HOUSE BILL 24B-1001
BY REPRESENTATIVE(S) McCluskie and Pugliese, Bird, Boesenecker,
Duran, Frizell, Lindstedt, Mauro, McCormick, Snyder, Taggart;
also SENATOR(S) Hansen and Kirkmeyer, Buckner, Exum, Fields,
Gardner, Ginal, Liston, Lundeen, Pelton B., Pelton R., Priola, Rich, Will,
Zenzinger, Fenberg.
C
ONCERNING PROPERTY TAX .
Be it enacted by the General Assembly of the State of Colorado:
SECTION 1. In Colorado Revised Statutes, 2-2-2201, amend (8);
and add (5)(d) and (6)(d) as follows:
2-2-2201. Commission on property tax - creation - powers and
duties - report - repeal. (5) (d) T
HE COMMISSION SHALL EVALUATE THE
EQUITY OF VALUATION FOR ASSESSMENT ESTABLISHED FOR PROPERTY IN
SENATE BILL 24-233 AND HOUSE BILL 24B-1001.
(6) (d) N
O LATER THAN MAY 1, 2025, THE COMMISSION SHALL MAKE
A REPORT ON THE EQUITY OF THE VALUATION FOR ASSESSMENT ESTABLISHED
FOR PROPERTY IN
SENATE BILL 24-233 AND HOUSE BILL 24B-1001.
NOTE: This bill has been prepared for the signatures of the appropriate legislative
officers and the Governor. To determine whether the Governor has signed the bill
or taken other action on it, please consult the legislative status sheet, the legislative
history, or the Session Laws.
________
Capital letters or bold & italic numbers indicate new material added to existing law; dashes
through words or numbers indicate deletions from existing law and such material is not part of
the act. (8) This section is repealed, effective December 31, 2024 JULY 1,
2025.
SECTION 2. In Colorado Revised Statutes, add 2-4-115 as
follows:
2-4-115. Assessed value - valuation for assessment. (1) T
HE
PHRASE
"ASSESSED VALUE" MEANS EITHER THE ASSESSED VALUE FOR THE
PURPOSE OF A LEVY IMPOSED BY A LOCAL GOVERNMENTAL ENTITY OR THE
ASSESSED VALUE FOR THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL
DISTRICT AS BEST DETERMINED IN THE PARTICULAR CONTEXT BY THE
PROPERTY TAX ADMINISTRATOR
.
(2) T
HE PHRASE "VALUATION FOR ASSESSMENT " MEANS EITHER THE
VALUATION FOR ASSESSMENT FOR THE PURPOSE OF A LEVY IMPOSED BY A
LOCAL GOVERNMENTAL ENTITY OR THE VALUATION FOR ASSESSMENT FOR
THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT AS BEST
DETERMINED IN THE PARTICULAR CONTEXT BY THE PROPERTY TAX
ADMINISTRATOR
.
SECTION 3. In Colorado Revised Statutes, 29-1-1701, amend as
added by Senate Bill 24-233 (1), (2), (3) introductory portion, (3)(c),
(3)(e), (3)(f), (3)(h), and (3)(i); and add (1.5), (2.5), (3)(j), (4), and (5) as
follows:
29-1-1701. Definitions. As used in this part 17, unless the context
otherwise requires:
(1) "Local governmental entity
GOVERNMENT" means a
governmental entity authorized by law to impose ad valorem taxes on
taxable property located within its territorial limits; except that the term
excludes any:
(a) School district;
(b) City and county, city, or town that has adopted a home rule
charter;
(c) Local government GOVERNMENTAL ENTITY that is subject to and
has not received voter approval to exceed the revenue limit set forth in
PAGE 2-HOUSE BILL 24B-1001 section 29-1-301 FOR THAT PROPERTY TAX YEAR ; and
(d) Local government GOVERNMENTAL ENTITY OR SCHOOL DISTRICT
that does not have voter approval to collect, retain, and spend, without
regard to any spending, revenue, or other limitation contained within section
20 of article X of the state constitution, the majority of the local
governmental entity's
ENTITY OR SCHOOL DISTRICT'S revenue from the
imposition of ad valorem property taxes levied in any year subsequent to the
approval.
(1.5) "L
OCAL GOVERNMENTAL ENTITY " MEANS A LOCAL
GOVERNMENT AUTHORIZED BY LAW TO IMPOSE AD VALOREM TAXES ON
TAXABLE PROPERTY LOCATED WITHIN ITS TERRITORIAL LIMITS
; EXCEPT THAT
THE TERM EXCLUDES ANY
:
(a) S
CHOOL DISTRICT; AND
(b) CITY AND COUNTY, CITY, OR TOWN THAT HAS ADOPTED A HOME
RULE CHARTER
.
(2) "Property tax limit" means,
AS APPLICABLE, the annual limit ON
A LOCAL GOVERNMENTAL ENTITY
'S QUALIFIED PROPERTY TAX REVENUE
THAT IS
established in section 29-1-1702
SECTIONS 29-1-1702 (1) AND
29-1-1703 (1) and calculated pursuant to section 29-1-1703 on a local
governmental entity's property tax revenue 29-1-1703 (1) OR THE ANNUAL
LIMIT ON A SCHOOL DISTRICT
'S QUALIFIED LOCAL SHARE PROPERTY TAX
REVENUE THAT IS ESTABLISHED IN SECTIONS
29-1-1702.5 (2) AND 29-1-1703
(3)
AND CALCULATED PURSUANT TO SECTION 29-1-1703 (3).
(2.5) (a) "Q
UALIFIED LOCAL SHARE PROPERTY TAX REVENUE " MEANS
THE TOTAL AMOUNT OF PROPERTY TAX REVENUE ESTIMATED TO BE
RETAINED BY ALL SCHOOL DISTRICTS IN THE STATE IN CONNECTION WITH
DISTRICT TOTAL PROGRAM FUNDING FROM A PROPERTY TAX YEAR
EXCLUSIVE OF PROPERTY TAX REVENUE THAT IS FROM ANY OF THE
FOLLOWING SOURCES OR IS USED FOR ANY OF THE FOLLOWING PURPOSES
:
(I) T
HE INCREASED VALUATION FOR ASSESSMENT WITHIN A SCHOOL
DISTRICT FOR THE PRECEDING PROPERTY TAX YEAR THAT IS ATTRIBUTABLE
TO NEW CONSTRUCTION AND PERSONAL PROPERTY CONNECTED THEREWITH
,
AS DEFINED BY THE PROPERTY TAX ADMINISTRATOR IN MANUALS PREPARED
PAGE 3-HOUSE BILL 24B-1001 PURSUANT TO SECTION 39-2-109 (1)(e);
(II) T
HE INCREASED VALUATION FOR ASSESSMENT ATTRIBUTABLE TO
A CHANGE IN LAW FOR A PROPERTY TAX CLASSIFICATION OR TO THE
ANNEXATION OR INCLUSION OF ADDITIONAL LAND
, THE IMPROVEMENTS
THEREON
, AND PERSONAL PROPERTY CONNECTED THEREWITH WITHIN A
SCHOOL DISTRICT FOR THE PRECEDING PROPERTY TAX YEAR
;
(III) I
NCREASED PROPERTY TAX REVENUE ATTRIBUTABLE TO THE
EXPIRATION OF THE USE OF A SCHOOL DISTRICT
'S INCREMENTAL TAX
REVENUES DIVERTED FOR THE PURPOSES OF PART
1 OF ARTICLE 25 OF TITLE
31, PART 8 OF ARTICLE 25 OF TITLE 31, ARTICLE 31 OF TITLE 30, OR OTHER
TAX INCREMENT FINANCING PURPOSES
;
(IV) T
HE VALUATION FOR ASSESSMENT THAT WAS OMITTED FROM
THE ASSESSMENT ROLL IN THE PRECEDING PROPERTY TAX YEAR
;
(V) P
ROPERTY TAX REVENUE ABATED OR REFUNDED BY A SCHOOL
DISTRICT FROM THE PROPERTY TAX YEAR
;
(VI) T
HE INCREASE IN THE VALUATION FOR ASSESSMENT
ATTRIBUTABLE TO PREVIOUSLY LEGALLY EXEMPT PROPERTY IN THE
PREVIOUS PROPERTY TAX YEAR THAT BECOMES TAXABLE
;
(VII) T
HE INCREASE IN THE VALUATION FOR ASSESSMENT FROM
PRODUCING MINES OR LANDS OR LEASE HOLDS PRODUCING OIL OR GAS IN THE
PREVIOUS PROPERTY TAX YEAR
;
(VIII) P
ROPERTY TAX REVENUE ATTRIBUTABLE TO A SCHOOL
DISTRICT INCREASING THE TOTAL NUMBER OF MILLS IT LEVIES IN
CONNECTION WITH DISTRICT TOTAL PROGRAM FUNDING AND UPON
RECEIVING THE APPROVAL OF THE MAJORITY OF A SC HOOL DISTRICT
'S
VOTERS VOTING THEREON FOR SUCH AN INCREASE IN AN ELECTION
OCCURRING ON OR AFTER
NOVEMBER 5, 2024;
(IX) P
ROPERTY TAX REVENUE ATTRIBUTABLE TO ANY MILLS A
SCHOOL DISTRICT LEVIES THAT ARE NOT LEVIED IN CONNECTION WITH
DISTRICT TOTAL PROGRAM FUNDING
;
(X) P
ROPERTY TAX REVENUE ATTRIBUTABLE TO A CHANGE IN THE
PAGE 4-HOUSE BILL 24B-1001 AMOUNT OF SPECIFIC OWNERSHIP TAX REVENUE PAID TO THE DISTRICT , AS
DEFINED IN SECTION
22-54-103 (11), IN THE PREVIOUS PROPERTY TAX YEAR;
OR
(XI) PROPERTY TAX REVENUE ATTRIBUTABLE TO A CHANGE IN THE
AMOUNT OF PROPERTY TAX CREDITS ISSUED PURSUANT TO SECTION
22-54-106 (2.1) IN THE PREVIOUS PROPERTY TAX YEAR.
