
	925	+	DIFFERENT VALUATIONS FOR ASSESSMENT FOR THE SAME PROPERTY BASED10
	926	+	ON THE SAME ACTUAL VALUE, BUT WITH TWO DIFFERENT PERCENTAGES OF11
	927	+	THAT ACTUAL VALUE, AN ASSESSOR MAY DETERMINE THE VALUE OF A12
	928	+	PROPERTY UNDER SUBSECTION (3)(t.5)(I)(B) OF THIS SECTION BY13
	929	+	CALCULATING 113.00813 PERCENT OF AN AMOUNT EQUAL TO 6.1514
	930	+	PERCENT OF THE ACTUAL VALUE OF THE PROPERTY .15
	931	+	(u.5) (I) F
	932	+	OR PROPERTY TAX YEARS COMMENCING ON OR AFTER16
	933	+	J
	934	+	ANUARY 1, 2026, IF THE STATE BOARD OF EQUALIZATION DETERMINES17
	935	+	THAT THE STATEWIDE ACTUAL VALUE GROWTH IS GREATER THAN FIVE18
	936	+	PERCENT, THE VALUATION FOR ASSESSMENT FOR ALL RESIDENTIAL REAL19
	937	+	PROPERTY OTHER THAN QUALIFIED -SENIOR PRIMARY RESIDENCE REAL20
	938	+	PROPERTY IS:21
	939	+	(A) F
	940	+	OR THE PURPOSE OF A LEVY IMPOSED BY A LOCAL22
	941	+	GOVERNMENTAL ENTITY , 6.7 PERCENT OF THE AMOUNT E QUAL TO THE23
	942	+	ACTUAL VALUE OF THE PROPERTY MINUS THE LESSER OF TEN PERCENT OF24
	943	+	THE ACTUAL VALUE OF THE
	944	+	PROPERTY, SEVENTY THOUSAND DOLLARS AS25
	945	+	INCREASED FOR INFLATION IN THE FIRST YEAR OF EACH SUBSEQUENT26
	946	+	REASSESSMENT CYCLE, OR THE AMOUNT THAT CAUSES THE VALUATION27
	947	+	1001
	948	+	-28- FOR ASSESSMENT OF THE PROPERTY TO BE ONE THOUSAND DOLLARS; AND1
	949	+	(B) F
	950	+	OR THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT ,2
	951	+	6.95
	952	+	PERCENT OF THE AMOUNT EQUAL TO THE ACTUAL VALUE OF THE3
	953	+	PROPERTY; EXCEPT THAT THE VALUATION FOR ASSESSMENT FOR THE4
	954	+	PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT MAY BE5
	955	+	TEMPORARILY REDUCED FOR A PROPERTY TAX YEAR AS SET FORTH IN6
	956	+	SECTION 29-1-1702.5.7
	957	+	(II) F
	958	+	OR REASSESSMENT CYCLES COMMENCING ON OR AFTER8
	959	+	J
	960	+	ANUARY 1, 2027, THE ADMINISTRATOR SHALL PUBLISH THE9
	961	+	INFLATION-INCREASED VALUE USED TO CALCULATE THE VALUATION FOR10
	962	+	ASSESSMENT PURSUANT TO SUBSECTION (3)(u.5)(I)(A) OF THIS SECTION. 11
	963	+	(III) T
	964	+	HE GENERAL ASSEMBLY FINDS AND DECLARES THAT ANY12
	965	+	MODIFICATION TO THE VALUATION FOR ASSESSMENT ESTABLISHED IN THIS13
	966	+	SUBSECTION (3)(u.5), EXCLUSIVE OF THE TERMINATION OF ANY14
	967	+	TEMPORARY REDUCTION PURSUANT TO SECTION 29-1-1702.5, THAT15
	968	+	WOULD RESULT IN A PROPERTY TAX INCREASE WOULD REQUIRE PRIOR16
	969	+	VOTER APPROVAL UNDER SECTION 20 (4)(a) OF ARTICLE X OF THE STATE17
	970	+	CONSTITUTION.18
	971	+	(8) (a) A
	972	+	S SOON AS PRACTICABLE UPON RECEIVING THE
	973	+	19
	974	+	INFORMATION DESCRIBED IN SECTION 39-2-115 (1)(a.5), THE20
	975	+	ADMINISTRATOR SHALL DETERMINE THE STATEWIDE ACTUAL VALUE21
	976	+	GROWTH AND REPORT THAT DETERMINATION TO THE STATE BOARD OF22
	977	+	EQUALIZATION, AND THE STATE BOARD OF EQUALIZATION SHALL CERTIFY23
	978	+	THE STATEWIDE ACTUAL VALUE GROWTH , WHETHER THAT GROWTH IS LESS24
	979	+	THAN OR EQUAL TO FIVE PERCENT , AND DETERMINE WHICH OF THE25
	980	+	VALUATIONS FOR ASSESSMENT DESCRIBED IN SUBSECTION (3) OF THIS26
	981	+	SECTION APPLY IN PROPERTY TAX YEARS COMMENCING ON OR AFTER27
	982	+	1001
	983	+	-29- JANUARY 1, 2025.1
	984	+	(b) U
	985	+	PON THE STATE BOARD OF EQUALIZATION DETERMINING2
	986	+	WHICH OF THE VALUATIONS FOR ASSESSMENT DETERMINED PURSUANT TO3
	987	+	THIS SECTION APPLY IN PROPERTY TAX YEARS COMMENCING ON OR AFTER4
	988	+	J
	989	+	ANUARY 1, 2025, THE STATE BOARD OF EQUALIZATION SHALL NOTIFY THE5
	990	+	ADMINISTRATOR, AND THE ADMINISTRATOR SHALL PUBLISH THOSE6
	991	+	VALUATIONS FOR ASSESSMENT ON THE WEBSITE MAINTAINED BY THE7
	992	+	DIVISION OF PROPERTY TAXATION IN THE DEPARTMENT OF LOCAL AFFAIRS .8
	993	+	(c) T
	994	+	HE GENERAL ASSEMBLY FINDS AND DECLARES THAT ANY9
	995	+	MODIFICATION TO THE VALUATIONS FOR ASSESSMENT THAT THE STATE10
	996	+	BOARD OF EQUALIZATION DETERMINES ARE APPLICABLE IN PROPERTY TAX11
	997	+	YEARS COMMENCING ON OR AFTER JANUARY 1, 2025, PURSUANT TO THIS12
	998	+	SUBSECTION (8) THAT WOULD RESULT IN A PROPERTY TAX INCREASE13
	999	+	WOULD REQUIRE PRIOR VOTER APPROVAL UNDER SECTION 20 (4)(a) OF14
	1000	+	ARTICLE X OF THE STATE CONSTITUTION.15
	1001	+	SECTION
	1002	+	11. In Colorado Revised Statutes, 39-1-104.2, amend16
	1003	+	as amended by Senate Bill 24-233 (3)(s); and amend as added by17
	1004	+	Senate Bill 24-233 (3)(t), (3)(u)(I), and (3)(u)(III) as follows: 18
	1005	+	39-1-104.2. Residential real property - valuation for19
	1006	+	assessment - legislative declaration - definitions. (3) (s) (I) For20
	1007	+	property tax years commencing on or after January 1, 2025, but before21
	1008	+	January 1, 2027, if there are sufficient excess state revenues, the valuation22
	1009	+	for assessment for qualified-senior primary residence real property,23
	1010	+	including multi-family qualified-senior primary residence real property,24
	1011	+	is:25
	1012	+	(A) For the property tax year commencing on January 1, 2025,
	1013	+	IF26
	1014	+	THE STATE BOARD OF EQUALIZATION DETERMINES THAT THE STATEWIDE27
	1015	+	1001
	1016	+	-30- ACTUAL VALUE GROWTH IS LESS THAN OR EQUAL TO FIVE PERCENT , for the1
	1017	+	purpose of a levy imposed by a local governmental entity, 6.4 6.252
	1018	+	percent of the amount equal to the actual value of the property minus3
	1019	+	either THE LESSER OF fifty percent of the first two hundred thousand4
	1020	+	dollars of that actual value plus the lesser of ten percent of the actual5
	1021	+	value of the property or seventy thousand dollars as increased for inflation6
	1022	+	in the first year of each subsequent reassessment cycle or the amount that7
	1023	+	causes the valuation for assessment of the property to be one thousand8
	1024	+	dollars;9
	1025	+	(A.5) F
	1026	+	OR THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1,10
	1027	+	2025,
	1028	+	IF THE STATE BOARD OF EQUAL IZATION DETERMINES THAT THE11
	1029	+	STATEWIDE ACTUAL VALUE GROWTH IS GREATER THAN FIVE PERCENT , FOR12
	1030	+	THE PURPOSE OF A LEVY IMPOSED BY A LOCAL GOVERNMENTAL ENTITY ,13
	1031	+	6.15
	1032	+	PERCENT OF THE AMOUNT EQUAL TO THE ACTUAL VALUE OF THE14
	1033	+	PROPERTY MINUS
	1034	+	THE LESSER OF FIFTY PERCENT OF THE FIRST TWO15
	1035	+	HUNDRED THOUSAND DOLLARS OF THAT ACTUAL VALUE OR THE AMOUNT16
	1036	+	THAT CAUSES THE VALUATION FOR ASSESSMENT OF THE PROPERTY TO BE17
	1037	+	ONE THOUSAND DOLLARS ;18
	1038	+	(B) For the property tax year commencing on January 1, 2026,
	1039	+	IF19
	1040	+	THE STATE BOARD OF EQUALIZATION DETERMINES THAT THE STATEWIDE20
	1041	+	ACTUAL VALUE GROWTH IS LESS THAN OR EQUAL TO FIVE PERCENT , for the21
	1042	+	purpose of a levy imposed by a local governmental entity, 6.95
	1043	+	6.822
	1044	+	percent of the amount equal to the actual value of the property minus23
	1045	+	either fifty percent of the first two hundred thousand dollars of that actual24
	1046	+	value plus the lesser of ten percent of the actual value of the property or25
	1047	+	seventy thousand dollars as increased for inflation in the first year of each26
	1048	+	subsequent reassessment cycle or the amount that causes the valuation for27
	1049	+	1001
	1050	+	-31- assessment of the property to be one thousand dollars; and1
	1051	+	(B.5) F
	1052	+	OR THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1,2
	1053	+	2026,
	1054	+	IF THE STATE BOARD OF EQUALIZATION DETERMINES THAT THE3
	1055	+	STATEWIDE ACTUAL VALUE GROWTH IS GREATER THAN FIVE PERCENT , FOR4
	1056	+	THE PURPOSE OF A LEVY IMPOSED BY A LOCAL GOVERNMENTAL ENTITY ,5
	1057	+	6.7
	1058	+	PERCENT OF THE AMOUNT EQUAL TO THE ACTUAL VALUE OF THE6
	1059	+	PROPERTY MINUS
	1060	+	EITHER FIFTY PERCENT OF THE FIRST TWO HUNDRED7
	1061	+	THOUSAND DOLLARS OF THAT ACTUAL VALUE PLUS THE LESSER OF TEN8
	1062	+	PERCENT OF THE ACTUAL VALUE OF THE PROPERTY OR SEVENTY9
	1063	+	THOUSAND DOLLARS AS INCREASED FOR INFLATION IN THE FIRST YEAR OF10
	1064	+	EACH SUBSEQUENT REASSESSMENT CYCLE OR THE AMOUNT THAT CAUSES11
	1065	+	THE VALUATION FOR ASSESSMENT FOR THE PROPERTY TO BE ONE12
	1066	+	THOUSAND DOLLARS;13
	1067	+	(C) For the property tax years commencing on January 1, 2025,14
	1068	+	and January 1, 2026,
	1069	+	IF THE STATE BOARD OF EQUALIZATION DETERMINES15
	1070	+	THAT THE STATEWIDE ACTUAL VALUE GROWTH IS LESS THAN OR EQUAL TO16
	1071	+	FIVE PERCENT, for the purpose of a levy imposed by a school district, 7.15
	1072	+	17
	1073	+	7.05 percent of the amount equal to the actual value of the property minus18
	1074	+	the lesser of fifty percent of the first two hundred thousand dollars of that19
	1075	+	actual value or the amount that causes the valuation for assessment of the20
	1076	+	property to be one thousand dollars; EXCEPT THAT THE VALUATION FOR21
	1077	+	ASSESSMENT FOR THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT22
	1078	+	MAY BE TEMPORARILY REDUCED FOR A PROPERTY TAX YEAR AS SET FORTH23
	1079	+	IN SECTION 29-1-1702.5; AND24
	1080	+	(D) F
	1081	+	OR THE PROPERTY TAX YEARS COMMENCING ON JANUARY 1,25
	1082	+	2025,
	1083	+	AND JANUARY 1, 2026, IF THE STATE BOARD OF EQUALIZATION26
	1084	+	DETERMINES THAT THE STATEWIDE ACTUAL VALUE GROWTH IS GREATER27
	1085	+	1001
	1086	+	-32- THAN FIVE PERCENT, FOR THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL1
	1087	+	DISTRICT, 6.95 PERCENT OF THE AMOUNT EQUAL TO THE ACTUAL VALUE2
	1088	+	OF THE PROPERTY MINUS THE LESSER OF FIFTY PERCENT OF THE FIRST TWO3
	1089	+	HUNDRED THOUSAND DOLLARS OF THAT ACTUAL VALUE OR THE AMOUNT4
	1090	+	THAT CAUSES THE VALUATION FOR ASSESSMENT OF THE PROPERTY TO BE5
	1091	+	ONE THOUSAND DOLLARS; EXCEPT THAT THE VALUATION FOR ASSESSMENT6
	1092	+	FOR THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT MAY BE7
	1093	+	TEMPORARILY REDUCED FOR A PROPERTY TAX YEAR AS SET FORTH IN8
	1094	+	SECTION 29-1-1702.5.9
	1095	+	(II) (A) For the property tax year commencing on January 1, 2025,10
	1096	+	IF THE STATE BOARD OF EQUALIZATION DETERMINES THAT THE STATEWIDE11
	1097	+	ACTUAL VALUE GROWTH IS LESS THAN OR EQUAL TO FIVE PERCENT AND if12
	1098	+	it is administratively infeasible to calculate two different valuations for13
	1099	+	assessment for the same property based on two different percentages of14
	1100	+	actual value, an assessor may determine the value of a property under15
	1101	+	subsection (3)(s)(I)(A)
	1102	+	SUBSECTION (3)(s)(I)(C) of this section by16
	1103	+	calculating 111.71875 112.8 percent of an amount equal to 6.4 6.2517
	1104	+	percent of the amount equal to the actual value of the property minus18
	1105	+	either THE LESSER OF fifty percent of the first two hundred thousand19
	1106	+	dollars of that actual value plus the lesser of ten percent of the actual20
	1107	+	value of the property or seventy thousand dollars or the amount that21
	1108	+	causes the valuation for assessment of the property to be one thousand22
	1109	+	dollars.23
	1110	+	(B) F
	1111	+	OR THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1,24
	1112	+	2025,
	1113	+	IF THE STATE BOARD OF EQUAL IZATION DETERMINES THAT THE25
	1114	+	STATEWIDE ACTUAL VALUE GROWTH IS GREATER THAN FIVE PERCENT AND26
	1115	+	IF IT IS ADMINISTRATIVELY INFEASIBLE TO CALCULATE TWO DIFFERENT27
	1116	+	1001
	1117	+	-33- VALUATIONS FOR ASSESSMENT FOR THE SAME PROPERTY BASED ON TWO1
	1118	+	DIFFERENT PERCENTAGES OF ACTUAL VALUE , AN ASSESSOR MAY2
	1119	+	DETERMINE THE VALUE OF A PROPERTY UNDER SUBSECTION (3)(s)(I)(D)3
	1120	+	OF THIS SECTION BY CALCULATING 113.00813 PERCENT OF AN AMOUNT4
	1121	+	EQUAL TO 6.15 PERCENT OF THE AMOUNT EQUAL TO THE ACTUAL VALUE5
	1122	+	OF THE PROPERTY MINUS THE LESSER OF FIFTY PERCENT OF THE FIRST TWO6
	1123	+	HUNDRED THOUSAND DOLLARS OF THAT ACTUAL VALUE OR THE AMOUNT7
	1124	+	THAT CAUSE THE VALUATION FOR ASSESSMENT OF THE PROPERTY TO BE8
	1125	+	ONE THOUSAND DOLLARS .9
	1126	+	(III) The general assembly finds and declares that any10
	1127	+	modification to the valuation for assessment established in this subsection11
	1128	+	(3)(s),
	1129	+	EXCLUSIVE OF THE TERMINATION OF ANY TEMPORARY REDUCTION12
	1130	+	PURSUANT TO SECTION 29-1-1702.5, that would result in a property tax13
	1131	+	increase would require prior voter approval under section 20 (4)(a) of14
	1132	+	article X of the state constitution.15
	1133	+	(t) (I) For the property tax year commencing on January 1, 2025,16
	1134	+	IF THE STATE BOARD OF EQUALIZATION DETERMINES THAT THE STATEWIDE17
	1135	+	ACTUAL VALUE GROWTH IS LESS THAN OR EQUAL TO FIVE PERCENT , the18
	1136	+	valuation for assessment for all residential real property other than19
	1137	+	qualified-senior primary residence real property is:20
	1138	+	(A) For the purpose of a levy imposed by a local governmental21
	1139	+	entity, 6.4
	1140	+	6.25 percent of the actual value of the property; and22
	1141	+	(B) For the purpose of a levy imposed by a school district, 7.1523
	1142	+	7.05 percent of the actual value of the property;
	1143	+	EXCEPT THAT THE24
	1144	+	VALUATION FOR ASSESSMENT FOR THE PURPOSE OF A LEVY IMPOSED BY A25
	1145	+	SCHOOL DISTRICT MAY BE TEMPORARILY REDUCED FOR A PROPERTY TAX26
	1146	+	YEAR AS SET FORTH IN SECTION 29-1-1702.5.27
	1147	+	1001
	1148	+	-34- (II) If it is administratively infeasible to calculate two different1
	1149	+	valuations for assessment for the same property based on the same actual2
	1150	+	value, but with two different percentages of that actual value, an assessor3
	1151	+	may determine the value of a property under subsection (3)(t)(I)(B) of this4
	1152	+	section by calculating 111.71875 112.8 percent of an amount equal to 6.45
	1153	+	6.25 percent of the actual value of the property.6
	1154	+	(III) T
	1155	+	HE GENERAL ASSEMBLY FINDS AND DECLARES THAT ANY7
	1156	+	MODIFICATION TO THE VALUATION FOR ASSESSMENT ESTABLISHED IN THIS8
	1157	+	SUBSECTION (3)(t), EXCLUSIVE OF THE TERMINATION OF ANY TEMPORARY9
	1158	+	REDUCTION PURSUANT TO SECTION 29-1-1702.5, THAT WOULD RESULT IN10
	1159	+	A PROPERTY TAX INCREASE WOULD REQUIRE PRIOR VOTER APPROVAL11
	1160	+	UNDER SECTION 20 (4)(a) OF ARTICLE X OF THE STATE CONSTITUTION.12
	1161	+	(u) (I) For property tax years commencing on or after January 1,13
	1162	+	2026,
	1163	+	IF THE STATE BOARD OF EQUAL IZATION DETERMINES THAT THE14
	1164	+	STATEWIDE ACTUAL VALUE GROWTH IS LESS THAN OR EQUAL TO FIVE15
	1165	+	PERCENT, the valuation for assessment for all residential real property16
	1166	+	other than qualified-senior primary residence real property is:17
	1167	+	(A) For the purpose of a levy imposed by a local governmental18
	1168	+	entity, 6.95
	1169	+	6.8 percent of the amount equal to the actual value of the19
	1170	+	property minus the lesser of ten percent of the actual value of the20
	1171	+	property, or seventy thousand dollars as increased for inflation in the first21
	1172	+	year of each subsequent reassessment cycle, OR THE AMOUNT THAT CAUSE22
	1173	+	THE VALUATION FOR ASSESSMENT FOR THE PROPERTY TO BE ONE23
	1174	+	THOUSAND DOLLARS; and24
	1175	+	(B) For the purpose of a levy imposed by a school district, 7.1525
	1176	+	7.05 percent of the amount equal to the actual value of the property;26
	1177	+	except that the valuation for assessment for the purpose of a levy imposed27
	1178	+	1001
	1179	+	-35- by a school district may be temporarily reduced for a property tax year as1
	1180	+	set forth in section 39-1-104.7 29-1-1702.5.2
	1181	+	(III) The general assembly finds and declares that any3
	1182	+	modification to the valuation for assessment established in this subsection4
	1183	+	(3)(u),
	1184	+	EXCLUSIVE OF THE TERMINATION OF ANY TEMPORARY REDUCTION5
	1185	+	PURSUANT TO SECTION 29-1-1702.5, that would result in a property tax6
	1186	+	increase would require prior voter approval under section 20 (4)(a) of7
	1187	+	article X of the state constitution.8
	1188	+	SECTION
	1189	+	12. In Colorado Revised Statutes, 39-1-104.6, amend9
	1190	+	as added by Senate Bill 24-233 (10)(c) as follows:10
	1191	+	39-1-104.6. Qualified-senior primary residence real property11
	1192	+	- valuation for assessment - reimbursement to local governments for12
	1193	+	reduced valuation - temporary mechanism for refunding excess state13
	1194	+	revenues - legislative declaration - definitions. (10) Reimbursement14
	1195	+	as refund of excess state revenues. (c) As used in this subsection (10),15
	1196	+	unless the context otherwise requires, "revenue lost as a result of the16
	1197	+	classification of real property as qualified-senior primary residence real17
	1198	+	property" means revenue that is lost as a result of certain residential18
	1199	+	properties being classified as "qualified-senior primary residence real19
	1200	+	property", and having a valuation for assessment determined pursuant to20
	1201	+	section 39-1-104.2 (3)(s), rather than being classified as "all residential21
	1202	+	real property other than qualified-senior primary residence real property"22
	1203	+	and having a valuation for assessment determined pursuant to section23
	1204	+	39-1-104.2 (3)(t), (3)(t.5), and (3)(u), AND (3)(u.5).24
	1205	+	SECTION 13. In Colorado Revised Statutes, repeal as added by25
	1206	+	Senate Bill 24-233 39-1-104.7 as follows:26
	1207	+	39-1-104.7. Total program balancing adjustment of residential27
	1208	+	1001
	1209	+	-36- rate - definitions. (1) For qualifying property tax years, the valuation for1
	1210	+	assessment for all residential real property, for the purpose of a levy2
	1211	+	imposed by a school district, is equal to the lesser of:3
	1212	+	(a) Seven and fifteen hundredths percent of the actual value of the4
	1213	+	property; or5
	1214	+	(b) The percentage of the actual value of the property necessary6
	1215	+	for statewide school district property tax revenue divided by weighted7
	1216	+	total program to equal zero and six-tenths.8
	1217	+	(2) (a) Legislative council staff shall notify the state board of9
	1218	+	equalization of the first year after 2026 in which the local share of total10
	1219	+	program is equal to or greater than sixty percent of the total program11
	1220	+	determined pursuant to article 54 of title 22.12
	1221	+	(b) No later than one week after the annual public school finance13
	1222	+	act becomes law, legislative council staff shall provide the state board of14
	1223	+	equalization with the information necessary to calculate the balancing15
	1224	+	percentage for a qualifying property tax year.16
	1225	+	(c) No later than three weeks after receiving the information17
	1226	+	provided by legislative council staff pursuant to subsection (2) of this18
	1227	+	section, the state board of equalization shall submit a report to the general19
	1228	+	assembly that calculates the balancing percentage.20
	1229	+	(3) If the balancing percentage is lower than seven and fifteen21
	1230	+	hundredths percent, then, for that property tax year, the valuation for22
	1231	+	assessment for residential real property for the purpose of a levy imposed23
	1232	+	by a school district is temporarily reduced in accordance with subsection24
	1233	+	(1)(b) of this section. The valuation for assessment for this property is25
	1234	+	seven and fifteen hundredths percent of the actual value of the property26
	1235	+	for the next property tax year, but the valuation for assessment may be27
	1236	+	1001
	1237	+	-37- reduced again for that property tax year in accordance with subsection1
	1238	+	(1)(b) of this section.2
	1239	+	(4) As used in this section, unless the context otherwise requires:3
	1240	+	(a) "Balancing percentage" means the percentage of the actual4
	1241	+	value of all residential real property described in subsection (1)(b) of this5
	1242	+	section.6
	1243	+	(b) "Qualifying property tax year" means a property tax year7
	1244	+	commencing after legislative council staff has provided the state board of8
	1245	+	equalization with the notice described in subsection (2) of this section.9
	1246	+	(c) "Statewide school district property tax revenue" means the10
	1247	+	total amount of property tax revenue estimated to be retained by all of the11
	1248	+	school districts in the state in connection with district total program12
	1249	+	funding for the current qualifying property tax year.13
	1250	+	(d) "Weighted total program" means statewide total program as14
	1251	+	calculated pursuant to sections 22-54-103.3 and 22-54-103.5, as15
	1252	+	applicable.16
	1253	+	SECTION 14. In Colorado Revised Statutes, 39-2-115, add17
	1254	+	(1)(a.5) as follows:18
	1255	+	39-2-115. Review of abstracts of assessment -19
	1256	+	recommendations - repeal. (1) (a.5) (I) ON AUGUST 25, 2025, IF FILING20
	1257	+	AN ABSTRACT OF ASSESSMENT OF THE COUNTY WITH THE ADMINISTRATOR ,21
	1258	+	A COUNTY ASSESSOR SHALL ALSO FILE A REPORT OF THE ACTUAL VALUE22
	1259	+	OF PROPERTY WITHIN THE COUNTY FOR THE PROPERTY TAX YEAR23
	1260	+	COMMENCING ON JANUARY 1, 2025.24
	1261	+	(II) THIS SUBSECTION (1)(a.5) IS REPEALED, EFFECTIVE JULY 1,25
	1262	+	2026.26
	1263	+	SECTION 15. In Colorado Revised Statutes, 39-3-211, amend27
	1264	+	1001
	1265	+	-38- as added by Senate Bill 24-233 (4), (5)(b), (7)(d), and (8); and add (3.5),1
	1266	+	(5)(a.5), and (6.5) as follows:2
	1267	+	39-3-211. Reporting of assessed value reductions -3
	1268	+	reimbursement of local governmental entities - local governmental4
	1269	+	entity backfill cash fund - creation - legislative declaration -5
	1270	+	definitions - repeal. (3.5) F
	1271	+	OR THE PROPERTY TAX YEAR COMMENCING6
	1272	+	ON JANUARY 1, 2025, EACH ASSESSOR SHALL:7
	1273	+	(a) C
	1274	+	ALCULATE THE DECREASE, IF ANY, IN THE TOTAL ASSESSED8
	1275	+	VALUE OF REAL PROPERTY FOR EACH LOCAL GOVERNMENTAL ENTITY9