(b) E
XCEPT AS APPLIED IN DETERMINING THE COUNTERFACTUAL
PERCENTAGE
, AS DEFINED IN SECTION 29-1-1702.5 (1)(c), IN DETERMINING
THE AMOUNT OF QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE FOR
PURPOSES OF SUBSECTIONS
(2.5)(a)(I), (2.5)(a)(II), (2.5)(a)(IV),
(2.5)(a)(VI),
AND (2.5)(a)(VII) OF THIS SECTION, THE ANNUAL CHANGE IN
PROPERTY TAX REVENUE OR VALUATION FOR ASSESSMENT IS ASSUMED TO
BE THE SAME FOR THE RELEVANT PROPERTY TAX YEAR AS IT WAS FOR THE
PROPERTY TAX YEAR IMMEDIATELY PRECEDING THE RELEVANT PROPERTY
TAX YEAR
.
(3) "Qualified property tax revenue" means a local governmental
entity's property tax revenue for a property tax year exclusive of property
tax revenue that is from
ANY OF the following sources and
OR is used for
ANY OF the following purposes:
(c) Increased property tax revenue attributable to the expiration
IN
THE PREVIOUS PROPERTY TAX YEAR
of the use of the local governmental
entity's incremental tax revenues diverted for the purposes of part 1 of
article 25 of title 31, part 1 of article 30 of title 31
PART 8 OF ARTICLE 25 OF
TITLE
31, ARTICLE 31 OF TITLE 30, or other tax increment financing
purposes;
(e) Property tax revenue abated or refunded by the local
governmental entity during
FROM the property tax year;
(f) Property tax revenue attributable to previously PROPERTY THAT
WAS
legally exempt federal
property IN THE PREVIOUS PROPERTY TAX YEAR
that becomes taxable; if such property causes an increase in the level of
services provided by the local governmental entity;
(h) An amount to provide for the payment of bonds that HAVE BOTH
BEEN APPROVED BY A MAJORITY OF THE LOCAL GOVERNMENTAL ENTITY
'S
PAGE 5-HOUSE BILL 24B-1001 VOTERS VOTING THEREON AND are outstanding as of the effective date of
this part 17 NOVEMBER 5, 2024, and the interest thereon, or for the payment
of any other contractual obligation that has been approved by a majority of
the local governmental entity's voters voting thereon outstanding as of the
effective date of this part 17 NOVEMBER 5, 2024; and bonds or other
contractual obligations issued in accordance with the existing voted
authorization of a local governmental entity approved by a majority of the
local governmental entity's voters voting thereon in accordance with section
20 of article X of the state constitution as of the effective date of this part
17; or NOVEMBER 5, 2024;
(i) Property tax revenue attributable to a local governmental entity
increasing the total number of mills it levies upon receiving the approval of
the majority of the local governmental entity's voters
VOTING THEREON for
such an increase in an election occurring on or after the effective date of
this part 17 NOVEMBER 5, 2024; OR
(j) PROPERTY TAX REVENUE ATTRIBUTABLE TO SPECIFIC OWNERSHIP
TAX REVENUE PAID TO THE LOCAL GOVERNMENTAL ENTITY
.
(4) "R
EASSESSMENT CYCLE" MEANS A REASSESSMENT CYCLE
ESTABLISHED PURSUANT TO SECTION
39-1-104 (10.2).
(5) "S
CHOOL DISTRICT" MEANS A LOCAL GOVERNMENT THAT IS
AUTHORIZED BY LAW TO IMPOSE AD VALOREM TAXES ON TAXABLE PROPERTY
LOCATED WITHIN ITS TERRITORIAL LIMITS AND HAS A DISTRICT TOTAL
PROGRAM DETERMINED BY ARTICLE
54 OF TITLE 22.
SECTION 4. In Colorado Revised Statutes, add 29-1-1702.5 as
follows:
29-1-1702.5. School district property tax limit imposition -
temporary residential valuation for assessment adjustment - correction
- definition - repeal. (1) A
S USED IN THIS SECTION, UNLESS THE CONTEXT
OTHERWISE REQUIRES
:
(a) "B
ALANCING PERCENTAGE " MEANS THE VALUATION FOR
ASSESSMENT OF ALL RESIDENTIAL REAL PROPERTY
, FOR THE PURPOSE OF A
LEVY IMPOSED BY A SCHOOL DISTRICT
, NECESSARY FOR SCHOOL DISTRICT
QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE TO EQUAL THE SCHOOL
PAGE 6-HOUSE BILL 24B-1001 DISTRICT PROPERTY TAX LIMIT.
(b) "C
ORRECTION PERCENTAGE" MEANS THE DIFFERENCE BETWEEN
THE COUNTERFACTUAL PERCENTAGE AND THE VALUATION FOR ASSESSMENT
OF ALL RESIDENTIAL REAL PROPERTY FOR THE PURPOSE OF A LEVY IMPOSED
BY A SCHOOL DISTRICT FOR THE IMMEDIATELY PRECEDING PROPERTY TAX
YEAR
.
(c) "C
OUNTERFACTUAL PERCENTAGE " MEANS THE VALUATION FOR
ASSESSMENT OF ALL RESIDENTIAL REAL PROPERTY FOR THE IMMEDIATELY
PRECEDING PROPERTY TAX YEAR FOR THE PURPOSE OF A LEVY IMPOSED BY
A SCHOOL DISTRICT THAT WOULD HAVE RESULTED IN SCHOOL DISTRICT
QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE EQUALING THE SCHOOL
DISTRICT PROPERTY TAX LIMIT
.
(2) F
OR PROPERTY TAX YEARS COMMENCING ON OR AFTER JANUARY
1, 2025, QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE FOR ALL SCHOOL
DISTRICTS FROM A PROPERTY TAX YEAR MUST NOT INCREASE BY MORE THAN
THE SCHOOL DISTRICT PROPERTY TAX LIMIT
.
(3) (a) I
F THE QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE FOR
SCHOOL DISTRICTS FROM A PROPERTY TAX YEAR COMMENCING ON OR AFTER
JANUARY 1, 2025, WOULD OTHERWISE EXCEED THE SCHOOL DISTRICT
PROPERTY TAX LIMIT
, THE VALUATION FOR ASSESSMENT FOR ALL
RESIDENTIAL REAL PROPERTY
, FOR THE PURPOSE OF A LEVY IMPOSED BY A
SCHOOL DISTRICT
, IS TEMPORARILY REDUCED FOR THAT PROPERTY TAX YEAR
TO THE TOTAL OF THE BALANCING PERCENTAGE CALCULATED BY THE STATE
BOARD OF EQUALIZATION PURSUANT TO SUBSECTION
(4)(d) OF THIS SECTION
AND
, IF THE SCHOOL DISTRICT QUALIFIED LOCAL SHARE PROPERTY TAX
REVENUE EXCEEDED THE SCHOOL DISTRICT PROPERTY TAX LIMIT IN THE
IMMEDIATELY PRECEDING PROPERTY TAX YEAR
, THE CORRECTION
PERCENTAGE
.
(b) I
F THE QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE FOR
SCHOOL DISTRICTS FROM A PROPERTY TAX YEAR COMMENCING ON OR AFTER
JANUARY 1, 2025, IS NOT PROJECTED TO EXCEED THE SCHOOL DISTRICT
PROPERTY TAX LIMIT
, THE VALUATION FOR ASSESSMENT FOR ALL
RESIDENTIAL REAL PROPERTY
, FOR THE PURPOSE OF A LEVY IMPOSED BY A
SCHOOL DISTRICT
, IS TEMPORARILY REDUCED , AS CALCULATED BY THE
STATE BOARD OF EQUALIZATION PURSUANT TO SUBSECTION
(4)(d) OF THIS
PAGE 7-HOUSE BILL 24B-1001 SECTION, FOR THAT PROPERTY TAX YEAR BY THE CORRECTION PERCENTAGE
IF THE SCHOOL DISTRICT QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE
EXCEEDED THE SCHOOL DISTRICT PROPERTY TAX LIMIT IN THE IMMEDIATELY
PRECEDING PROPERTY TAX YEAR
.
(c) A
TEMPORARY REDUCTION IN THE VALUATION FOR ASSESSMENT
THAT APPLIES TO THAT RESIDENTIAL REAL PROPERTY FOR THE PURPOSE OF
A LEVY IMPOSED BY A SCHOOL DISTRICT PURSUANT TO SUBSECTION
(3)(a) OF
THIS SECTION DOES NOT CHANGE THE UNDERLYING VALUATION FOR
ASSESSMENT THAT APPLIES TO THAT RESIDENTIAL REAL PROPERTY FOR THE
PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT
. THEREFORE, REDUCING
THE AMOUNT OF THE TEMPORARY REDUCTION IN THE VALUATION FOR
ASSESSMENT THAT APPLIES TO RESIDENTIAL REAL PROPERTY FOR THE
PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT PURSUANT TO
SUBSECTION
(3)(a) OR (3)(b) OF THIS SECTION, OR REMOVING SUCH A
TEMPORARY REDUCTION
, FROM ONE PROPERTY TAX YEAR TO THE NEXT DOES
NOT REQUIRE PRIOR VOTER APPROVAL UNDER SECTION
20 (4)(a) OF ARTICLE
X OF THE STATE CONSTITUTION.
(d) (I) N
OTWITHSTANDING SUBSECTIONS (3)(a) AND (3)(b) OF THIS
SECTION
, THE VALUATION FOR ASSESSMENT ESTABLISHED PURSUANT TO
SUBSECTION
(3)(a) OF THIS SECTION MUST NOT EXCEED THE VALUATION FOR
ASSESSMENT ESTABLISHED IN SECTION
39-1-104.2 THAT APPLIES TO
RESIDENTIAL REAL PROPERTY FOR THE PURPOSE OF A LEVY IMPOSED BY A
SCHOOL DISTRICT
.
(II) N
OTWITHSTANDING SUBSECTION (2) OF THIS SECTION AND
SECTION
29-1-1703 (3), QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE
MAY EXCEED THE SCHOOL DISTRICT PROPERTY TAX LIMIT FOR A PROPERTY
TAX YEAR IF DOING SO IS A RESULT OF ESTABLISHING THE VALUATION FOR
ASSESSMENT PURSUANT TO SUBSECTIONS
(3)(a) AND (3)(b) OF THIS SECTION.
(4) (a) (I) (A) N
O LATER THAN DECEMBER 10, 2024, AN ASSESSOR
SHALL REPORT TO THE PROPERTY TAX ADMINISTRATOR IN THE DIVISION OF
PROPERTY TAXATION IN THE DEPARTMENT OF LOCAL AFFAIRS THE
INFORMATION THAT THE ADMINISTRATOR DETERMINES IS NECESSARY TO
DETERMINE THE AMOUNT OF QUALIFIED LOCAL SHARE PROPERTY TAX
REVENUE FOR PURPOSES OF SECTIONS
29-1-1701 (2.5)(a)(I) TO (2.5)(a)(VII)
FOR THE RELEVANT PROPERTY TAX YEAR .
PAGE 8-HOUSE BILL 24B-1001 (B) THIS SUBSECTION (4)(a)(I) IS REPEALED, EFFECTIVE JULY 1,
2025.
(II) N
O LATER THAN AUGUST 25, 2025, AND EACH AUGUST 25
THEREAFTER, AN ASSESSOR SHALL REPORT TO THE PROPERTY TAX
ADMINISTRATOR IN THE DIVISION OF PROPERTY TAXATION IN THE
DEPARTMENT OF LOCAL AFFAIRS THE INFORMATION THAT THE
ADMINISTRATOR DETERMINES NECESSARY TO DETERMINE THE AMOUNT OF
QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE FOR PURPOSES OF SECTION
29-1-1701 (2.5)(a)(I) TO (2.5)(a)(VII) FOR THE RELEVANT PROPERTY TAX
YEAR
.
(b) (I) (A) N
O LATER THAN JANUARY 2, 2025, THE PROPERTY TAX
ADMINISTRATOR IN THE DIVISION OF PROPERTY TAXATION IN THE
DEPARTMENT OF LOCAL AFFAIRS SHALL REPORT TO LEGISLATIVE COUNCIL
STAFF THE INFORMATION THAT THE LEGISLATIVE COUNCIL STAFF
DETERMINES NECESSARY TO DETERMINE THE AMOUNT OF QUALIFIED LOCAL
SHARE PROPERTY TAX REVENUE FOR PURPOSES OF SECTION
29-1-1701
(2.5)(a)(I)
TO (2.5)(a)(VII) FOR THE RELEVANT PROPERTY TAX YEAR .
(B) T
HIS SUBSECTION (4)(b)(I) IS REPEALED, EFFECTIVE JULY 1,
2025.
(II) N
O LATER THAN OCTOBER 31, 2025, AND EACH OCTOBER 31
THEREAFTER, THE PROPERTY TAX ADMINISTRATOR IN THE DIVISION OF
PROPERTY TAXATION IN THE DEPARTMENT OF LOCAL AFFAIRS SHALL REPORT
TO LEGISLATIVE COUNCIL STAFF THE INFORMATION THAT THE LEGISLATIVE
COUNCIL STAFF DETERMINES NECESSARY TO DETERMINE THE AMOUNT OF
QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE FOR PURPOSES OF SECTION
29-1-1701 (2.5)(a)(I) TO (2.5)(a)(VII) FOR THE RELEVANT PROPERTY TAX
YEAR
.
(c) N
O LATER THAN JANUARY 15, 2025, AND EACH JANUARY 15
THEREAFTER, LEGISLATIVE COUNCIL STAFF SHALL PROVIDE THE STATE
BOARD OF EQUALIZATION WITH THE INFORMATION NECESSARY TO
CALCULATE THE BALANCING PERCENTAGE AND CORRECTION PERCENTAGE
FOR THE RELEVANT PROPERTY TAX YEAR AND THE COUNTERFACTUAL
PERCENTAGE FOR THE IMMEDIATELY PRECEDING PROPERTY TAX YEAR
.
(d) N
O LATER THAN TWENTY -ONE DAYS AFTER RECEIVING THE
PAGE 9-HOUSE BILL 24B-1001 INFORMATION PROVIDED BY LEGISLATIVE COUNCIL STAFF PURSUANT TO
SUBSECTION
(4)(c) OF THIS SECTION, THE STATE BOARD OF EQUALIZATION
SHALL MEET AND SUBMIT A REPORT TO THE GENERAL ASSEMBLY THAT
CALCULATES
, AS APPLICABLE, THE TOTAL OF THE BALANCING PERCENTAGE
AND THE CORRECTION PERCENTAGE FOR THE RELE VANT PROPERTY TAX YEAR
OR THE TOTAL OF THE VALUATION FOR ASSESSMENT THAT APPLIES TO THAT
RESIDENTIAL REAL PROPERTY FOR THE PURPOSE OF A LEVY IMPOSED BY A
SCHOOL DISTRICT AND THE CORRECTION PERCENTAGE FOR THE RELE VANT
PROPERTY TAX YEAR
.
SECTION 5. In Colorado Revised Statutes, amend as added by
Senate Bill 24-233 29-1-1703 as follows:
29-1-1703. Property tax limit calculation - definitions. (1) A
local governmental entity's property tax limit for a property tax year is equal
to the local governmental entity's base year qualified property tax revenue
increased for each year since the base year, including the relevant property
tax year, by five and one-half percent THE BASE AMOUNT OF THE LOCAL
GOVERNMENTAL ENTITY
'S QUALIFIED PROPERTY TAX REVENUE INCREASED
BY THE TOTAL OF THE GROWTH RATE PERCENTAGE AND THEN INCREASED BY
THE CARRYOVER AMOUNT
.
(1.5) A
S USED IN SUBSECTION (1) OF THIS SECTION, UNLESS THE
CONTEXT OTHERWISE REQUIRES
:
(a) "B
ASE AMOUNT OF THE LOCAL GOVERNMENTAL ENTITY 'S
QUALIFIED PROPERTY TAX REVENUE
" MEANS THE AMOUNT OF QUALIFIED
PROPERTY TAX REVENUE COLLECTED AND LAWFULLY RETAINED BY A LOCAL
GOVERNMENTAL ENTITY FROM WHICHEVER PROPERTY TAX YEAR
IN A
PREVIOUS REASSESSMENT CYCLE WAS THE PROPERTY TAX YEAR FOR WHICH
THE LOCAL GOVERNMENTAL ENTITY COLLECTED AND LAWFULLY RETAINED
THE MOST PROPERTY TAX REVENUE
.