	1276	+	WITHIN THE ASSESSOR'S COUNTY BETWEEN THE PROPERTY TAX YEAR10
	1277	+	COMMENCING ON JANUARY 1, 2024, AND THE PROPERTY TAX YEAR11
	1278	+	COMMENCING ON JANUARY 1, 2025, AS A RESULT OF
	1279	+	HOUSE BILL12
	1280	+	24B-1001; AND13
	1281	+	(b) D
	1282	+	ETERMINE EACH LOCAL GOVERNMENTAL ENTITY 'S MILL LEVY14
	1283	+	FOR THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1, 2024,15
	1284	+	EXCLUDING ANY MILLS LEVIED TO PROVIDE FOR THE PAYMENT OF BONDS16
	1285	+	AND INTEREST THEREON OR FOR THE PAYMENT OF ANY OTHER17
	1286	+	CONTRACTUAL OBLIGATION THAT HAS BEEN APPROVED BY A MAJORITY OF18
	1287	+	THE LOCAL GOVERNMENTAL ENTITY 'S VOTERS VOTING THEREON.19
	1288	+	(4) No later than March 1, 2025, an assessor shall report the20
	1289	+	amounts calculated pursuant to subsection (3)(a) of this section, as21
	1290	+	applicable, the basis for the amounts, and the mill levies determined22
	1291	+	pursuant to subsection (3)(b) of this section to the administrator. N
	1292	+	O23
	1293	+	LATER THAN MARCH 1, 2026, AN ASSESSOR SHALL REPORT THE AMOUNTS24
	1294	+	CALCULATED PURSUANT TO SUBSECTION (3.5)(a) OF THIS SECTION, AS25
	1295	+	APPLICABLE, THE BASIS FOR THE AMOUNTS , AND THE MILL LEVIES26
	1296	+	DETERMINED PURSUANT TO SUBSECTION (3.5)(b) OF THIS SECTION TO THE27
	1297	+	1001
	1298	+	-39- ADMINISTRATOR. The administrator may require an assessor to provide1
	1299	+	additional information as necessary to evaluate the accuracy of the2
	1300	+	amounts reported. The administrator shall confirm that the reported3
	1301	+	amounts are correct or rectify the amounts if necessary. The administrator4
	1302	+	shall then forward the correct amounts for a county to the state treasurer5
	1303	+	to enable the state treasurer to issue a reimbursement warrant to a6
	1304	+	treasurer in accordance with subsection (5) of this section.7
	1305	+	(5) (a.5) N
	1306	+	O LATER THAN APRIL 15, 2026, THE STATE TREASURER8
	1307	+	SHALL ISSUE A WARRANT, TO BE PAID UPON DEMAND FROM THE FUND , TO9
	1308	+	EACH TREASURER THAT IS EQUAL TO THE TOTAL REIMBURSEMENT10
	1309	+	AMOUNTS SET FORTH IN SUBSECTION (6.5) OF THIS SECTION FOR ALL LOCAL11
	1310	+	GOVERNMENTAL ENTITIES WITHIN THE TREASURER 'S COUNTY.12
	1311	+	(b) Each treasurer shall distribute the total amount received from13
	1312	+	the state treasurer to the local governmental entities, excluding school14
	1313	+	districts, within the treasurer's county as if the amount had been regularly15
	1314	+	paid as property tax so that the local governmental entities receive the16
	1315	+	amounts determined pursuant to subsection
	1316	+	SUBSECTIONS (6) AND (6.5)17
	1317	+	of this section. If the total amount received from the state treasurer is18
	1318	+	reduced pursuant to subsection SUBSECTIONS (6)(b) AND (6.5)(b) of this19
	1319	+	section, each treasurer shall proportionally reduce the amount distributed20
	1320	+	to each local governmental entity. When distributing the total amount21
	1321	+	received from the state treasurer, each treasurer shall provide each local22
	1322	+	governmental entity with a statement of the amount distributed to the23
	1323	+	local governmental entity that represents the reimbursement received24
	1324	+	under subsection SUBSECTIONS (6) AND (6.5)(b) of this section. 25
	1325	+	(6.5) (a) F
	1326	+	OR EACH LOCAL GOVERNMENTAL ENTITY THAT HAD A26
	1327	+	DECREASE IN TOTAL ASSESSED VALUE OF REAL PROPERTY FROM THE27
	1328	+	1001
	1329	+	-40- PROPERTY TAX YEAR COMMENCING ON JANUARY 1, 2024, TO THE1
	1330	+	PROPERTY TAX YEAR COMMENCING ON JANUARY 1, 2025, AS A RESULT OF2
	1331	+	HOUSE BILL 24B-1001, THE AMOUNT OF REIMBURSEMENT IS AN AMOUNT3
	1332	+	EQUAL TO THAT DECREASE IN TOTAL ASSESSED VALUE MULTIPLIED BY THE4
	1333	+	LOCAL GOVERNMENTAL ENTITY 'S MILL LEVY FOR THE PROPERTY TAX YEAR5
	1334	+	COMMENCING ON JANUARY 1, 2024, EXCLUDING ANY MILLS LEVIED TO6
	1335	+	PROVIDE FOR THE PAYMENT OF BONDS AND INTEREST THEREON OR FOR7
	1336	+	THE PAYMENT OF ANY OTHER CONTRACTUAL OBLIGATION THAT HAS BEEN8
	1337	+	APPROVED BY A MAJORITY OF THE LOCAL GOVERNMENTAL ENTITY 'S9
	1338	+	VOTERS VOTING THEREON.10
	1339	+	(b) N
	1340	+	OTWITHSTANDING SUBSECTION (6.5)(a) OF THIS SECTION, IF11
	1341	+	THERE IS INSUFFICIENT MONEY IN THE FUND FOR THE STATE TREASURER TO12
	1342	+	ISSUE WARRANTS PURSUANT TO SUBSECTION (5)(a.5) OF THIS SECTION IN13
	1343	+	THE AMOUNTS DETERMINED PURSUANT TO SUBSECTION (6.5)(a) OF THIS14
	1344	+	SECTION, THE AMOUNTS OF THE WARRANTS ISSUED BY THE STATE15
	1345	+	TREASURER MUST BE PROPORTIONALLY REDUCED .16
	1346	+	(c) T
	1347	+	HE REIMBURSEMENT AMOUNTS SET FORTH IN THIS SECTION17
	1348	+	ARE BASED ON THE AMOUNTS THAT THE ADMINISTRATOR REPORTS TO THE18
	1349	+	TREASURER IN ACCORDANCE WITH SUBSECTION (4) OF THIS SECTION.19
	1350	+	(7) (d) After issuing every warrant required pursuant to subsection
	1351	+	20
	1352	+	(5) SUBSECTION (5)(a.5) of this section, the state treasurer shall credit any21
	1353	+	unexpended and unencumbered money remaining in the fund at the end22
	1354	+	of a fiscal year THAT TIME to the sustainable rebuilding program fund23
	1355	+	created in section 24-38.5-115 (7).24
	1356	+	(8) This section is repealed, effective July 1, 2026 JULY 1, 2027. 25
	1357	+	SECTION 16. In Colorado Revised Statutes, 39-5-121, add26
	1358	+	(1)(c) as follows:27
	1359	+	1001
	1360	+	-41- 39-5-121. Notice of valuation - legislative declaration -1
	1361	+	definition - repeal. (1) (c) FOR PROPERTY TAX YEARS COMMENCING ON2
	1362	+	OR AFTER JANUARY 1, 2025, THE ASSESSOR SHALL NOT INCLUDE THE3
	1363	+	APPROPRIATE RATIO OF VALUATION FOR ASSESSMENT IN THE NOTICE4
	1364	+	SETTING FORTH THE VALUATION FOR LAND OR IMPROVEMENTS .5
	1365	+	SECTION 17. In Colorado Revised Statutes, 39-10-103, add6
	1366	+	(1)(d) as follows:7
	1367	+	39-10-103. Tax statement - repeal. (1) (d) F
	1368	+	OR PROPERTY TAX8
	1369	+	YEARS COMMENCING ON OR AFTER JANUARY 1, 2025, THE TREASURER9
	1370	+	SHALL NOT INCLUDE THE AMOUNT OF VALUATION FOR ASSESSMENT UPON10
	1371	+	WHICH TAXES ARE LEVIED UPON THE TAXPAYER .11
	1372	+	SECTION
	1373	+	18. In Session Laws of Colorado 2024, amend section12
	1374	+	14 of chapter 171 as follows:13
	1375	+	Section 14. Effective date. (1) This act shall not take effect if14
	1376	+	either or both of the following occur:15
	1377	+	(a) An initiative that reduces valuations for assessment is16
	1378	+	approved by the people at the general election held on November 5, 2024;17
	1379	+	(b) An initiative that requires voter approval for retaining property18
	1380	+	tax revenue that exceeds a limit is approved by the people at the general19
	1381	+	election held on November 5, 2024.20
	1382	+	(1.5) T
	1383	+	HIS ACT TAKES EFFECT ONLY IF:21
	1384	+	(a) B
	1385	+	OTH AN INITIATIVE THAT REDUCES VALUATIONS FOR22
	1386	+	ASSESSMENT AND AN INITIATIVE THAT REQUIRES VOTER APPROVAL FOR23
	1387	+	RETAINING PROPERTY TAX REVENUE THAT EXCEEDS A LIMIT ARE24
	1388	+	WITHDRAWN PURSUANT TO SECTION 1-40-134 FROM THE STATEWIDE25
	1389	+	BALLOT FOR THE GENERAL ELECTION HELD ON NOVEMBER 5, 2024; OR26
391	1390		(b) T
392		-	HIS SUBSECTION (4)(b)(I) IS REPEALED, EFFECTIVE JULY 1,
393		-	2025.
394		-	(II) N
395		-	O LATER THAN OCTOBER 31, 2025, AND EACH OCTOBER 31
396		-	THEREAFTER, THE PROPERTY TAX ADMINISTRATOR IN THE DIVISION OF
397		-	PROPERTY TAXATION IN THE DEPARTMENT OF LOCAL AFFAIRS SHALL REPORT
398		-	TO LEGISLATIVE COUNCIL STAFF THE INFORMATION THAT THE LEGISLATIVE
399		-	COUNCIL STAFF DETERMINES NECESSARY TO DETERMINE THE AMOUNT OF
400		-	QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE FOR PURPOSES OF SECTION
401		-	29-1-1701 (2.5)(a)(I) TO (2.5)(a)(VII) FOR THE RELEVANT PROPERTY TAX
402		-	YEAR
403		-	.
404		-	(c) N
405		-	O LATER THAN JANUARY 15, 2025, AND EACH JANUARY 15
406		-	THEREAFTER, LEGISLATIVE COUNCIL STAFF SHALL PROVIDE THE STATE
407		-	BOARD OF EQUALIZATION WITH THE INFORMATION NECESSARY TO
408		-	CALCULATE THE BALANCING PERCENTAGE AND CORRECTION PERCENTAGE
409		-	FOR THE RELEVANT PROPERTY TAX YEAR AND THE COUNTERFACTUAL
410		-	PERCENTAGE FOR THE IMMEDIATELY PRECEDING PROPERTY TAX YEAR
411		-	.
412		-	(d) N
413		-	O LATER THAN TWENTY -ONE DAYS AFTER RECEIVING THE
414		-	PAGE 9-HOUSE BILL 24B-1001 INFORMATION PROVIDED BY LEGISLATIVE COUNCIL STAFF PURSUANT TO
415		-	SUBSECTION
416		-	(4)(c) OF THIS SECTION, THE STATE BOARD OF EQUALIZATION
417		-	SHALL MEET AND SUBMIT A REPORT TO THE GENERAL ASSEMBLY THAT
418		-	CALCULATES
419		-	, AS APPLICABLE, THE TOTAL OF THE BALANCING PERCENTAGE
420		-	AND THE CORRECTION PERCENTAGE FOR THE RELE VANT PROPERTY TAX YEAR
421		-	OR THE TOTAL OF THE VALUATION FOR ASSESSMENT THAT APPLIES TO THAT
422		-	RESIDENTIAL REAL PROPERTY FOR THE PURPOSE OF A LEVY IMPOSED BY A
423		-	SCHOOL DISTRICT AND THE CORRECTION PERCENTAGE FOR THE RELE VANT
424		-	PROPERTY TAX YEAR
425		-	.
426		-	SECTION 5. In Colorado Revised Statutes, amend as added by
427		-	Senate Bill 24-233 29-1-1703 as follows:
428		-	29-1-1703. Property tax limit calculation - definitions. (1) A
429		-	local governmental entity's property tax limit for a property tax year is equal
430		-	to the local governmental entity's base year qualified property tax revenue
431		-	increased for each year since the base year, including the relevant property
432		-	tax year, by five and one-half percent THE BASE AMOUNT OF THE LOCAL
433		-	GOVERNMENTAL ENTITY
434		-	'S QUALIFIED PROPERTY TAX REVENUE INCREASED
435		-	BY THE TOTAL OF THE GROWTH RATE PERCENTAGE AND THEN INCREASED BY
436		-	THE CARRYOVER AMOUNT
437		-	.
438		-	(1.5) A
439		-	S USED IN SUBSECTION (1) OF THIS SECTION, UNLESS THE
440		-	CONTEXT OTHERWISE REQUIRES
441		-	:
442		-	(a) "B
443		-	ASE AMOUNT OF THE LOCAL GOVERNMENTAL ENTITY 'S
444		-	QUALIFIED PROPERTY TAX REVENUE
445		-	" MEANS THE AMOUNT OF QUALIFIED
446		-	PROPERTY TAX REVENUE COLLECTED AND LAWFULLY RETAINED BY A LOCAL
447		-	GOVERNMENTAL ENTITY FROM WHICHEVER PROPERTY TAX YEAR
448		-	IN A
449		-	PREVIOUS REASSESSMENT CYCLE WAS THE PROPERTY TAX YEAR FOR WHICH
450		-	THE LOCAL GOVERNMENTAL ENTITY COLLECTED AND LAWFULLY RETAINED
451		-	THE MOST PROPERTY TAX REVENUE
452		-	.
453		-	(b) (I) "C
454		-	ARRYOVER AMOUNT " MEANS, EXCEPT AS DESCRIBED IN
455		-	SUBSECTION
456		-	(1.5)(b)(II) OF THIS SECTION, AN AMOUNT EQUAL TO THE
457		-	DIFFERENCE BETWEEN
458		-	:
459		-	(A) T
460		-	HE BASE AMOUNT OF THE LOCAL GOVERNMENTAL ENTITY 'S
461		-	QUALIFIED PROPERTY TAX REVENUE THAT WAS APPLICABLE FOR THE MOST
462		-	RECENT REASSESSMENT CYCLE INCREASED BY THE GROWTH RATE
463		-	PAGE 10-HOUSE BILL 24B-1001 PERCENTAGE FOR THAT REASSESSMENT CYCLE ; AND
464		-	(B) THE LOCAL GOVERNMENT'S QUALIFIED PROPERTY TAX REVENUE
465		-	FROM THE YEAR WITH THE GREATEST QUALIFIED PROPERTY TAX REVENUE IN
466		-	THE MOST RECENT REASSESSMENT CYCLE
467		-	.