(b) (I) "C
ARRYOVER AMOUNT " MEANS, EXCEPT AS DESCRIBED IN
SUBSECTION
(1.5)(b)(II) OF THIS SECTION, AN AMOUNT EQUAL TO THE
DIFFERENCE BETWEEN
:
(A) T
HE BASE AMOUNT OF THE LOCAL GOVERNMENTAL ENTITY 'S
QUALIFIED PROPERTY TAX REVENUE THAT WAS APPLICABLE FOR THE MOST
RECENT REASSESSMENT CYCLE INCREASED BY THE GROWTH RATE
PAGE 10-HOUSE BILL 24B-1001 PERCENTAGE FOR THAT REASSESSMENT CYCLE ; AND
(B) THE LOCAL GOVERNMENT'S QUALIFIED PROPERTY TAX REVENUE
FROM THE YEAR WITH THE GREATEST QUALIFIED PROPERTY TAX REVENUE IN
THE MOST RECENT REASSESSMENT CYCLE
.
(II) T
HERE IS NO CARRYOVER AMOUNT FOR A REASSESSMENT CYCLE
FOR A LOCAL GOVERNMENTAL ENTITY OCCURRING AFTER A REASSESSMENT
CYCLE WHEN THAT LOCAL GOVERNMENTAL ENTITY RETAINED AN AMOUNT
OF QUALIFIED PROPERTY TAX REVENUE E QUAL OR GREATER THAN THE TOTAL
OF THE BASE AMOUNT OF THE LOCAL GOVERNMENTAL ENTITY
'S QUALIFIED
PROPERTY TAX REVENUE FOR THAT REASSESSMENT CYCLE INCREASED BY
THE GROWTH RATE PERCENTAGE FOR THAT REASSESSMENT CYCLE
.
(c) "G
ROWTH RATE PERCENTAGE " MEANS FIVE AND TWENTY-FIVE
HUNDREDTHS PERCENT MULTIPLIED BY THE NUMBER OF PROPERTY TAX
YEARS IN THE CURRENT REASSESSMENT CYCLE
.
(2) As used in this section, unless the context otherwise requires,
"base year" means:
(a) Except as otherwise provided in subsection (2)(b) of this section:
(I) For a local governmental entity that had qualified property tax
revenue for the property tax year commencing on January 1, 2023, the local
governmental entity's qualified property tax revenue for the property tax
year commencing on January 1, 2023, plus any money that the local
governmental entity received pursuant to section 39-3-210; or
(II) For a local governmental entity that did not have qualified
property tax revenue for the property tax year commencing on January 1,
2023, the local governmental entity's qualified property tax revenue for the
first year that the local governmental entity had property tax revenue; or
(b) For a local governmental entity that temporarily waives the
property limit pursuant to section 29-1-1704, the local governmental entity's
qualified property tax revenue for the most recent property tax year for
which the local governmental entity temporarily waived the property limit
pursuant to section 29-1-1704.
PAGE 11-HOUSE BILL 24B-1001 (3) A SCHOOL DISTRICT'S PROPERTY TAX LIMIT FOR A PROPERTY TAX
YEAR IS EQUAL TO THE AM OUNT OF TOTAL LOCAL SHARE PROPERTY TAX
REVENUE INCREASED BY THE TOTAL OF THE GROWTH RATE PERCENTAGE AND
THEN INCREASED BY THE CARRYOVER AMOUNT
.
(4) A
S USED IN SUBSECTION (3) OF THIS SECTION, UNLESS THE
CONTEXT OTHERWISE REQUIRES
:
(a) (I) "C
ARRYOVER AMOUNT " MEANS, EXCEPT AS DESCRIBED IN
SUBSECTION
(4)(a)(II) OF THIS SECTION, AN AMOUNT EQUAL TO THE
DIFFERENCE BETWEEN THE
:
(A) T
OTAL LOCAL SHARE PROPERTY TAX REVENUE THAT WAS
APPLICABLE FOR THE MOST RECENT REASSESSMENT CYCLE INCREASED BY
THE GROWTH RATE PERCENTAGE FOR THAT REASSESSMENT CYCLE
; AND
(B) THE QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE FROM THE
YEAR WITH THE GREATEST QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE
IN THE MOST RECENT REASSESSMENT CYCLE
.
(II) T
HERE IS NO CARRYOVER AMOUNT FOR A REASSESSMENT CYCLE
OCCURRING AFTER A REASSESSMENT CYCLE WHEN SCHOOL DISTRICTS
RETAINED AN AMOUNT OF QUALIFIED LOCAL SHARE PROPERTY TAX REVENUE
EQUAL OR GREATER THAN THE TOTAL OF THE TOTAL LOCAL SHARE PROPERTY
TAX REVENUE FOR THAT REASSESSMENT CYCLE INCREASED BY THE GROWTH
RATE PERCENTAGE FOR THAT REASSESSMENT CYCLE
.
(b) "G
ROWTH RATE PERCENTAGE " MEANS THE GREATER OF:
(I) S
IX PERCENT MULTIPLIED BY THE NUMBER OF PROPERTY TAX
YEARS IN THE CURRENT REASSESSMENT CYCLE
; OR
(II) THE TOTAL OF THE ESTIMATED SCHOOL FACTOR FOR THE
CURRENT PROPERTY TAX YEAR PLUS THE ESTIMATED SCHOOL FACTOR FOR
ANY OTHER PROPERTY TAX YEAR IN THE SAME REASSESSMENT CYCLE
.
(c) "S
CHOOL FACTOR" MEANS THE TOTAL PERCENTAGE OF THE RATE
BY WHICH THE GENERAL ASSEMBLY INCREASES THE STATEWIDE BASE PER
PUPIL FUNDING FOR PUBLIC EDUCATION FROM KINDERGARTEN THROUGH
TWELFTH GRADE FOR THE RELEVANT SCHOOL YEAR
, AS DETERMINED
PAGE 12-HOUSE BILL 24B-1001 PURSUANT TO SECTION 22-55-106, FOR ALL SCHOOL DISTRICTS IN THE STATE
PLUS THE PERCENTAGE INCREASE IN FUNDED PUPIL COUNT
, AS DEFINED IN
SECTION
22-54-103.5 (4), FOR THE RELEVANT SCHOOL YEAR FOR ALL SCHOOL
DISTRICTS IN THE STATE
.
(d) "T
OTAL LOCAL SHARE PROPERTY TAX REVENUE " MEANS THE
TOTAL AMOUNT OF PROPERTY TAX REVENUE COLLECTED AND LAWFULLY
RETAINED BY ALL SCHOOL DISTRICTS IN THE STATE IN CONNECTION WITH
DISTRICT TOTAL PROGRAM FUNDING FROM WHICHEVER PREVIOUS PROPERTY
TAX YEAR IN A PREVIOUS REASSESSMENT CYCLE WAS THE PROPERTY TAX
YEAR FOR WHICH THE TOTAL AMOUNT OF PROPERTY TAX REVENUE
COLLECTED AND LAWFULLY RETAINED BY ALL SCHOOL DISTRICTS IN THE
STATE IN CONNECTION WITH DISTRICT TOTAL PROGRAM FUNDING WAS
GREATEST
.
SECTION 6. In Colorado Revised Statutes, amend as added by
Senate Bill 24-233 29-1-1704 as follows:
29-1-1704. Voter approval of property limit waiver. (1) (a) A
local governmental entity's governing body may submit to the local
governmental entity's electors the question of whether the local
governmental entity may waive the
LOCAL GOVERNMENTAL ENTITY property
tax limit established in section 29-1-1702 in connection with a single
property tax year, a specified number of property tax years, or all future
property tax years. If the majority of the local governmental entity's voters
voting thereon approve such a request, the local governmental entity is not
subject to the
LOCAL GOVERNMENTAL ENTITY property tax limit established
in section 29-1-1702 for the period of property tax years for which voters
approved waiving the property tax limit.
(b) F
OR A MEASURE THAT IS PLACED ON THE BALLOT AFTER
NOVEMBER 5, 2024, THAT WOULD ALLOW A LOCAL GOVERNMENTAL ENTITY
TO WAIVE THE PROPERTY TAX LIMIT ESTABLISHED IN SECTION
29-1-1702 IN
CONNECTION WITH A SINGLE PROPERTY TAX YEAR
, A SPECIFIED NUMBER OF
PROPERTY TAX YEARS
, OR ALL FUTURE PROPERTY TAX YEARS , THE BALLOT
TITLE MUST BEGIN
"SHALL THE (NAME OF THE LOCAL GOVERNMENT ) WAIVE
THE
5.25% PROPERTY TAX LIMIT FOR" AND THEN MUST SPECIFY WHETHER
THE LOCAL GOVERNMENTAL ENTITY IS SEEKING TO WAIVE THE PROPERTY
TAX LIMIT FOR A SINGLE PROPERTY TAX YEAR
, A SPECIFIED NUMBER OF
PROPERTY TAX YEARS
, OR ALL FUTURE PROPERTY TAX YEARS .