468		-	(II) T
469		-	HERE IS NO CARRYOVER AMOUNT FOR A REASSESSMENT CYCLE
470		-	FOR A LOCAL GOVERNMENTAL ENTITY OCCURRING AFTER A REASSESSMENT
471		-	CYCLE WHEN THAT LOCAL GOVERNMENTAL ENTITY RETAINED AN AMOUNT
472		-	OF QUALIFIED PROPERTY TAX REVENUE E QUAL OR GREATER THAN THE TOTAL
473		-	OF THE BASE AMOUNT OF THE LOCAL GOVERNMENTAL ENTITY
474		-	'S QUALIFIED
475		-	PROPERTY TAX REVENUE FOR THAT REASSESSMENT CYCLE INCREASED BY
476		-	THE GROWTH RATE PERCENTAGE FOR THAT REASSESSMENT CYCLE
477		-	.
478		-	(c) "G
479		-	ROWTH RATE PERCENTAGE " MEANS FIVE AND TWENTY-FIVE
480		-	HUNDREDTHS PERCENT MULTIPLIED BY THE NUMBER OF PROPERTY TAX
481		-	YEARS IN THE CURRENT REASSESSMENT CYCLE
482		-	.
483		-	(2) As used in this section, unless the context otherwise requires,
484		-	"base year" means:
485		-	(a) Except as otherwise provided in subsection (2)(b) of this section:
486		-	(I) For a local governmental entity that had qualified property tax
487		-	revenue for the property tax year commencing on January 1, 2023, the local
488		-	governmental entity's qualified property tax revenue for the property tax
489		-	year commencing on January 1, 2023, plus any money that the local
490		-	governmental entity received pursuant to section 39-3-210; or
491		-	(II) For a local governmental entity that did not have qualified
492		-	property tax revenue for the property tax year commencing on January 1,
493		-	2023, the local governmental entity's qualified property tax revenue for the
494		-	first year that the local governmental entity had property tax revenue; or
495		-	(b) For a local governmental entity that temporarily waives the
496		-	property limit pursuant to section 29-1-1704, the local governmental entity's
497		-	qualified property tax revenue for the most recent property tax year for
498		-	which the local governmental entity temporarily waived the property limit
499		-	pursuant to section 29-1-1704.
500		-	PAGE 11-HOUSE BILL 24B-1001 (3) A SCHOOL DISTRICT'S PROPERTY TAX LIMIT FOR A PROPERTY TAX
501		-	YEAR IS EQUAL TO THE AM OUNT OF TOTAL LOCAL SHARE PROPERTY TAX
502		-	REVENUE INCREASED BY THE TOTAL OF THE GROWTH RATE PERCENTAGE AND
503		-	THEN INCREASED BY THE CARRYOVER AMOUNT
504		-	.
505		-	(4) A
506		-	S USED IN SUBSECTION (3) OF THIS SECTION, UNLESS THE
507		-	CONTEXT OTHERWISE REQUIRES
508		-	:
509		-	(a) (I) "C
510		-	ARRYOVER AMOUNT " MEANS, EXCEPT AS DESCRIBED IN
511		-	SUBSECTION
512		-	(4)(a)(II) OF THIS SECTION, AN AMOUNT EQUAL TO THE
513		-	DIFFERENCE BETWEEN THE
514		-	:
515		-	(A) T
516		-	OTAL LOCAL SHARE PROPERTY TAX REVENUE THAT WAS
517		-	APPLICABLE FOR THE MOST RECENT REASSESSMENT CYCLE INCREASED BY
518		-	THE GROWTH RATE PERCENTAGE FOR THAT REASSESSMENT CYCLE
519		-	; AND
520		-	(B) THE QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE FROM THE
521		-	YEAR WITH THE GREATEST QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE
522		-	IN THE MOST RECENT REASSESSMENT CYCLE
523		-	.
524		-	(II) T
525		-	HERE IS NO CARRYOVER AMOUNT FOR A REASSESSMENT CYCLE
526		-	OCCURRING AFTER A REASSESSMENT CYCLE WHEN SCHOOL DISTRICTS
527		-	RETAINED AN AMOUNT OF QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE
528		-	EQUAL OR GREATER THAN THE TOTAL OF THE TOTAL LOCAL SHARE PROPERTY
529		-	TAX REVENUE FOR THAT REASSESSMENT CYCLE INCREASED BY THE GROWTH
530		-	RATE PERCENTAGE FOR THAT REASSESSMENT CYCLE
531		-	.
532		-	(b) "G
533		-	ROWTH RATE PERCENTAGE " MEANS THE GREATER OF:
534		-	(I) S
535		-	IX PERCENT MULTIPLIED BY THE NUMBER OF PROPERTY TAX
536		-	YEARS IN THE CURRENT REASSESSMENT CYCLE
537		-	; OR
538		-	(II) THE TOTAL OF THE ESTIMATED SCHOOL FACTOR FOR THE
539		-	CURRENT PROPERTY TAX YEAR PLUS THE ESTIMATED SCHOOL FACTOR FOR
540		-	ANY OTHER PROPERTY TAX YEAR IN THE SAME REASSESSMENT CYCLE
541		-	.
542		-	(c) "S
543		-	CHOOL FACTOR" MEANS THE TOTAL PERCENTAGE OF THE RATE
544		-	BY WHICH THE GENERAL ASSEMBLY INCREASES THE STATEWIDE BASE PER
545		-	PUPIL FUNDING FOR PUBLIC EDUCATION FROM KINDERGARTEN THROUGH
546		-	TWELFTH GRADE FOR THE RELEVANT SCHOOL YEAR
547		-	, AS DETERMINED
548		-	PAGE 12-HOUSE BILL 24B-1001 PURSUANT TO SECTION 22-55-106, FOR ALL SCHOOL DISTRICTS IN THE STATE
549		-	PLUS THE PERCENTAGE INCREASE IN FUNDED PUPIL COUNT
550		-	, AS DEFINED IN
	1391	+	HE CONDITION SPECIFIED IN SUBSECTION (1.5)(a) OF THIS27
	1392	+	1001
	1393	+	-42- SECTION DOES NOT OCCUR AND NEITHER AN INITIATIVE THAT REDUCES1
	1394	+	VALUATIONS FOR ASSESSMENT, NOR AN INITIATIVE THAT REQUIRES VOTER2
	1395	+	APPROVAL FOR RETAINING PROPERTY TAX REVENUE THAT EXCEEDS A3
	1396	+	LIMIT, IS APPROVED BY THE PEOPLE AT THE GENERAL ELECTION HELD ON4
	1397	+	N
	1398	+	OVEMBER 5, 2024. 5
	1399	+	(2) E
	1400	+	XCEPT AS PROVIDED IN SUBSECTION (3) OF THIS SECTION:6
	1401	+	(a) I
	1402	+	F THIS ACT TAKES EFFECT UNDER SUBSECTION (1.5)(a) OF THIS7
	1403	+	SECTION, THEN THIS ACT TAKES EFFECT ON OCTOBER 1, 2024; OR8
	1404	+	(2)
	1405	+	(b) If this act takes effect under subsection (1) SUBSECTION9
	1406	+	(1.5)(b) of this section, then this act takes effect upon the date of the10
	1407	+	official declaration of the vote for the general election held on November11
	1408	+	5, 2024. except that12
	1409	+	(3) I
	1410	+	F THIS ACT TAKES EFFECT UNDER SUBSECTION (2) OF THIS13
	1411	+	SECTION:14
	1412	+	(a) Section 3 of this act takes effect only if Senate Bill 24-11115
	1413	+	does not become law;16
	1414	+	(b) Sections 4 and 8 of this act take effect only if Senate Bill17
	1415	+	24-111 becomes law;18
	1416	+	(c) Section 6 of this act takes effect only if House Bill 24-144819
	1417	+	does not become law; and20
	1418	+	(d) Section 7 of this act takes effect only if House Bill 24-144821
	1419	+	becomes law.22
551	1420		SECTION
552		-	22-54-103.5 (4), FOR THE RELEVANT SCHOOL YEAR FOR ALL SCHOOL
553		-	DISTRICTS IN THE STATE
554		-	.
555		-	(d) "T
556		-	OTAL LOCAL SHARE PROPERTY TAX REVENUE " MEANS THE
557		-	TOTAL AMOUNT OF PROPERTY TAX REVENUE COLLECTED AND LAWFULLY
558		-	RETAINED BY ALL SCHOOL DISTRICTS IN THE STATE IN CONNECTION WITH
559		-	DISTRICT TOTAL PROGRAM FUNDING FROM WHICHEVER PREVIOUS PROPERTY
560		-	TAX YEAR IN A PREVIOUS REASSESSMENT CYCLE WAS THE PROPERTY TAX
561		-	YEAR FOR WHICH THE TOTAL AMOUNT OF PROPERTY TAX REVENUE
562		-	COLLECTED AND LAWFULLY RETAINED BY ALL SCHOOL DISTRICTS IN THE
563		-	STATE IN CONNECTION WITH DISTRICT TOTAL PROGRAM FUNDING WAS
564		-	GREATEST
565		-	.
566		-	SECTION 6. In Colorado Revised Statutes, amend as added by
567		-	Senate Bill 24-233 29-1-1704 as follows:
568		-	29-1-1704. Voter approval of property limit waiver. (1) (a) A
569		-	local governmental entity's governing body may submit to the local
570		-	governmental entity's electors the question of whether the local
571		-	governmental entity may waive the
572		-	LOCAL GOVERNMENTAL ENTITY property
573		-	tax limit established in section 29-1-1702 in connection with a single
574		-	property tax year, a specified number of property tax years, or all future
575		-	property tax years. If the majority of the local governmental entity's voters
576		-	voting thereon approve such a request, the local governmental entity is not
577		-	subject to the
578		-	LOCAL GOVERNMENTAL ENTITY property tax limit established
579		-	in section 29-1-1702 for the period of property tax years for which voters
580		-	approved waiving the property tax limit.
581		-	(b) F
582		-	OR A MEASURE THAT IS PLACED ON THE BALLOT AFTER
583		-	NOVEMBER 5, 2024, THAT WOULD ALLOW A LOCAL GOVERNMENTAL ENTITY
584		-	TO WAIVE THE PROPERTY TAX LIMIT ESTABLISHED IN SECTION
585		-	29-1-1702 IN
586		-	CONNECTION WITH A SINGLE PROPERTY TAX YEAR
587		-	, A SPECIFIED NUMBER OF
588		-	PROPERTY TAX YEARS
589		-	, OR ALL FUTURE PROPERTY TAX YEARS , THE BALLOT
590		-	TITLE MUST BEGIN
591		-	"SHALL THE (NAME OF THE LOCAL GOVERNMENT ) WAIVE
592		-	THE
593		-	5.25% PROPERTY TAX LIMIT FOR" AND THEN MUST SPECIFY WHETHER
594		-	THE LOCAL GOVERNMENTAL ENTITY IS SEEKING TO WAIVE THE PROPERTY
595		-	TAX LIMIT FOR A SINGLE PROPERTY TAX YEAR
596		-	, A SPECIFIED NUMBER OF
597		-	PROPERTY TAX YEARS
598		-	, OR ALL FUTURE PROPERTY TAX YEARS .
599		-	PAGE 13-HOUSE BILL 24B-1001 (2) (a) THE VOTERS OF THE STATE, RATHER THAN THE VOTERS OF
600		-	ANY INDIVIDUAL SCHOOL DISTRICT
601		-	, MAY WAIVE THE SCHOOL DISTRICT
602		-	PROPERTY TAX REVENUE LIMIT ESTABLISHED IN SECTION
603		-	29-1-1702.5 IN
604		-	CONNECTION WITH A SINGLE PROPERTY TAX YEAR
605		-	, A SPECIFIED NUMBER OF
606		-	PROPERTY TAX YEARS
607		-	, OR ALL FUTURE PROPERTY TAX YEARS . IF THE
608		-	MAJORITY OF THE VOTERS OF THE STATE VOTING THEREON APPROVE SUCH
609		-	A REQUEST
610		-	, ALL SCHOOL DISTRICTS ARE NOT SUBJECT TO THE SCHOOL
611		-	DISTRICT PROPERTY TAX REVENUE LIMIT ESTABLISHED IN SECTION
612		-	29-1-1702.5 FOR THE PERIOD OF PROPERTY TAX YEARS FOR WHICH VOTERS
613		-	APPROVED WAIVING THE PROPERTY TAX REVENUE LIMIT
614		-	. THE VOTERS OF AN
615		-	INDIVIDUAL SCHOOL DISTRICT MAY NOT ELECT TO WAIVE THE SCHOOL
616		-	DISTRICT PROPERTY TAX REVENUE LIMIT ESTABLISHED IN SECTION
617		-	29-1-1702.5 FOR THAT INDIVIDUAL SCHOOL DISTRICT.
618		-	(b) F
619		-	OR A MEASURE THAT IS PLACED ON THE BALLOT AFTER
620		-	NOVEMBER 5, 2024, THAT WOULD ALLOW ALL SCHOOL DISTRICTS TO WAIVE
621		-	THE SCHOOL DISTRICT PROPERTY TAX REVENUE LIMIT ESTABLISHED IN
622		-	SECTION
623		-	29-1-1702.5 IN CONNECTION WITH A SINGLE PROPERTY TAX YEAR ,
624		-	A SPECIFIED NUMBER OF PROPERTY TAX YEARS , OR ALL FUTURE PROPERTY
625		-	TAX YEARS
626		-	, THE BALLOT TITLE MUST BEGIN "SHALL ALL OF THE SCHOOL
627		-	DISTRICTS IN THE STATE WAIVE THE
628		-	6% PROPERTY TAX LIMIT FOR" AND THEN
629		-	MUST SPECIFY WHETHER THE PROPERTY TAX LIMIT WOULD BE WAIVED FOR
630		-	ALL SCHOOL DISTRICTS FOR A SINGLE PROPERTY TAX YEAR
631		-	, A SPECIFIED
632		-	NUMBER OF PROPERTY TAX YEARS
633		-	, OR ALL FUTURE PROPERTY TAX YEARS .