PAGE 13-HOUSE BILL 24B-1001 (2) (a) THE VOTERS OF THE STATE, RATHER THAN THE VOTERS OF
ANY INDIVIDUAL SCHOOL DISTRICT
, MAY WAIVE THE SCHOOL DISTRICT
PROPERTY TAX REVENUE LIMIT ESTABLISHED IN SECTION
29-1-1702.5 IN
CONNECTION WITH A SINGLE PROPERTY TAX YEAR
, A SPECIFIED NUMBER OF
PROPERTY TAX YEARS
, OR ALL FUTURE PROPERTY TAX YEARS . IF THE
MAJORITY OF THE VOTERS OF THE STATE VOTING THEREON APPROVE SUCH
A REQUEST
, ALL SCHOOL DISTRICTS ARE NOT SUBJECT TO THE SCHOOL
DISTRICT PROPERTY TAX REVENUE LIMIT ESTABLISHED IN SECTION
29-1-1702.5 FOR THE PERIOD OF PROPERTY TAX YEARS FOR WHICH VOTERS
APPROVED WAIVING THE PROPERTY TAX REVENUE LIMIT
. THE VOTERS OF AN
INDIVIDUAL SCHOOL DISTRICT MAY NOT ELECT TO WAIVE THE SCHOOL
DISTRICT PROPERTY TAX REVENUE LIMIT ESTABLISHED IN SECTION
29-1-1702.5 FOR THAT INDIVIDUAL SCHOOL DISTRICT.
(b) F
OR A MEASURE THAT IS PLACED ON THE BALLOT AFTER
NOVEMBER 5, 2024, THAT WOULD ALLOW ALL SCHOOL DISTRICTS TO WAIVE
THE SCHOOL DISTRICT PROPERTY TAX REVENUE LIMIT ESTABLISHED IN
SECTION
29-1-1702.5 IN CONNECTION WITH A SINGLE PROPERTY TAX YEAR ,
A SPECIFIED NUMBER OF PROPERTY TAX YEARS , OR ALL FUTURE PROPERTY
TAX YEARS
, THE BALLOT TITLE MUST BEGIN "SHALL ALL OF THE SCHOOL
DISTRICTS IN THE STATE WAIVE THE
6% PROPERTY TAX LIMIT FOR" AND THEN
MUST SPECIFY WHETHER THE PROPERTY TAX LIMIT WOULD BE WAIVED FOR
ALL SCHOOL DISTRICTS FOR A SINGLE PROPERTY TAX YEAR
, A SPECIFIED
NUMBER OF PROPERTY TAX YEARS
, OR ALL FUTURE PROPERTY TAX YEARS .
SECTION 7. In Colorado Revised Statutes, amend as added by
Senate Bill 24-233 29-1-1705 as follows:
29-1-1705. Prior obligations not impaired - voter-approval of
mill increases - disaster emergency spending - definitions. (1) Nothing
in this part 17 impairs:
(a) The obligations of any bonds or other forms of indebtedness that
are outstanding as of the effective date of this part 17
NOVEMBER 5, 2024,
or the refunding thereof, issued by a local governmental entity
GOVERNMENT or otherwise invalidates any such bond or the obligations or
refunding thereof; or
(b) The existing voted authorization of a local governmental entity
GOVERNMENT approved by a majority of the local governmental entity's
PAGE 14-HOUSE BILL 24B-1001 GOVERNMENT'S voters voting thereon in accordance with section 20 of
article X of the state constitution as of the effective date of this part 17
NOVEMBER 5, 2024. As established in section 29-1-1701 (3)(h), the
imposition of a levy to provide for the payment of the following is not
included in the calculation of the property tax limit:
(I) Bonds that are outstanding as of the effective date of this part 17
NOVEMBER 5, 2024, and the interest thereon, or for the payment of any other
contractual obligation outstanding as of the effective date of this part 17
NOVEMBER 5, 2024, that has been approved by a majority of the local
governmental entity's GOVERNMENT'S voters voting thereon; and
(II) Bonds or other contractual obligations issued in accordance with
the existing voted authorization of a local governmental entity
GOVERNMENT approved by a majority of the local governmental entity's
GOVERNMENT'S voters voting thereon in accordance with section 20 of
article X of the state constitution as of the effective date of this part 17 are
not included in the calculation of the property tax limit NOVEMBER 5, 2024.
(2) (a) Nothing in this part 17 prevents a local governmental entity
from submitting to the local governmental entity's electors the question of
whether to increase the total number of mills levied by the local
governmental entity and, upon
RECEIVING THE APPROVAL OF a majority of
the local governmental entity's voters voting to approve
THEREON FOR such
a request, increasing the total number of mills levied by the local
governmental entity accordingly. As established in section 29-1-1701 (3)(i),
property tax revenue attributable to a local governmental entity increasing
the total number of mills it levies upon receiving the approval of the
majority of the local governmental entity's voters
VOTING THEREON for such
an increase in an election occurring on or after the effective date of this part
17 NOVEMBER 5, 2024, is not included in the calculation of the LOCAL
GOVERNMENTAL ENTITY
'S property tax limit. A local governmental entity
may also submit to the local government entity's electors the question of
whether to increase the total number of mills levied by the local
governmental entity in such a way that the mills increase to match the local
governmental entity's property tax limit established pursuant to section
29-1-1702 and, upon
RECEIVING THE APPROVAL OF a majority of the local
governmental entity's voters voting to approve
THEREON FOR such a request,
increasing the total number of mills levied by the local governmental entity
accordingly.
PAGE 15-HOUSE BILL 24B-1001 (b) NOTHING IN THIS PART 17 PREVENTS A SCHOOL DISTRICT FROM
SUBMITTING TO THE SCHOOL DISTRICT
'S ELECTORS THE QUESTION OF
WHETHER TO INCREASE THE TOTAL NUMBER OF MILLS LEVIED BY THE
SCHOOL DISTRICT AND
, UPON RECEIVING THE APPROVAL OF A MAJORITY OF
THE SCHOOL DISTRICT
'S VOTERS VOTING THEREON FOR SUCH A REQUEST ,
INCREASING THE TOTAL NUMBER OF MILLS LEVIED BY THE SCHOOL DISTRICT
ACCORDINGLY
. AS ESTABLISHED IN SECTION 29-1-1701 (2.5)(a)(VIII),
PROPERTY TAX REVENUE ATTRIBUTABLE TO A SCHOOL DISTRICT INCREASING
THE TOTAL NUMBER OF TOTAL PROGRAM FUNDING MILLS IT LEVIES UPON
RECEIVING THE APPROVAL OF THE MAJORITY OF THE SCHOOL DISTRICT
'S
VOTERS VOTING THEREON FOR SUCH AN INCREASE IN AN ELECTION
OCCURRING ON OR AFTER
NOVEMBER 5, 2024, IS NOT INCLUDED IN THE
CALCULATION OF THE SCHOOL DISTRICT
'S PROPERTY TAX LIMIT . AS
ESTABLISHED IN SECTION
29-1-1701 (2.5)(a)(IX), PROPERTY TAX REVENUE
ATTRIBUTABLE TO MILLS THAT THE SCHOOL DISTRICT LEVIES THAT IT DOES
NOT LEVY IN CONNECTION WITH TOTAL PROGRAM FUNDING IS NOT INCLUDED
IN THE CALCULATION OF THE SCHOOL DISTRICT
'S PROPERTY TAX LIMIT. A
SCHOOL DISTRICT MAY ALSO SUBMIT TO THE SCHOOL DISTRICT 'S ELECTORS
THE QUESTION OF WHETHER TO INCREASE THE TOTAL NUMBER OF MILLS
LEVIED BY THE SCHOOL DISTRICT IN CONNECTION WITH TOTAL PROGRAM
FUNDING IN SUCH A WAY THAT THE MILLS INCREASE TO MATCH THE SCHOOL
DISTRICT
'S PROPERTY TAX LIMIT ESTABLISHED PURSUANT TO SECTION
29-1-1702.5 AND, UPON RECEIVING THE APPROVAL OF A MAJORITY OF THE
SCHOOL DISTRICT
'S VOTERS VOTING THEREON FOR SUCH A REQUEST , TO
INCREASE THE TOTAL NUMBER OF MILLS LEVIED BY THE SCHOOL DISTRICT
ACCORDINGLY
.
(3) (a) N
OTWITHSTANDING THIS PART 17, AN AMOUNT OF QUALIFIED
PROPERTY TAX REVENUE OR QUALIFIED LOCAL SHARE PROPERTY TAX
REVENUE
, AS APPLICABLE, EQUAL TO ANY AMOUNT OF DISASTER EMERGENCY
SPENDING BY A LOCAL GOVERNMENT IN A PROPERTY TAX YEAR IS EXEMPT
FROM THE CALCULATION OF THE PROPERTY TAX LIMIT THAT APPLIES TO THAT
LOCAL GOVERNMENT FOR THE SAME PROPERTY TAX YEAR
.
(b) A
S USED IN THIS SUBSECTION (3), UNLESS THE CONTEXT
OTHERWISE REQUIRES
:
(I) "D
ECLARED DISASTER" HAS THE SAME MEANING AS SECTION
24-32-134 (1)(b).
PAGE 16-HOUSE BILL 24B-1001 (II) "DISASTER EMERGENCY SPENDING " MEANS THE AMOUNT OF
ACTUAL EXPENDITURES BY A LOCAL GOVERNMENT IN A PROPERTY TAX YEAR
AS THE DIRECT RESULT OF A DECLARED DISASTER
.
SECTION 8. In Colorado Revised Statutes, 39-1-104, amend
(1)(a), (1)(b), and (1.8)(a); and add (1.9) as follows:
39-1-104. Valuation for assessment - definitions. (1) (a) F
OR
PROPERTY TAX YEARS COMMENCING BEFORE
JANUARY 1, 2025, the valuation
for assessment of all taxable property in the state shall be
IS twenty-nine
percent of the actual value thereof as determined by the assessor and the
administrator in the manner prescribed by law, and that percentage shall be
uniformly applied, without exception, to the actual value, so determined, of
the real and personal property located within the territorial limits of the
authority levying a property tax, and all property taxes shall be levied
against the aggregate valuation for assessment resulting from the
application of that percentage.
(b) Notwithstanding subsection (1)(a) of this section, for the
property tax year
YEARS commencing on January 1, 2023, AND JANUARY 1,
2024, the valuation for assessment of nonresidential property that is
classified as lodging property is temporarily reduced to twenty-seven and
nine-tenths percent of an amount equal to the actual value minus the lesser
of thirty thousand dollars or the amount that reduces the valuation for
assessment to one thousand dollars.
(1.8) (a) F
OR PROPERTY TAX YEARS COMMENCING BEFORE JANUARY
1, 2025, the valuation for assessment of real and personal property that is
classified as agricultural property or renewable energy production property
is twenty-nine percent of the actual value thereof; except that, for property
tax years commencing on January 1, 2022, January 1, 2023, and January 1,
2024, the valuation for assessment of this property is temporarily reduced
to twenty-six and four-tenths percent of the actual value thereof.
(1.9) (a) F
OR THE PROPERTY TAX YEAR COMMENCING ON JANUARY
1, 2025, THE VALUATION FOR ASSESSMENT FOR PERSONAL PROPERTY AND
NONRESIDENTIAL REAL PROPERTY IS TWENTY
-SEVEN PERCENT OF THE
ACTUAL VALUE THEREOF
.
(b) F
OR THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1,
PAGE 17-HOUSE BILL 24B-1001 2026, THE VALUATION FOR ASSESSMENT FOR PERSONAL PROPERTY AND
NONRESIDENTIAL REAL PROPERTY IS TWENTY
-SIX PERCENT OF THE ACTUAL
VALUE THEREOF
; EXCEPT THAT, FOR ALL PROPERTY LISTED BY THE ASSESSOR
UNDER ANY IMPROVED COMMERCIAL SUBCLASS CODES AND ALL REAL OR
PERSONAL PROPERTY THAT IS CLASSIFIED AS AGRICULTURAL PROPERTY
, THE
VALUATION FOR ASSESSMENT IS TWENTY
-FIVE PERCENT OF THE ACTUAL
VALUE THEREOF
.
(c) F
OR PROPERTY TAX YEARS COMMENCING ON OR AFTER JANUARY
1, 2027, THE VALUATION FOR ASSESSMENT FOR PERSONAL PROPERTY AND
NONRESIDENTIAL REAL PROPERTY IS TWENTY
-FIVE PERCENT OF THE ACTUAL
VALUE THEREOF
.
(d) T
HE ACTUAL VALUE OF REAL AND PERSONAL PROPERTY SPECIFIED
IN THIS SUBSECTION
(1.9) IS DETERMINED BY THE ASSESSOR AND THE
ADMINISTRATOR IN THE MANNER PRESCRIBED BY LAW
, AND A VALUATION
FOR ASSESSMENT PERCENTAGE IS UNIFORMLY APPLIED
, WITHOUT EXCEPTION,
TO THE ACTUAL VALUE, SO DETERMINED, OF THE VARIOUS CLASSES AND
SUBCLASSES OF REAL AND PERSONAL PROPERTY LOCATED WITHIN THE
TERRITORIAL LIMITS OF THE AUTHORITY LEVYING A PROPERTY TAX
, AND ALL
PROPERTY TAXES ARE LEVIED AGAINST THE AGGREGATE VALUATION FOR
ASSESSMENT RESULTING FROM THE APPLICATION OF THE PERCENTAGE
.
SECTION 9. In Colorado Revised Statutes, 39-1-104, amend as
amended by Senate Bill 24-233 (1.8)(b) introductory portion and (1.8)(c);
and repeal as added by Senate Bill 24-233 (1.8)(b.5) as follows:
39-1-104. Valuation for assessment - definitions. (1.8) (b) F
OR
PROPERTY TAX YEARS COMMENCING BEFORE
JANUARY 1, 2025, the valuation
for assessment of all nonresidential property that is not specified in
subsection (1)
OR (1.8)(a) or (1.8)(b.5)
of this section is twenty-nine percent
of the actual value thereof; except that, for the property tax years
commencing on January 1, 2023, and January 1, 2024, the valuation for
assessment of this property is temporarily reduced to:
(b.5) The valuation for assessment for all property listed by the
assessor under any improved commercial subclass codes and all real or
personal property that is classified as agricultural property is:
(I) For the property tax year commencing on January 1, 2025,
PAGE 18-HOUSE BILL 24B-1001 temporarily reduced to twenty-seven percent of the actual value of the
property; and
(II) For property tax years commencing on or after January 1, 2026,
reduced to twenty-five percent of the actual value of the property.
(c) The actual value of real and personal property specified in
subsection (1.8)(a)
OR (1.8)(b) or (1.8)(b.5)
of this section is determined by
the assessor and the administrator in the manner prescribed by law, and a
valuation for assessment percentage is uniformly applied, without
exception, to the actual value, so determined, of the various classes and
subclasses of real and personal property located within the territorial limits
of the authority levying a property tax, and all property taxes are levied
against the aggregate valuation for assessment resulting from the
application of the percentage.
SECTION 10. In Colorado Revised Statutes, 39-1-104.2, add
(1)(e), (3)(t.5), (3)(u.5), and (8) as follows:
39-1-104.2. Residential real property - valuation for assessment
- legislative declaration - definitions. (1) As used in this section, unless
the context otherwise requires:
(e) "S
TATEWIDE ACTUAL VALUE GROWTH " MEANS, AS DETERMINED
PURSUANT TO SUBSECTION
(8) OF THIS SECTION, AN ESTIMATE BY THE
ADMINISTRATOR BASED UPON THE INFORMATION REPORTED BY COUNTY
ASSESSORS PURSUANT TO SECTION
39-2-115 ON AUGUST 25, 2025, OF THE
DIFFERENCE IN THE TOTAL STATEWIDE ACTUAL VALUE FROM THE PROPERTY
TAX YEAR COMMENCING ON
JANUARY 1, 2024, AND THE TOTAL STATEWIDE
ACTUAL VALUE FROM THE PROPERTY TAX YEAR COMMENCING ON
JANUARY
1, 2025.
(3) (t.5) (I) F
OR THE PROPERTY TAX YEAR COMMENCING ON
JANUARY 1, 2025, IF THE STATE BOARD OF EQUALIZATION DETERMINES THAT
THE STATEWIDE ACTUAL VALUE GROWTH IS GREATER THAN FIVE PERCENT
,
THE VALUATION FOR ASSESSMENT FOR ALL RESIDENTIAL REAL PROPERTY
OTHER THAN QUALIFIED
-SENIOR PRIMARY RESIDENCE REAL PROPERTY IS :
(A) F
OR THE PURPOSE OF A LEVY IMPOSED BY A LOCAL
GOVERNMENTAL ENTITY
, 6.15 PERCENT OF THE ACTUAL VALUE OF THE
PAGE 19-HOUSE BILL 24B-1001 PROPERTY; AND
(B) FOR THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT ,
6.95
PERCENT OF THE ACTUAL VALUE OF THE PROPERTY ; EXCEPT THAT THE
VALUATION FOR ASSESSMENT FOR THE PURPOSE OF A LEVY IMPOSED BY A
SCHOOL DISTRICT MAY BE TEMPORARILY REDUCED FOR A PROPERTY TAX
YEAR AS SET FORTH IN SECTION
29-1-1702.5.