634		-	SECTION 7. In Colorado Revised Statutes, amend as added by
635		-	Senate Bill 24-233 29-1-1705 as follows:
636		-	29-1-1705. Prior obligations not impaired - voter-approval of
637		-	mill increases - disaster emergency spending - definitions. (1) Nothing
638		-	in this part 17 impairs:
639		-	(a) The obligations of any bonds or other forms of indebtedness that
640		-	are outstanding as of the effective date of this part 17
641		-	NOVEMBER 5, 2024,
642		-	or the refunding thereof, issued by a local governmental entity
643		-	GOVERNMENT or otherwise invalidates any such bond or the obligations or
644		-	refunding thereof; or
645		-	(b) The existing voted authorization of a local governmental entity
646		-	GOVERNMENT approved by a majority of the local governmental entity's
647		-	PAGE 14-HOUSE BILL 24B-1001 GOVERNMENT'S voters voting thereon in accordance with section 20 of
648		-	article X of the state constitution as of the effective date of this part 17
649		-	NOVEMBER 5, 2024. As established in section 29-1-1701 (3)(h), the
650		-	imposition of a levy to provide for the payment of the following is not
651		-	included in the calculation of the property tax limit:
652		-	(I) Bonds that are outstanding as of the effective date of this part 17
653		-	NOVEMBER 5, 2024, and the interest thereon, or for the payment of any other
654		-	contractual obligation outstanding as of the effective date of this part 17
655		-	NOVEMBER 5, 2024, that has been approved by a majority of the local
656		-	governmental entity's GOVERNMENT'S voters voting thereon; and
657		-	(II) Bonds or other contractual obligations issued in accordance with
658		-	the existing voted authorization of a local governmental entity
659		-	GOVERNMENT approved by a majority of the local governmental entity's
660		-	GOVERNMENT'S voters voting thereon in accordance with section 20 of
661		-	article X of the state constitution as of the effective date of this part 17 are
662		-	not included in the calculation of the property tax limit NOVEMBER 5, 2024.
663		-	(2) (a) Nothing in this part 17 prevents a local governmental entity
664		-	from submitting to the local governmental entity's electors the question of
665		-	whether to increase the total number of mills levied by the local
666		-	governmental entity and, upon
667		-	RECEIVING THE APPROVAL OF a majority of
668		-	the local governmental entity's voters voting to approve
669		-	THEREON FOR such
670		-	a request, increasing the total number of mills levied by the local
671		-	governmental entity accordingly. As established in section 29-1-1701 (3)(i),
672		-	property tax revenue attributable to a local governmental entity increasing
673		-	the total number of mills it levies upon receiving the approval of the
674		-	majority of the local governmental entity's voters
675		-	VOTING THEREON for such
676		-	an increase in an election occurring on or after the effective date of this part
677		-	17 NOVEMBER 5, 2024, is not included in the calculation of the LOCAL
678		-	GOVERNMENTAL ENTITY
679		-	'S property tax limit. A local governmental entity
680		-	may also submit to the local government entity's electors the question of
681		-	whether to increase the total number of mills levied by the local
682		-	governmental entity in such a way that the mills increase to match the local
683		-	governmental entity's property tax limit established pursuant to section
684		-	29-1-1702 and, upon
685		-	RECEIVING THE APPROVAL OF a majority of the local
686		-	governmental entity's voters voting to approve
687		-	THEREON FOR such a request,
688		-	increasing the total number of mills levied by the local governmental entity
689		-	accordingly.
690		-	PAGE 15-HOUSE BILL 24B-1001 (b) NOTHING IN THIS PART 17 PREVENTS A SCHOOL DISTRICT FROM
691		-	SUBMITTING TO THE SCHOOL DISTRICT
692		-	'S ELECTORS THE QUESTION OF
693		-	WHETHER TO INCREASE THE TOTAL NUMBER OF MILLS LEVIED BY THE
694		-	SCHOOL DISTRICT AND
695		-	, UPON RECEIVING THE APPROVAL OF A MAJORITY OF
696		-	THE SCHOOL DISTRICT
697		-	'S VOTERS VOTING THEREON FOR SUCH A REQUEST ,
698		-	INCREASING THE TOTAL NUMBER OF MILLS LEVIED BY THE SCHOOL DISTRICT
699		-	ACCORDINGLY
700		-	. AS ESTABLISHED IN SECTION 29-1-1701 (2.5)(a)(VIII),
701		-	PROPERTY TAX REVENUE ATTRIBUTABLE TO A SCHOOL DISTRICT INCREASING
702		-	THE TOTAL NUMBER OF TOTAL PROGRAM FUNDING MILLS IT LEVIES UPON
703		-	RECEIVING THE APPROVAL OF THE MAJORITY OF THE SCHOOL DISTRICT
704		-	'S
705		-	VOTERS VOTING THEREON FOR SUCH AN INCREASE IN AN ELECTION
706		-	OCCURRING ON OR AFTER
707		-	NOVEMBER 5, 2024, IS NOT INCLUDED IN THE
708		-	CALCULATION OF THE SCHOOL DISTRICT
709		-	'S PROPERTY TAX LIMIT . AS
710		-	ESTABLISHED IN SECTION
711		-	29-1-1701 (2.5)(a)(IX), PROPERTY TAX REVENUE
712		-	ATTRIBUTABLE TO MILLS THAT THE SCHOOL DISTRICT LEVIES THAT IT DOES
713		-	NOT LEVY IN CONNECTION WITH TOTAL PROGRAM FUNDING IS NOT INCLUDED
714		-	IN THE CALCULATION OF THE SCHOOL DISTRICT
715		-	'S PROPERTY TAX LIMIT. A
716		-	SCHOOL DISTRICT MAY ALSO SUBMIT TO THE SCHOOL DISTRICT 'S ELECTORS
717		-	THE QUESTION OF WHETHER TO INCREASE THE TOTAL NUMBER OF MILLS
718		-	LEVIED BY THE SCHOOL DISTRICT IN CONNECTION WITH TOTAL PROGRAM
719		-	FUNDING IN SUCH A WAY THAT THE MILLS INCREASE TO MATCH THE SCHOOL
720		-	DISTRICT
721		-	'S PROPERTY TAX LIMIT ESTABLISHED PURSUANT TO SECTION
722		-	29-1-1702.5 AND, UPON RECEIVING THE APPROVAL OF A MAJORITY OF THE
723		-	SCHOOL DISTRICT
724		-	'S VOTERS VOTING THEREON FOR SUCH A REQUEST , TO
725		-	INCREASE THE TOTAL NUMBER OF MILLS LEVIED BY THE SCHOOL DISTRICT
726		-	ACCORDINGLY
727		-	.
728		-	(3) (a) N
729		-	OTWITHSTANDING THIS PART 17, AN AMOUNT OF QUALIFIED
730		-	PROPERTY TAX REVENUE OR QUALIFIED LOCAL SHARE PROPERTY TAX
731		-	REVENUE
732		-	, AS APPLICABLE, EQUAL TO ANY AMOUNT OF DISASTER EMERGENCY
733		-	SPENDING BY A LOCAL GOVERNMENT IN A PROPERTY TAX YEAR IS EXEMPT
734		-	FROM THE CALCULATION OF THE PROPERTY TAX LIMIT THAT APPLIES TO THAT
735		-	LOCAL GOVERNMENT FOR THE SAME PROPERTY TAX YEAR
736		-	.
737		-	(b) A
738		-	S USED IN THIS SUBSECTION (3), UNLESS THE CONTEXT
739		-	OTHERWISE REQUIRES
740		-	:
741		-	(I) "D
742		-	ECLARED DISASTER" HAS THE SAME MEANING AS SECTION
743		-	24-32-134 (1)(b).
744		-	PAGE 16-HOUSE BILL 24B-1001 (II) "DISASTER EMERGENCY SPENDING " MEANS THE AMOUNT OF
745		-	ACTUAL EXPENDITURES BY A LOCAL GOVERNMENT IN A PROPERTY TAX YEAR
746		-	AS THE DIRECT RESULT OF A DECLARED DISASTER
747		-	.
748		-	SECTION 8. In Colorado Revised Statutes, 39-1-104, amend
749		-	(1)(a), (1)(b), and (1.8)(a); and add (1.9) as follows:
750		-	39-1-104. Valuation for assessment - definitions. (1) (a) F
751		-	OR
752		-	PROPERTY TAX YEARS COMMENCING BEFORE
753		-	JANUARY 1, 2025, the valuation
754		-	for assessment of all taxable property in the state shall be
755		-	IS twenty-nine
756		-	percent of the actual value thereof as determined by the assessor and the
757		-	administrator in the manner prescribed by law, and that percentage shall be
758		-	uniformly applied, without exception, to the actual value, so determined, of
759		-	the real and personal property located within the territorial limits of the
760		-	authority levying a property tax, and all property taxes shall be levied
761		-	against the aggregate valuation for assessment resulting from the
762		-	application of that percentage.
763		-	(b) Notwithstanding subsection (1)(a) of this section, for the
764		-	property tax year
765		-	YEARS commencing on January 1, 2023, AND JANUARY 1,
766		-	2024, the valuation for assessment of nonresidential property that is
767		-	classified as lodging property is temporarily reduced to twenty-seven and
768		-	nine-tenths percent of an amount equal to the actual value minus the lesser
769		-	of thirty thousand dollars or the amount that reduces the valuation for
770		-	assessment to one thousand dollars.
771		-	(1.8) (a) F
772		-	OR PROPERTY TAX YEARS COMMENCING BEFORE JANUARY
773		-	1, 2025, the valuation for assessment of real and personal property that is
774		-	classified as agricultural property or renewable energy production property
775		-	is twenty-nine percent of the actual value thereof; except that, for property
776		-	tax years commencing on January 1, 2022, January 1, 2023, and January 1,
777		-	2024, the valuation for assessment of this property is temporarily reduced
778		-	to twenty-six and four-tenths percent of the actual value thereof.
779		-	(1.9) (a) F
780		-	OR THE PROPERTY TAX YEAR COMMENCING ON JANUARY
781		-	1, 2025, THE VALUATION FOR ASSESSMENT FOR PERSONAL PROPERTY AND
782		-	NONRESIDENTIAL REAL PROPERTY IS TWENTY
783		-	-SEVEN PERCENT OF THE
784		-	ACTUAL VALUE THEREOF
785		-	.
786		-	(b) F
787		-	OR THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1,
788		-	PAGE 17-HOUSE BILL 24B-1001 2026, THE VALUATION FOR ASSESSMENT FOR PERSONAL PROPERTY AND
789		-	NONRESIDENTIAL REAL PROPERTY IS TWENTY
790		-	-SIX PERCENT OF THE ACTUAL
791		-	VALUE THEREOF
792		-	; EXCEPT THAT, FOR ALL PROPERTY LISTED BY THE ASSESSOR
793		-	UNDER ANY IMPROVED COMMERCIAL SUBCLASS CODES AND ALL REAL OR
794		-	PERSONAL PROPERTY THAT IS CLASSIFIED AS AGRICULTURAL PROPERTY
795		-	, THE
796		-	VALUATION FOR ASSESSMENT IS TWENTY
797		-	-FIVE PERCENT OF THE ACTUAL
798		-	VALUE THEREOF
799		-	.
800		-	(c) F
801		-	OR PROPERTY TAX YEARS COMMENCING ON OR AFTER JANUARY
802		-	1, 2027, THE VALUATION FOR ASSESSMENT FOR PERSONAL PROPERTY AND
803		-	NONRESIDENTIAL REAL PROPERTY IS TWENTY
804		-	-FIVE PERCENT OF THE ACTUAL
805		-	VALUE THEREOF
806		-	.
807		-	(d) T
808		-	HE ACTUAL VALUE OF REAL AND PERSONAL PROPERTY SPECIFIED
809		-	IN THIS SUBSECTION
810		-	(1.9) IS DETERMINED BY THE ASSESSOR AND THE
811		-	ADMINISTRATOR IN THE MANNER PRESCRIBED BY LAW
812		-	, AND A VALUATION
813		-	FOR ASSESSMENT PERCENTAGE IS UNIFORMLY APPLIED
814		-	, WITHOUT EXCEPTION,
815		-	TO THE ACTUAL VALUE, SO DETERMINED, OF THE VARIOUS CLASSES AND
816		-	SUBCLASSES OF REAL AND PERSONAL PROPERTY LOCATED WITHIN THE
817		-	TERRITORIAL LIMITS OF THE AUTHORITY LEVYING A PROPERTY TAX
818		-	, AND ALL
819		-	PROPERTY TAXES ARE LEVIED AGAINST THE AGGREGATE VALUATION FOR
820		-	ASSESSMENT RESULTING FROM THE APPLICATION OF THE PERCENTAGE
821		-	.
822		-	SECTION 9. In Colorado Revised Statutes, 39-1-104, amend as
823		-	amended by Senate Bill 24-233 (1.8)(b) introductory portion and (1.8)(c);
824		-	and repeal as added by Senate Bill 24-233 (1.8)(b.5) as follows:
825		-	39-1-104. Valuation for assessment - definitions. (1.8) (b) F
826		-	OR
827		-	PROPERTY TAX YEARS COMMENCING BEFORE
828		-	JANUARY 1, 2025, the valuation
829		-	for assessment of all nonresidential property that is not specified in
830		-	subsection (1)
831		-	OR (1.8)(a) or (1.8)(b.5)
832		-	of this section is twenty-nine percent
833		-	of the actual value thereof; except that, for the property tax years
834		-	commencing on January 1, 2023, and January 1, 2024, the valuation for
835		-	assessment of this property is temporarily reduced to:
836		-	(b.5) The valuation for assessment for all property listed by the
837		-	assessor under any improved commercial subclass codes and all real or
838		-	personal property that is classified as agricultural property is:
839		-	(I) For the property tax year commencing on January 1, 2025,
840		-	PAGE 18-HOUSE BILL 24B-1001 temporarily reduced to twenty-seven percent of the actual value of the
841		-	property; and
842		-	(II) For property tax years commencing on or after January 1, 2026,
843		-	reduced to twenty-five percent of the actual value of the property.
844		-	(c) The actual value of real and personal property specified in
845		-	subsection (1.8)(a)
846		-	OR (1.8)(b) or (1.8)(b.5)
847		-	of this section is determined by
848		-	the assessor and the administrator in the manner prescribed by law, and a
849		-	valuation for assessment percentage is uniformly applied, without
850		-	exception, to the actual value, so determined, of the various classes and
851		-	subclasses of real and personal property located within the territorial limits
852		-	of the authority levying a property tax, and all property taxes are levied
853		-	against the aggregate valuation for assessment resulting from the
854		-	application of the percentage.
855		-	SECTION 10. In Colorado Revised Statutes, 39-1-104.2, add
856		-	(1)(e), (3)(t.5), (3)(u.5), and (8) as follows:
857		-	39-1-104.2. Residential real property - valuation for assessment
858		-	- legislative declaration - definitions. (1) As used in this section, unless
859		-	the context otherwise requires:
860		-	(e) "S
861		-	TATEWIDE ACTUAL VALUE GROWTH " MEANS, AS DETERMINED
862		-	PURSUANT TO SUBSECTION
863		-	(8) OF THIS SECTION, AN ESTIMATE BY THE
864		-	ADMINISTRATOR BASED UPON THE INFORMATION REPORTED BY COUNTY
865		-	ASSESSORS PURSUANT TO SECTION
866		-	39-2-115 ON AUGUST 25, 2025, OF THE
867		-	DIFFERENCE IN THE TOTAL STATEWIDE ACTUAL VALUE FROM THE PROPERTY
868		-	TAX YEAR COMMENCING ON
869		-	JANUARY 1, 2024, AND THE TOTAL STATEWIDE
870		-	ACTUAL VALUE FROM THE PROPERTY TAX YEAR COMMENCING ON
871		-	JANUARY
872		-	1, 2025.
873		-	(3) (t.5) (I) F
874		-	OR THE PROPERTY TAX YEAR COMMENCING ON
875		-	JANUARY 1, 2025, IF THE STATE BOARD OF EQUALIZATION DETERMINES THAT
876		-	THE STATEWIDE ACTUAL VALUE GROWTH IS GREATER THAN FIVE PERCENT
877		-	,
878		-	THE VALUATION FOR ASSESSMENT FOR ALL RESIDENTIAL REAL PROPERTY
879		-	OTHER THAN QUALIFIED
880		-	-SENIOR PRIMARY RESIDENCE REAL PROPERTY IS :
881		-	(A) F
882		-	OR THE PURPOSE OF A LEVY IMPOSED BY A LOCAL
883		-	GOVERNMENTAL ENTITY
884		-	, 6.15 PERCENT OF THE ACTUAL VALUE OF THE
885		-	PAGE 19-HOUSE BILL 24B-1001 PROPERTY; AND
886		-	(B) FOR THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT ,
887		-	6.95
888		-	PERCENT OF THE ACTUAL VALUE OF THE PROPERTY ; EXCEPT THAT THE
889		-	VALUATION FOR ASSESSMENT FOR THE PURPOSE OF A LEVY IMPOSED BY A
890		-	SCHOOL DISTRICT MAY BE TEMPORARILY REDUCED FOR A PROPERTY TAX
891		-	YEAR AS SET FORTH IN SECTION
892		-	29-1-1702.5.
893		-	(II) I
894		-	F IT IS ADMINISTRATIVELY INFEASIBLE TO CALCULATE TWO
895		-	DIFFERENT VALUATIONS FOR ASSESSMENT FOR THE SAME PROPERTY BASED
896		-	ON THE SAME ACTUAL VALUE
897		-	, BUT WITH TWO DIFFERENT PERCENTAGES OF
898		-	THAT ACTUAL VALUE
899		-	, AN ASSESSOR MAY DETERMINE THE VALUE OF A
900		-	PROPERTY UNDER SUBSECTION
901		-	(3)(t.5)(I)(B) OF THIS SECTION BY
902		-	CALCULATING
903		-	113.00813 PERCENT OF AN AMOUNT EQUAL TO 6.15 PERCENT
904		-	OF THE ACTUAL VALUE OF THE PROPERTY
905		-	.
906		-	(u.5) (I) F
907		-	OR PROPERTY TAX YEARS COMMENCING ON OR AFTER
908		-	JANUARY 1, 2026, IF THE STATE BOARD OF EQUALIZATION DETERMINES THAT
909		-	THE STATEWIDE ACTUAL VALUE GROWTH IS GREATER THAN FIVE PERCENT
910		-	,
911		-	THE VALUATION FOR ASSESSMENT FOR ALL RESIDENTIAL REAL PROPERTY
912		-	OTHER THAN QUALIFIED
913		-	-SENIOR PRIMARY RESIDENCE REAL PROPERTY IS :
914		-	(A) F
915		-	OR THE PURPOSE OF A LEVY IMPOSED BY A LOCAL
916		-	GOVERNMENTAL ENTITY
917		-	, 6.7 PERCENT OF THE AMOUNT EQUAL TO THE
918		-	ACTUAL VALUE OF THE PROPERTY MINUS THE LESSER OF TEN PERCENT OF
919		-	THE ACTUAL VALUE OF THE PROPERTY
920		-	, SEVENTY THOUSAND DOLLARS AS
921		-	INCREASED FOR INFLATION IN THE FIRST YEAR OF EACH SUBSEQUENT
922		-	REASSESSMENT CYCLE
923		-	, OR THE AMOUNT THAT CAUSES THE VALUATION FOR
924		-	ASSESSMENT OF THE PROPERTY TO BE ONE THOUSAND DOLLARS
925		-	; AND
926		-	(B) FOR THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT ,
927		-	6.95
928		-	PERCENT OF THE AMOUNT EQUAL TO THE ACTUAL VALUE OF THE
929		-	PROPERTY
930		-	; EXCEPT THAT THE VALUATION FOR ASSESSMENT FOR THE
931		-	PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT MAY BE TEMPORARILY
932		-	REDUCED FOR A PROPERTY TAX YEAR AS SET FORTH IN SECTION
933		-	29-1-1702.5.
934		-	(II) F
935		-	OR REASSESSMENT CYCLES COMMENCING ON OR AFTER
936		-	JANUARY 1, 2027, THE ADMINISTRATOR SHALL PUBLISH THE
937		-	INFLATION
938		-	-INCREASED VALUE USED TO CALCULATE THE VALUATION FOR
939		-	ASSESSMENT PURSUANT TO SUBSECTION
940		-	(3)(u.5)(I)(A) OF THIS SECTION.
941		-	PAGE 20-HOUSE BILL 24B-1001 (III) THE GENERAL ASSEMBLY FINDS AND DECLARES THAT ANY
942		-	MODIFICATION TO THE VALUATION FOR ASSESSMENT ESTABLISHED IN THIS
943		-	SUBSECTION
944		-	(3)(u.5), EXCLUSIVE OF THE TERMINATION OF ANY TEMPORARY
945		-	REDUCTION PURSUANT TO SECTION
946		-	29-1-1702.5, THAT WOULD RESULT IN A
947		-	PROPERTY TAX INCREASE WOULD REQUIRE PRIOR VOTER APPROVAL UNDER
948		-	SECTION
949		-	20 (4)(a) OF ARTICLE X OF THE STATE CONSTITUTION.
950		-	(8) (a) A
951		-	S SOON AS PRACTICABLE UPON RECEIVING THE INFORMATION
952		-	DESCRIBED IN SECTION
953		-	39-2-115 (1)(a.5), THE ADMINISTRATOR SHALL
954		-	DETERMINE THE STATEWIDE ACTUAL VALUE GROWTH AND REPORT THAT
955		-	DETERMINATION TO THE STATE BOARD OF EQUALIZATION
956		-	, AND THE STATE
957		-	BOARD OF EQUALIZATION SHALL CERTIFY THE STATEWIDE ACTUAL VALUE
958		-	GROWTH
959		-	, WHETHER THAT GROWTH IS LESS THAN OR EQUAL TO FIVE
960		-	PERCENT
961		-	, AND DETERMINE WHICH OF THE VALUATIONS FOR ASSESSMENT
962		-	DESCRIBED IN SUBSECTION
963		-	(3) OF THIS SECTION APPLY IN PROPERTY TAX
964		-	YEARS COMMENCING ON OR AFTER
965		-	JANUARY 1, 2025.
966		-	(b) U
967		-	PON THE STATE BOARD OF EQUALIZATION DETERMINING WHICH
968		-	OF THE VALUATIONS FOR ASSESSMEN T DETERMINED PURSUANT TO THIS
969		-	SECTION APPLY IN PROPERTY TAX YEARS COMMENCING ON OR AFTER
970		-	JANUARY 1, 2025, THE STATE BOARD OF EQUALIZATION SHALL NOTIFY THE
971		-	ADMINISTRATOR
972		-	, AND THE ADMINISTRATOR SHALL PUBLISH THOSE
973		-	VALUATIONS FOR ASSESSMENT ON THE WEBSITE MAINTAINED BY THE
974		-	DIVISION OF PROPERTY TAXATION IN THE DEPARTMENT OF LOCAL AFFAIRS
975		-	.
976		-	(c) T
977		-	HE GENERAL ASSEMBLY FINDS AND DECLARES THAT ANY
978		-	MODIFICATION TO THE VALUATIONS FOR ASSESSMENT THAT THE STATE
979		-	BOARD OF EQUALIZATION DETERMINES ARE APPLICABLE IN PROPERTY TAX
980		-	YEARS COMMENCING ON OR AFTER
981		-	JANUARY 1, 2025, PURSUANT TO THIS
982		-	SUBSECTION
983		-	(8) THAT WOULD RESULT IN A PROPERTY TAX INCREASE WOULD
984		-	REQUIRE PRIOR VOTER APPROVAL UNDER SECTION
985		-	20 (4)(a) OF ARTICLE X OF
986		-	THE STATE CONSTITUTION
987		-	.
988		-	SECTION 11. In Colorado Revised Statutes, 39-1-104.2, amend
989		-	as amended by Senate Bill 24-233 (3)(s); and amend as added by Senate
990		-	Bill 24-233 (3)(t), (3)(u)(I), and (3)(u)(III) as follows:
991		-	39-1-104.2. Residential real property - valuation for assessment
992		-	- legislative declaration - definitions. (3) (s) (I) For property tax years
993		-	commencing on or after January 1, 2025, but before January 1, 2027, if
994		-	PAGE 21-HOUSE BILL 24B-1001 there are sufficient excess state revenues, the valuation for assessment for
995		-	qualified-senior primary residence real property, including multi-family
996		-	qualified-senior primary residence real property, is:
997		-	(A) For the property tax year commencing on January 1, 2025,
998		-	IF
999		-	THE STATE BOARD OF EQUALIZATION DETERMINES THAT THE STATEWIDE
1000		-	ACTUAL VALUE GROWTH IS LESS THAN OR EQUAL TO FIVE PERCENT
1001		-	, for the
1002		-	purpose of a levy imposed by a local governmental entity, 6.4
1003		-	6.25 percent
1004		-	of the amount equal to the actual value of the property minus either THE
1005		-	LESSER OF
1006		-	fifty percent of the first two hundred thousand dollars of that
1007		-	actual value plus the lesser of ten percent of the actual value of the propertyor seventy thousand dollars as increased for inflation in the first year of
1008		-	each subsequent reassessment cycle or the amount that causes the valuation
1009		-	for assessment of the property to be one thousand dollars;
1010		-	(A.5) F
1011		-	OR THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1,
1012		-	2025,
1013		-	IF THE STATE BOARD OF EQUALIZATION DETERMINES THAT THE
1014		-	STATEWIDE ACTUAL VALUE GROWTH IS GREATER THAN FIVE PERCENT
1015		-	, FOR
1016		-	THE PURPOSE OF A LEVY IMPOSED BY A LOCAL GOVERNMENTAL ENTITY
1017		-	, 6.15
1018		-	PERCENT OF THE AMOUNT EQUAL TO THE ACTUAL VALUE OF THE PROPERTY
1019		-	MINUS THE LESSER OF FIFTY PERCENT OF THE FIRST TWO HUNDRED
1020		-	THOUSAND DOLLARS OF THAT ACTUAL VALUE OR THE AM OUNT THAT CAUSES
1021		-	THE VALUATION FOR ASSESSMENT OF THE PROPERTY TO BE ONE THOUSAND
1022		-	DOLLARS
1023		-	;
1024		-	(B) For the property tax year commencing on January 1, 2026,
1025		-	IF
1026		-	THE STATE BOARD OF EQUALIZATION DETERMINES THAT THE STATEWIDE
1027		-	ACTUAL VALUE GROWTH IS LESS THAN OR EQUAL TO FIVE PERCENT
1028		-	, for the
1029		-	purpose of a levy imposed by a local governmental entity, 6.95
1030		-	6.8 percent
1031		-	of the amount equal to the actual value of the property minus either fifty
1032		-	percent of the first two hundred thousand dollars of that actual value plus
1033		-	the lesser of ten percent of the actual value of the property or seventy
1034		-	thousand dollars as increased for inflation in the first year of each
1035		-	subsequent reassessment cycle or the amount that causes the valuation for
1036		-	assessment of the property to be one thousand dollars; and
1037		-	(B.5) FOR THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1,
1038		-	2026,
1039		-	IF THE STATE BOARD OF EQUAL IZATION DETERMINES THAT THE
1040		-	STATEWIDE ACTUAL VALUE GROWTH IS GREATER THAN FIVE PERCENT
1041		-	, FOR
1042		-	THE PURPOSE OF A LEVY IMPOSED BY A LOCAL GOVERNMENTAL ENTITY
1043		-	, 6.7
1044		-	PAGE 22-HOUSE BILL 24B-1001 PERCENT OF THE AMOUNT EQUAL TO THE ACTUAL VALUE OF THE PROPERTY
1045		-	MINUS EITHER FIFTY PERCENT OF THE FIRST TWO HUNDRED THOUSAND
1046		-	DOLLARS OF THAT ACTUAL VALUE PLUS THE LESSER OF TEN PERCENT OF THE
1047		-	ACTUAL VALUE OF THE PROPERTY OR SEVENTY THOUS AND DOLLARS AS
1048		-	INCREASED FOR INFLATION IN THE FIRST YEAR OF EACH SUBSEQUENT
1049		-	REASSESSMENT CYCLE OR THE AMOUNT THAT CAUSES THE VALUATION FOR
1050		-	ASSESSMENT OF THE PROPERTY TO BE ONE THOUSAND DOLLARS
1051		-	;
1052		-	(C) For the property tax years commencing on January 1, 2025, and
1053		-	January 1, 2026,
1054		-	IF THE STATE BOARD OF EQUALIZATION DETERMINES THAT
1055		-	THE STATEWIDE ACTUAL VALUE GROWTH IS LESS THAN OR EQUAL TO FIVE
1056		-	PERCENT
1057		-	, for the purpose of a levy imposed by a school district, 7.15
1058		-	7.05
1059		-	percent of the amount equal to the actual value of the property minus the
1060		-	lesser of fifty percent of the first two hundred thousand dollars of that actual
1061		-	value or the amount that causes the valuation for assessment of the property
1062		-	to be one thousand dollars;
1063		-	EXCEPT THAT THE VALUATION FOR ASSESSMENT
1064		-	FOR THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT MAY BE
1065		-	TEMPORARILY REDUCED FOR A PROPERTY TAX YEAR AS SET FORTH IN
1066		-	SECTION
1067		-	29-1-1702.5; AND
1068		-	(D) FOR THE PROPERTY TAX YEARS COMMENCING ON JANUARY 1,
1069		-	2025,
1070		-	AND JANUARY 1, 2026, IF THE STATE BOARD OF EQUALIZATION
1071		-	DETERMINES THAT THE STATEWIDE ACTUAL VALUE GROWTH IS GREATER
1072		-	THAN FIVE PERCENT
1073		-	, FOR THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL
1074		-	DISTRICT
1075		-	, 6.95 PERCENT OF THE AMOUNT EQUAL TO THE ACTUAL VALUE OF
1076		-	THE PROPERTY MINUS THE LESSER OF FIFTY PERCENT OF THE FIRST TWO
1077		-	HUNDRED THOUSAND DOLLARS OF THAT ACTUAL VALUE OR THE AMOUNT
1078		-	THAT CAUSES THE VALUATION FOR ASSESSMENT OF THE PROPERTY TO BE
1079		-	ONE THOUSAND DOLLARS
1080		-	; EXCEPT THAT THE VALUATION FOR ASSESSMENT
1081		-	FOR THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT MAY BE
1082		-	TEMPORARILY REDUCED FOR A PROPERTY TAX YEAR AS SET FORTH IN
1083		-	SECTION
1084		-	29-1-1702.5.