(II) I
F IT IS ADMINISTRATIVELY INFEASIBLE TO CALCULATE TWO
DIFFERENT VALUATIONS FOR ASSESSMENT FOR THE SAME PROPERTY BASED
ON THE SAME ACTUAL VALUE
, BUT WITH TWO DIFFERENT PERCENTAGES OF
THAT ACTUAL VALUE
, AN ASSESSOR MAY DETERMINE THE VALUE OF A
PROPERTY UNDER SUBSECTION
(3)(t.5)(I)(B) OF THIS SECTION BY
CALCULATING
113.00813 PERCENT OF AN AMOUNT EQUAL TO 6.15 PERCENT
OF THE ACTUAL VALUE OF THE PROPERTY
.
(u.5) (I) F
OR PROPERTY TAX YEARS COMMENCING ON OR AFTER
JANUARY 1, 2026, IF THE STATE BOARD OF EQUALIZATION DETERMINES THAT
THE STATEWIDE ACTUAL VALUE GROWTH IS GREATER THAN FIVE PERCENT
,
THE VALUATION FOR ASSESSMENT FOR ALL RESIDENTIAL REAL PROPERTY
OTHER THAN QUALIFIED
-SENIOR PRIMARY RESIDENCE REAL PROPERTY IS :
(A) F
OR THE PURPOSE OF A LEVY IMPOSED BY A LOCAL
GOVERNMENTAL ENTITY
, 6.7 PERCENT OF THE AMOUNT EQUAL TO THE
ACTUAL VALUE OF THE PROPERTY MINUS THE LESSER OF TEN PERCENT OF
THE ACTUAL VALUE OF THE PROPERTY
, SEVENTY THOUSAND DOLLARS AS
INCREASED FOR INFLATION IN THE FIRST YEAR OF EACH SUBSEQUENT
REASSESSMENT CYCLE
, OR THE AMOUNT THAT CAUSES THE VALUATION FOR
ASSESSMENT OF THE PROPERTY TO BE ONE THOUSAND DOLLARS
; AND
(B) FOR THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT ,
6.95
PERCENT OF THE AMOUNT EQUAL TO THE ACTUAL VALUE OF THE
PROPERTY
; EXCEPT THAT THE VALUATION FOR ASSESSMENT FOR THE
PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT MAY BE TEMPORARILY
REDUCED FOR A PROPERTY TAX YEAR AS SET FORTH IN SECTION
29-1-1702.5.
(II) F
OR REASSESSMENT CYCLES COMMENCING ON OR AFTER
JANUARY 1, 2027, THE ADMINISTRATOR SHALL PUBLISH THE
INFLATION
-INCREASED VALUE USED TO CALCULATE THE VALUATION FOR
ASSESSMENT PURSUANT TO SUBSECTION
(3)(u.5)(I)(A) OF THIS SECTION.
PAGE 20-HOUSE BILL 24B-1001 (III) THE GENERAL ASSEMBLY FINDS AND DECLARES THAT ANY
MODIFICATION TO THE VALUATION FOR ASSESSMENT ESTABLISHED IN THIS
SUBSECTION
(3)(u.5), EXCLUSIVE OF THE TERMINATION OF ANY TEMPORARY
REDUCTION PURSUANT TO SECTION
29-1-1702.5, THAT WOULD RESULT IN A
PROPERTY TAX INCREASE WOULD REQUIRE PRIOR VOTER APPROVAL UNDER
SECTION
20 (4)(a) OF ARTICLE X OF THE STATE CONSTITUTION.
(8) (a) A
S SOON AS PRACTICABLE UPON RECEIVING THE INFORMATION
DESCRIBED IN SECTION
39-2-115 (1)(a.5), THE ADMINISTRATOR SHALL
DETERMINE THE STATEWIDE ACTUAL VALUE GROWTH AND REPORT THAT
DETERMINATION TO THE STATE BOARD OF EQUALIZATION
, AND THE STATE
BOARD OF EQUALIZATION SHALL CERTIFY THE STATEWIDE ACTUAL VALUE
GROWTH
, WHETHER THAT GROWTH IS LESS THAN OR EQUAL TO FIVE
PERCENT
, AND DETERMINE WHICH OF THE VALUATIONS FOR ASSESSMENT
DESCRIBED IN SUBSECTION
(3) OF THIS SECTION APPLY IN PROPERTY TAX
YEARS COMMENCING ON OR AFTER
JANUARY 1, 2025.
(b) U
PON THE STATE BOARD OF EQUALIZATION DETERMINING WHICH
OF THE VALUATIONS FOR ASSESSMEN T DETERMINED PURSUANT TO THIS
SECTION APPLY IN PROPERTY TAX YEARS COMMENCING ON OR AFTER
JANUARY 1, 2025, THE STATE BOARD OF EQUALIZATION SHALL NOTIFY THE
ADMINISTRATOR
, AND THE ADMINISTRATOR SHALL PUBLISH THOSE
VALUATIONS FOR ASSESSMENT ON THE WEBSITE MAINTAINED BY THE
DIVISION OF PROPERTY TAXATION IN THE DEPARTMENT OF LOCAL AFFAIRS
.
(c) T
HE GENERAL ASSEMBLY FINDS AND DECLARES THAT ANY
MODIFICATION TO THE VALUATIONS FOR ASSESSMENT THAT THE STATE
BOARD OF EQUALIZATION DETERMINES ARE APPLICABLE IN PROPERTY TAX
YEARS COMMENCING ON OR AFTER
JANUARY 1, 2025, PURSUANT TO THIS
SUBSECTION
(8) THAT WOULD RESULT IN A PROPERTY TAX INCREASE WOULD
REQUIRE PRIOR VOTER APPROVAL UNDER SECTION
20 (4)(a) OF ARTICLE X OF
THE STATE CONSTITUTION
.
SECTION 11. In Colorado Revised Statutes, 39-1-104.2, amend
as amended by Senate Bill 24-233 (3)(s); and amend as added by Senate
Bill 24-233 (3)(t), (3)(u)(I), and (3)(u)(III) as follows:
39-1-104.2. Residential real property - valuation for assessment
- legislative declaration - definitions. (3) (s) (I) For property tax years
commencing on or after January 1, 2025, but before January 1, 2027, if
PAGE 21-HOUSE BILL 24B-1001 there are sufficient excess state revenues, the valuation for assessment for
qualified-senior primary residence real property, including multi-family
qualified-senior primary residence real property, is:
(A) For the property tax year commencing on January 1, 2025,
IF
THE STATE BOARD OF EQUALIZATION DETERMINES THAT THE STATEWIDE
ACTUAL VALUE GROWTH IS LESS THAN OR EQUAL TO FIVE PERCENT
, for the
purpose of a levy imposed by a local governmental entity, 6.4
6.25 percent
of the amount equal to the actual value of the property minus either THE
LESSER OF
fifty percent of the first two hundred thousand dollars of that
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
each subsequent reassessment cycle or the amount that causes the valuation
for assessment of the property to be one thousand dollars;
(A.5) F
OR THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1,
2025,
IF THE STATE BOARD OF EQUALIZATION DETERMINES THAT THE
STATEWIDE ACTUAL VALUE GROWTH IS GREATER THAN FIVE PERCENT
, FOR
THE PURPOSE OF A LEVY IMPOSED BY A LOCAL GOVERNMENTAL ENTITY
, 6.15
PERCENT OF THE AMOUNT EQUAL TO THE ACTUAL VALUE OF THE PROPERTY
MINUS THE LESSER OF FIFTY PERCENT OF THE FIRST TWO HUNDRED
THOUSAND DOLLARS OF THAT ACTUAL VALUE OR THE AM OUNT THAT CAUSES
THE VALUATION FOR ASSESSMENT OF THE PROPERTY TO BE ONE THOUSAND
DOLLARS
;
(B) For the property tax year commencing on January 1, 2026,
IF
THE STATE BOARD OF EQUALIZATION DETERMINES THAT THE STATEWIDE
ACTUAL VALUE GROWTH IS LESS THAN OR EQUAL TO FIVE PERCENT
, for the
purpose of a levy imposed by a local governmental entity, 6.95
6.8 percent
of the amount equal to the actual value of the property minus either fifty
percent of the first two hundred thousand dollars of that actual value plus
the lesser of ten percent of the actual value of the property or seventy
thousand dollars as increased for inflation in the first year of each
subsequent reassessment cycle or the amount that causes the valuation for
assessment of the property to be one thousand dollars; and
(B.5) FOR THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1,
2026,
IF THE STATE BOARD OF EQUAL IZATION DETERMINES THAT THE
STATEWIDE ACTUAL VALUE GROWTH IS GREATER THAN FIVE PERCENT
, FOR
THE PURPOSE OF A LEVY IMPOSED BY A LOCAL GOVERNMENTAL ENTITY
, 6.7
PAGE 22-HOUSE BILL 24B-1001 PERCENT OF THE AMOUNT EQUAL TO THE ACTUAL VALUE OF THE PROPERTY
MINUS EITHER FIFTY PERCENT OF THE FIRST TWO HUNDRED THOUSAND
DOLLARS OF THAT ACTUAL VALUE PLUS THE LESSER OF TEN PERCENT OF THE
ACTUAL VALUE OF THE PROPERTY OR SEVENTY THOUS AND DOLLARS AS
INCREASED FOR INFLATION IN THE FIRST YEAR OF EACH SUBSEQUENT
REASSESSMENT CYCLE OR THE AMOUNT THAT CAUSES THE VALUATION FOR