1085		-	(II) (A) For the property tax year commencing on January 1, 2025,
1086		-	IF THE STATE BOARD OF EQUALIZATION DETERMINES THAT THE STATEWIDE
1087		-	ACTUAL VALUE GROWTH IS LESS THAN OR EQUAL TO FIVE PERCENT AND
1088		-	if it
1089		-	is administratively infeasible to calculate two different valuations for
1090		-	assessment for the same property based on two different percentages of
1091		-	actual value, an assessor may determine the value of a property under
1092		-	subsection (3)(s)(I)(A)
1093		-	SUBSECTION (3)(s)(I)(C) of this section by
1094		-	PAGE 23-HOUSE BILL 24B-1001 calculating 111.71875 112.8 percent of an amount equal to 6.4 6.25 percent
1095		-	of the amount equal to the actual value of the property minus either THE
1096		-	LESSER OF
1097		-	fifty percent of the first two hundred thousand dollars of that
1098		-	actual value plus the lesser of ten percent of the actual value of the propertyor seventy thousand dollars or the amount that causes the valuation for
1099		-	assessment of the property to be one thousand dollars.
1100		-	(B) F
1101		-	OR THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1,
1102		-	2025,
1103		-	IF THE STATE BOARD OF EQUAL IZATION DETERMINES THAT THE
1104		-	STATEWIDE ACTUAL VALUE GROWTH IS GREATER THAN FIVE PERCENT AND
1105		-	IF IT IS ADMINISTRATIVELY INFEASIBLE TO CALCULATE TWO DIFFERENT
1106		-	VALUATIONS FOR ASSESSMENT FOR THE SAME PROPERTY BASED ON TWO
1107		-	DIFFERENT PERCENTAGES OF ACTUAL VALUE
1108		-	, AN ASSESSOR MAY DETERMINE
1109		-	THE VALUE OF A PROPERTY UNDER SUBSECTION
1110		-	(3)(s)(I)(D) OF THIS SECTION
1111		-	BY CALCULATING
1112		-	113.00813 PERCENT OF AN AMOUNT EQUAL TO 6.15
1113		-	PERCENT OF THE AMOUNT EQUAL TO THE ACTUAL VALUE OF THE PROPERTY
1114		-	MINUS THE LESSER OF FIFTY PERCENT OF THE FIRST TWO HUNDRED
1115		-	THOUSAND DOLLARS OF THAT ACTUAL
1116		-	VALUE OR THE AMOUNT THAT CAUSES
1117		-	THE VALUATION FOR ASSESSMENT OF THE PROPERTY TO BE ONE THOUSAND
1118		-	DOLLARS
1119		-	.
1120		-	(III) The general assembly finds and declares that any modification
1121		-	to the valuation for assessment established in this subsection
1122		-	(3)(s),
1123		-	EXCLUSIVE OF THE TERMINATION OF ANY TEMPORARY REDUCTION PURSUANT
1124		-	TO SECTION
1125		-	29-1-1702.5, that would result in a property tax increase would
1126		-	require prior voter approval under section 20 (4)(a) of article X of the state
1127		-	constitution.
1128		-	(t) (I) For the property tax year commencing on January 1, 2025,
1129		-	IF
1130		-	THE STATE BOARD OF EQUALIZATION DETERMINES THAT THE STATEWIDE
1131		-	ACTUAL VALUE GROWTH IS LESS THAN OR EQUAL TO FIVE PERCENT
1132		-	, the
1133		-	valuation for assessment for all residential real property other than
1134		-	qualified-senior primary residence real property is:
1135		-	(A) For the purpose of a levy imposed by a local governmental
1136		-	entity, 6.4
1137		-	6.25 percent of the actual value of the property; and
1138		-	(B) For the purpose of a levy imposed by a school district, 7.15 7.05
1139		-	percent of the actual value of the property;
1140		-	EXCEPT THAT THE VALUATION
1141		-	FOR ASSESSMENT FOR THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL
1142		-	PAGE 24-HOUSE BILL 24B-1001 DISTRICT MAY BE TEMPORARILY REDUCED FOR A PROPERTY TAX YEAR AS SET
1143		-	FORTH IN SECTION
1144		-	29-1-1702.5.
1145		-	(II) If it is administratively infeasible to calculate two different
1146		-	valuations for assessment for the same property based on the same actual
1147		-	value, but with two different percentages of that actual value, an assessor
1148		-	may determine the value of a property under subsection (3)(t)(I)(B) of this
1149		-	section by calculating 111.71875
1150		-	112.8 percent of an amount equal to 6.4
1151		-	6.25 percent of the actual value of the property.
1152		-	(III) T
1153		-	HE GENERAL ASSEMBLY FINDS AND DECLARES THAT ANY
1154		-	MODIFICATION TO THE VALUATION FOR ASSESSMENT ESTABLISHED IN THIS
1155		-	SUBSECTION
1156		-	(3)(t), EXCLUSIVE OF THE TERMINATION OF ANY TEMPORARY
1157		-	REDUCTION PURSUANT TO SECTION
1158		-	29-1-1702.5, THAT WOULD RESULT IN A
1159		-	PROPERTY TAX INCREASE WOULD REQUIRE PRIOR VOTER APPROVAL UNDER
1160		-	SECTION
1161		-	20 (4)(a) OF ARTICLE X OF THE STATE CONSTITUTION.
1162		-	(u) (I) For property tax years commencing on or after January 1,
1163		-	2026,
1164		-	IF THE STATE BOARD OF EQUALIZATION DETERMINES THAT THE
1165		-	STATEWIDE ACTUAL VALUE GROWTH IS LESS THAN OR EQUAL TO FIVE
1166		-	PERCENT
1167		-	, the valuation for assessment for all residential real property other
1168		-	than qualified-senior primary residence real property is:
1169		-	(A) For the purpose of a levy imposed by a local governmental
1170		-	entity, 6.95
1171		-	6.8 percent of the amount equal to the actual value of the
1172		-	property minus the lesser of ten percent of the actual value of the property,
1173		-	or
1174		-	seventy thousand dollars as increased for inflation in the first year of
1175		-	each subsequent reassessment cycle,
1176		-	OR THE AMOUNT THAT CAUSES THE
1177		-	VALUATION FOR ASSESSMENT OF THE PROPERTY TO BE ONE THOUSAND
1178		-	DOLLARS
1179		-	; and
1180		-	(B) For the purpose of a levy imposed by a school district, 7.15
1181		-	7.05
1182		-	percent of the amount equal to the actual value of the property; except that
1183		-	the valuation for assessment for the purpose of a levy imposed by a school
1184		-	district may be temporarily reduced for a property tax year as set forth in
1185		-	section 39-1-104.7
1186		-	29-1-1702.5.
1187		-	(III) The general assembly finds and declares that any modification
1188		-	to the valuation for assessment established in this subsection
1189		-	(3)(u),
1190		-	EXCLUSIVE OF THE TERMINATION OF ANY TEMPORARY REDUCTION PURSUANT
1191		-	PAGE 25-HOUSE BILL 24B-1001 TO SECTION 29-1-1702.5, that would result in a property tax increase would
1192		-	require prior voter approval under section 20 (4)(a) of article X of the state
1193		-	constitution.
1194		-	SECTION 12. In Colorado Revised Statutes, 39-1-104.6, amend
1195		-	as added by Senate Bill 24-233 (10)(c) as follows:
1196		-	39-1-104.6. Qualified-senior primary residence real property -
1197		-	valuation for assessment - reimbursement to local governments for
1198		-	reduced valuation - temporary mechanism for refunding excess state
1199		-	revenues - legislative declaration - definitions. (10) Reimbursement as
1200		-	refund of excess state revenues. (c) As used in this subsection (10), unless
1201		-	the context otherwise requires, "revenue lost as a result of the classification
1202		-	of real property as qualified-senior primary residence real property" means
1203		-	revenue that is lost as a result of certain residential properties being
1204		-	classified as "qualified-senior primary residence real property", and having
1205		-	a valuation for assessment determined pursuant to section 39-1-104.2 (3)(s),
1206		-	rather than being classified as "all residential real property other than
1207		-	qualified-senior primary residence real property" and having a valuation for
1208		-	assessment determined pursuant to section 39-1-104.2 (3)(t), (3)(t.5), and
1209		-	(3)(u), AND (3)(u.5).
1210		-	SECTION 13. In Colorado Revised Statutes, repeal as added by
1211		-	Senate Bill 24-233 39-1-104.7 as follows:
1212		-	39-1-104.7. Total program balancing adjustment of residential
1213		-	rate - definitions. (1) For qualifying property tax years, the valuation for
1214		-	assessment for all residential real property, for the purpose of a levy
1215		-	imposed by a school district, is equal to the lesser of:
1216		-	(a) Seven and fifteen hundredths percent of the actual value of the
1217		-	property; or
1218		-	(b) The percentage of the actual value of the property necessary for
1219		-	statewide school district property tax revenue divided by weighted total
1220		-	program to equal zero and six-tenths.
1221		-	(2) (a) Legislative council staff shall notify the state board of
1222		-	equalization of the first year after 2026 in which the local share of total
1223		-	program is equal to or greater than sixty percent of the total program
1224		-	PAGE 26-HOUSE BILL 24B-1001 determined pursuant to article 54 of title 22.
1225		-	(b) No later than one week after the annual public school finance act
1226		-	becomes law, legislative council staff shall provide the state board of
1227		-	equalization with the information necessary to calculate the balancing
1228		-	percentage for a qualifying property tax year.
1229		-	(c) No later than three weeks after receiving the information
1230		-	provided by legislative council staff pursuant to subsection (2) of this
1231		-	section, the state board of equalization shall submit a report to the general
1232		-	assembly that calculates the balancing percentage.
1233		-	(3) If the balancing percentage is lower than seven and fifteen
1234		-	hundredths percent, then, for that property tax year, the valuation for
1235		-	assessment for residential real property for the purpose of a levy imposed
1236		-	by a school district is temporarily reduced in accordance with subsection
1237		-	(1)(b) of this section. The valuation for assessment for this property is seven
1238		-	and fifteen hundredths percent of the actual value of the property for the
1239		-	next property tax year, but the valuation for assessment may be reduced
1240		-	again for that property tax year in accordance with subsection (1)(b) of this
1241		-	section.
1242		-	(4) As used in this section, unless the context otherwise requires:
1243		-	(a) "Balancing percentage" means the percentage of the actual value
1244		-	of all residential real property described in subsection (1)(b) of this section.
1245		-	(b) "Qualifying property tax year" means a property tax year
1246		-	commencing after legislative council staff has provided the state board of
1247		-	equalization with the notice described in subsection (2) of this section.
1248		-	(c) "Statewide school district property tax revenue" means the total
1249		-	amount of property tax revenue estimated to be retained by all of the school
1250		-	districts in the state in connection with district total program funding for the
1251		-	current qualifying property tax year.
1252		-	(d) "Weighted total program" means statewide total program as
1253		-	calculated pursuant to sections 22-54-103.3 and 22-54-103.5, as applicable.
1254		-	SECTION 14. In Colorado Revised Statutes, 39-2-115, add (1)(a.5)
1255		-	PAGE 27-HOUSE BILL 24B-1001 as follows:
1256		-	39-2-115. Review of abstracts of assessment - recommendations
1257		-	- repeal. (1) (a.5) (I) O
1258		-	N AUGUST 25, 2025, IF FILING AN ABSTRACT OF
1259		-	ASSESSMENT OF THE COUNTY WITH THE ADMINISTRATOR
1260		-	, A COUNTY
1261		-	ASSESSOR SHALL ALSO FILE A REPORT OF THE ACTUAL VALUE OF PROPERTY
1262		-	WITHIN THE COUNTY FOR THE PROPERTY TAX YEAR COMMENCING ON
1263		-	JANUARY 1, 2025.
1264		-	(II) T
1265		-	HIS SUBSECTION (1)(a.5) IS REPEALED, EFFECTIVE JULY 1, 2026.
1266		-	SECTION 15. In Colorado Revised Statutes, 39-3-211, amend as
1267		-	added by Senate Bill 24-233 (4), (5)(b), (7)(d), and (8); and add (3.5),
1268		-	(5)(a.5), and (6.5) as follows:
1269		-	39-3-211. Reporting of assessed value reductions -
1270		-	reimbursement of local governmental entities - local governmental
1271		-	entity backfill cash fund - creation - legislative declaration - definitions
1272		-	- repeal. (3.5) F
1273		-	OR THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1,
1274		-	2025,
1275		-	EACH ASSESSOR SHALL:
1276		-	(a) C
1277		-	ALCULATE THE DECREASE , IF ANY, IN THE TOTAL ASSESSED
1278		-	VALUE OF REAL PROPERTY FOR EACH LOCAL GOVERNMENTAL ENTITY WITHIN
1279		-	THE ASSESSOR
1280		-	'S COUNTY BETWEEN THE PROPERTY TAX YEAR COMMENCING
1281		-	ON
1282		-	JANUARY 1, 2024, AND THE PROPERTY TAX YEAR COMMENCING ON
1283		-	JANUARY 1, 2025, AS A RESULT OF HOUSE BILL 24B-1001; AND
1284		-	(b) DETERMINE EACH LOCAL GOVERNMENTAL ENTITY 'S MILL LEVY
1285		-	FOR THE PROPERTY TAX YEAR COMMENCING ON
1286		-	JANUARY 1, 2024,
1287		-	EXCLUDING ANY MILLS LEVIED TO PROVIDE FOR THE PAYMENT OF BONDS
1288		-	AND INTEREST THEREON OR FOR THE PAYMENT OF ANY OTHER CONTRACTUAL
1289		-	OBLIGATION THAT HAS BEEN APPROVED BY A MAJORITY OF THE LOCAL
1290		-	GOVERNMENTAL ENTITY
1291		-	'S VOTERS VOTING THEREON.
1292		-	(4) No later than March 1, 2025, an assessor shall report the
1293		-	amounts calculated pursuant to subsection (3)(a) of this section, as
1294		-	applicable, the basis for the amounts, and the mill levies determined
1295		-	pursuant to subsection (3)(b) of this section to the administrator. N
1296		-	O LATER
1297		-	THAN
1298		-	MARCH 1, 2026, AN ASSESSOR SHALL REPORT THE AMOUNTS
1299		-	CALCULATED PURSUANT TO SUBSECTION
1300		-	(3.5)(a) OF THIS SECTION, AS
1301		-	PAGE 28-HOUSE BILL 24B-1001 APPLICABLE, THE BASIS FOR THE AMOUNTS , AND THE MILL LEVIES
1302		-	DETERMINED PURSUANT TO SUBSECTION
1303		-	(3.5)(b) OF THIS SECTION TO THE
1304		-	ADMINISTRATOR
1305		-	. The administrator may require an assessor to provide
1306		-	additional information as necessary to evaluate the accuracy of the amounts
1307		-	reported. The administrator shall confirm that the reported amounts are
1308		-	correct or rectify the amounts if necessary. The administrator shall then
1309		-	forward the correct amounts for a county to the state treasurer to enable the
1310		-	state treasurer to issue a reimbursement warrant to a treasurer in accordance
1311		-	with subsection (5) of this section.
1312		-	(5) (a.5) N
1313		-	O LATER THAN APRIL 15, 2026, THE STATE TREASURER
1314		-	SHALL ISSUE A WARRANT
1315		-	, TO BE PAID UPON DEMAND FROM THE FUND , TO
1316		-	EACH TREASURER THAT IS EQUAL TO THE TOTAL REIMBURSEMENT AMOUNTS
1317		-	SET FORTH IN SUBSECTION
1318		-	(6.5) OF THIS SECTION FOR ALL LOCAL
1319		-	GOVERNMENTAL ENTITIES WITHIN THE TREASURER
1320		-	'S COUNTY.
1321		-	(b) Each treasurer shall distribute the total amount received from the
1322		-	state treasurer to the local governmental entities, excluding school districts,
1323		-	within the treasurer's county as if the amount had been regularly paid as
1324		-	property tax so that the local governmental entities receive the amounts
1325		-	determined pursuant to subsection
1326		-	SUBSECTIONS (6) AND (6.5) of this
1327		-	section. If the total amount received from the state treasurer is reduced
1328		-	pursuant to subsection
1329		-	SUBSECTIONS (6)(b) AND (6.5)(b) of this section,
1330		-	each treasurer shall proportionally reduce the amount distributed to each
1331		-	local governmental entity. When distributing the total amount received from
1332		-	the state treasurer, each treasurer shall provide each local governmental
1333		-	entity with a statement of the amount distributed to the local governmental
1334		-	entity that represents the reimbursement received under subsection
1335		-	SUBSECTIONS (6) AND (6.5)(b) of this section.
1336		-	(6.5) (a) F
1337		-	OR EACH LOCAL GOVERNMENTAL ENTITY THAT HAD A
1338		-	DECREASE IN TOTAL ASSESSED VALUE OF REAL PROPERTY FROM THE
1339		-	PROPERTY TAX YEAR COMMENCING ON
1340		-	JANUARY 1, 2024, TO THE PROPERTY
1341		-	TAX YEAR COMMENCING ON
1342		-	JANUARY 1, 2025, AS A RESULT OF HOUSE BILL
1343		-	24B-1001, THE AMOUNT OF REIMBURSEMENT IS AN AMOUNT EQUAL TO THAT
1344		-	DECREASE IN TOTAL ASSESSED VALUE MULTIPLIED BY THE LOCAL
1345		-	GOVERNMENTAL ENTITY
1346		-	'S MILL LEVY FOR THE PROPERTY TAX YEAR
1347		-	COMMENCING ON
1348		-	JANUARY 1, 2024, EXCLUDING ANY MILLS LEVIED TO
1349		-	PROVIDE FOR THE PAYMENT OF BONDS AND INTEREST THEREON OR FOR THE
1350		-	PAYMENT OF ANY OTHER CONTRACTUAL OBLIGATION THAT HAS BEEN
1351		-	PAGE 29-HOUSE BILL 24B-1001 APPROVED BY A MAJORITY OF THE LOCAL GOVERNMENTAL ENTITY 'S VOTERS
1352		-	VOTING THEREON
1353		-	.
1354		-	(b) N
1355		-	OTWITHSTANDING SUBSECTION (6.5)(a) OF THIS SECTION, IF
1356		-	THERE IS INSUFFICIENT MONEY IN THE FUND FOR THE STATE TREASURER TO
1357		-	ISSUE WARRANTS PURSUANT TO SUBSECTION
1358		-	(5)(a.5) OF THIS SECTION IN THE
1359		-	AMOUNTS DETERMINED PURS UANT TO SUBSECTION
1360		-	(6.5)(a) OF THIS SECTION,
1361		-	THE AMOUNTS OF THE WARRANTS ISSUED BY THE STATE TREASURER MUST
1362		-	BE PROPORTIONALLY REDUCED
1363		-	.
1364		-	(c) T
1365		-	HE REIMBURSEMENT AMOUNTS SET FORTH IN THIS SECTION ARE
1366		-	BASED ON THE AMOUNTS THAT THE ADMINISTRATOR REPORTS TO THE
1367		-	TREASURER IN ACCORDANCE WITH SUBSECTION
1368		-	(4) OF THIS SECTION.
1369		-	(7) (d) After issuing every warrant required pursuant to subsection
1370		-	(5) SUBSECTION (5)(a.5) of this section, the state treasurer shall credit any
1371		-	unexpended and unencumbered money remaining in the fund at the end of
1372		-	a fiscal year THAT TIME to the sustainable rebuilding program fund created
1373		-	in section 24-38.5-115 (7).
1374		-	(8) This section is repealed, effective July 1, 2026 JULY 1, 2027.
1375		-	SECTION 16. In Colorado Revised Statutes, 39-5-121, add (1)(c)
1376		-	as follows:
1377		-	39-5-121. Notice of valuation - legislative declaration - definition
1378		-	- repeal. (1) (c) F
1379		-	OR PROPERTY TAX YEARS COMMENCING ON OR AFTER
1380		-	JANUARY 1, 2025, THE ASSESSOR SHALL NOT INCLUDE THE APPROPRIATE
1381		-	RATIO OF VALUATION FOR ASSESSMENT IN THE NOTICE SETTING FORTH THE
1382		-	VALUATION FOR LAND OR IMPROVEMENTS
1383		-	.
1384		-	SECTION 17. In Colorado Revised Statutes, 39-10-103, add (1)(d)
1385		-	as follows:
1386		-	39-10-103. Tax statement - repeal. (1) (d) F
1387		-	OR PROPERTY TAX
1388		-	YEARS COMMENCING ON OR AFTER
1389		-	JANUARY 1, 2025, THE TREASURER SHALL
1390		-	NOT INCLUDE THE AMOUNT OF VALUATION FOR ASSESSMENT UPON WHICH
1391		-	TAXES ARE LEVIED UPON THE TAXPAYER
1392		-	.
1393		-	SECTION 18. In Session Laws of Colorado 2024, amend section
1394		-	PAGE 30-HOUSE BILL 24B-1001 14 of chapter 171 as follows:
1395		-	Section 14. Effective date. (1) This act shall not take effect if either
1396		-	or both of the following occur:
1397		-	(a) An initiative that reduces valuations for assessment is approved
1398		-	by the people at the general election held on November 5, 2024;
1399		-	(b) An initiative that requires voter approval for retaining property
1400		-	tax revenue that exceeds a limit is approved by the people at the general
1401		-	election held on November 5, 2024.
1402		-	(1.5) THIS ACT TAKES EFFECT ONLY IF:
1403		-	(a) B
1404		-	OTH AN INITIATIVE THAT REDUCES VALUATIONS FOR
1405		-	ASSESSMENT AND AN INITIATIVE THAT REQUIRES VOTER APPROVAL FOR
1406		-	RETAINING PROPERTY TAX REVENUE THAT EXCEEDS A LIMIT ARE
1407		-	WITHDRAWN PURSUANT TO SECTION
1408		-	1-40-134 FROM THE STATEWIDE BALLOT
1409		-	FOR THE GENERAL ELECTION HELD ON
1410		-	NOVEMBER 5, 2024; OR
1411		-	(b) THE CONDITION SPECIFIED IN SUBSECTION (1.5)(a) OF THIS
1412		-	SECTION DOES NOT OCCUR AND NEITHER AN INITIATIVE THAT REDUCES
1413		-	VALUATIONS FOR ASSESSMENT
1414		-	, NOR AN INITIATIVE THAT REQUIRES VOTER
1415		-	APPROVAL FOR RETAINING PROPERTY TAX REVENUE THAT EXCEEDS A LIMIT
1416		-	,
1417		-	IS APPROVED BY THE PEOPLE AT THE GENERAL ELECTION HELD ON
1418		-	NOVEMBER 5, 2024.
1419		-	(2) E
1420		-	XCEPT AS PROVIDED IN SUBSECTION (3) OF THIS SECTION:
1421		-	(a) I
1422		-	F THIS ACT TAKES EFFECT UNDER SUBSECTION (1.5)(a) OF THIS
1423		-	SECTION
1424		-	, THEN THIS ACT TAKES EFFECT ON OCTOBER 1, 2024; OR
1425		-	(2)
1426		-	(b) If this act takes effect under subsection (1) SUBSECTION
1427		-	(1.5)(b) of this section, then this act takes effect upon the date of the official
1428		-	declaration of the vote for the general election held on November 5, 2024.
1429		-	except that
1430		-	(3) IF THIS ACT TAKES EFFECT UNDER SUBSECTION (2) OF THIS
1431		-	SECTION
1432		-	:
1433		-	PAGE 31-HOUSE BILL 24B-1001 (a) Section 3 of this act takes effect only if Senate Bill 24-111 does
1434		-	not become law;
1435		-	(b) Sections 4 and 8 of this act take effect only if Senate Bill 24-111
1436		-	becomes law;
1437		-	(c) Section 6 of this act takes effect only if House Bill 24-1448 does
1438		-	not become law; and
1439		-	(d) Section 7 of this act takes effect only if House Bill 24-1448
1440		-	becomes law.
1441		-	SECTION 19. Effective date. This act takes effect only if Senate
1442		-	Bill 24-233 takes effect, in which case this act takes effect on the effective
1443		-	date of Senate Bill 24-233; except that sections 18, 19, and 20 take effect
1444		-	upon passage.
1445		-	SECTION 20. Safety clause. The general assembly finds,
1446		-	determines, and declares that this act is necessary for the immediate
1447		-	preservation of the public peace, health, or safety or for appropriations for
1448		-	PAGE 32-HOUSE BILL 24B-1001 the support and maintenance of the departments of the state and state
1449		-	institutions.
1450		-	____________________________ ____________________________
1451		-	Julie McCluskie Steve Fenberg
1452		-	SPEAKER OF THE HOUSE PRESIDENT OF
1453		-	OF REPRESENTATIVES THE SENATE
1454		-	____________________________ ____________________________
1455		-	Robin Jones Cindi L. Markwell
1456		-	CHIEF CLERK OF THE HOUSE SECRETARY OF
1457		-	OF REPRESENTATIVES THE SENATE
1458		-	APPROVED________________________________________
1459		-	(Date and Time)
1460		-	_________________________________________
1461		-	Jared S. Polis
1462		-	GOVERNOR OF THE STATE OF COLORADO
1463		-	PAGE 33-HOUSE BILL 24B-1001
	1421	+	19. Effective date. This act takes effect only if Senate23
	1422	+	Bill 24-233 takes effect, in which case this act takes effect on the24
	1423	+	effective date of Senate Bill 24-233; except that sections 18, 19, and 2025
	1424	+	take effect upon passage.26
	1425	+	SECTION 20. Safety clause. The general assembly finds,27
	1426	+	1001
	1427	+	-43- determines, and declares that this act is necessary for the immediate1
	1428	+	preservation of the public peace, health, or safety or for appropriations for2
	1429	+	the support and maintenance of the departments of the state and state3
	1430	+	institutions.4
	1431	+	1001
	1432	+	-44-