ASSESSMENT OF THE PROPERTY TO BE ONE THOUSAND DOLLARS
;
(C) For the property tax years commencing on January 1, 2025, and
January 1, 2026,
IF THE STATE BOARD OF EQUALIZATION DETERMINES THAT
THE STATEWIDE ACTUAL VALUE GROWTH IS LESS THAN OR EQUAL TO FIVE
PERCENT
, for the purpose of a levy imposed by a school district, 7.15
7.05
percent of the amount equal to the actual value of the property minus the
lesser of fifty percent of the first two hundred thousand dollars of that actual
value or the amount that causes the valuation for assessment of the property
to be one thousand dollars;
EXCEPT THAT THE VALUATION FOR ASSESSMENT
FOR THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT MAY BE
TEMPORARILY REDUCED FOR A PROPERTY TAX YEAR AS SET FORTH IN
SECTION
29-1-1702.5; AND
(D) FOR THE PROPERTY TAX YEARS COMMENCING ON JANUARY 1,
2025,
AND JANUARY 1, 2026, IF THE STATE BOARD OF EQUALIZATION
DETERMINES THAT THE STATEWIDE ACTUAL VALUE GROWTH IS GREATER
THAN FIVE PERCENT
, FOR THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL
DISTRICT
, 6.95 PERCENT OF THE AMOUNT EQUAL TO THE ACTUAL VALUE OF
THE PROPERTY MINUS THE LESSER OF FIFTY PERCENT OF THE FIRST TWO
HUNDRED THOUSAND DOLLARS OF THAT ACTUAL VALUE OR THE AMOUNT
THAT CAUSES THE VALUATION FOR ASSESSMENT OF THE PROPERTY TO BE
ONE THOUSAND DOLLARS
; EXCEPT THAT THE VALUATION FOR ASSESSMENT
FOR THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT MAY BE
TEMPORARILY REDUCED FOR A PROPERTY TAX YEAR AS SET FORTH IN
SECTION
29-1-1702.5.
(II) (A) For the property tax year commencing on January 1, 2025,
IF THE STATE BOARD OF EQUALIZATION DETERMINES THAT THE STATEWIDE
ACTUAL VALUE GROWTH IS LESS THAN OR EQUAL TO FIVE PERCENT AND
if it
is administratively infeasible to calculate two different valuations for
assessment for the same property based on two different percentages of
actual value, an assessor may determine the value of a property under
subsection (3)(s)(I)(A)
SUBSECTION (3)(s)(I)(C) of this section by
PAGE 23-HOUSE BILL 24B-1001 calculating 111.71875 112.8 percent of an amount equal to 6.4 6.25 percent
of the amount equal to the actual value of the property minus either THE
LESSER OF
fifty percent of the first two hundred thousand dollars of that
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
assessment of the property to be one thousand dollars.
(B) F
OR THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1,
2025,
IF THE STATE BOARD OF EQUAL IZATION DETERMINES THAT THE
STATEWIDE ACTUAL VALUE GROWTH IS GREATER THAN FIVE PERCENT AND
IF IT IS ADMINISTRATIVELY INFEASIBLE TO CALCULATE TWO DIFFERENT
VALUATIONS FOR ASSESSMENT FOR THE SAME PROPERTY BASED ON TWO
DIFFERENT PERCENTAGES OF ACTUAL VALUE
, AN ASSESSOR MAY DETERMINE
THE VALUE OF A PROPERTY UNDER SUBSECTION
(3)(s)(I)(D) OF THIS SECTION
BY CALCULATING
113.00813 PERCENT OF AN AMOUNT EQUAL TO 6.15
PERCENT OF THE AMOUNT EQUAL TO THE ACTUAL VALUE OF THE PROPERTY
MINUS THE LESSER OF FIFTY PERCENT OF THE FIRST TWO HUNDRED
THOUSAND DOLLARS OF THAT ACTUAL
VALUE OR THE AMOUNT THAT CAUSES
THE VALUATION FOR ASSESSMENT OF THE PROPERTY TO BE ONE THOUSAND
DOLLARS
.
(III) The general assembly finds and declares that any modification
to the valuation for assessment established in this subsection
(3)(s),
EXCLUSIVE OF THE TERMINATION OF ANY TEMPORARY REDUCTION PURSUANT
TO SECTION
29-1-1702.5, that would result in a property tax increase would
require prior voter approval under section 20 (4)(a) of article X of the state
constitution.
(t) (I) For the property tax year commencing on January 1, 2025,
IF
THE STATE BOARD OF EQUALIZATION DETERMINES THAT THE STATEWIDE
ACTUAL VALUE GROWTH IS LESS THAN OR EQUAL TO FIVE PERCENT
, the
valuation for assessment for all residential real property other than
qualified-senior primary residence real property is:
(A) For the purpose of a levy imposed by a local governmental
entity, 6.4
6.25 percent of the actual value of the property; and
(B) For the purpose of a levy imposed by a school district, 7.15 7.05
percent of the actual value of the property;
EXCEPT THAT THE VALUATION
FOR ASSESSMENT FOR THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL
PAGE 24-HOUSE BILL 24B-1001 DISTRICT MAY BE TEMPORARILY REDUCED FOR A PROPERTY TAX YEAR AS SET
FORTH IN SECTION
29-1-1702.5.
(II) If it is administratively infeasible to calculate two different
valuations for assessment for the same property based on the same actual
value, but with two different percentages of that actual value, an assessor
may determine the value of a property under subsection (3)(t)(I)(B) of this
section by calculating 111.71875
112.8 percent of an amount equal to 6.4
6.25 percent of the actual value of the property.
(III) T
HE GENERAL ASSEMBLY FINDS AND DECLARES THAT ANY
MODIFICATION TO THE VALUATION FOR ASSESSMENT ESTABLISHED IN THIS
SUBSECTION
(3)(t), EXCLUSIVE OF THE TERMINATION OF ANY TEMPORARY
REDUCTION PURSUANT TO SECTION
29-1-1702.5, THAT WOULD RESULT IN A
PROPERTY TAX INCREASE WOULD REQUIRE PRIOR VOTER APPROVAL UNDER
SECTION
20 (4)(a) OF ARTICLE X OF THE STATE CONSTITUTION.
(u) (I) For property tax years commencing on or after January 1,
2026,
IF THE STATE BOARD OF EQUALIZATION DETERMINES THAT THE
STATEWIDE ACTUAL VALUE GROWTH IS LESS THAN OR EQUAL TO FIVE
PERCENT
, the valuation for assessment for all residential real property other
than qualified-senior primary residence real property is:
(A) For the purpose of a levy imposed by a local governmental
entity, 6.95
6.8 percent of the amount equal to the actual value of the
property minus the lesser of ten percent of the actual value of the property,
or
seventy thousand dollars as increased for inflation in the first year of
each subsequent reassessment cycle,
OR THE AMOUNT THAT CAUSES THE
VALUATION FOR ASSESSMENT OF THE PROPERTY TO BE ONE THOUSAND
DOLLARS
; and
(B) For the purpose of a levy imposed by a school district, 7.15
7.05
percent of the amount equal to the actual value of the property; except that
the valuation for assessment for the purpose of a levy imposed by a school
district may be temporarily reduced for a property tax year as set forth in
section 39-1-104.7
29-1-1702.5.
(III) The general assembly finds and declares that any modification
to the valuation for assessment established in this subsection
(3)(u),
EXCLUSIVE OF THE TERMINATION OF ANY TEMPORARY REDUCTION PURSUANT
PAGE 25-HOUSE BILL 24B-1001 TO SECTION 29-1-1702.5, that would result in a property tax increase would
require prior voter approval under section 20 (4)(a) of article X of the state
constitution.
SECTION 12. In Colorado Revised Statutes, 39-1-104.6, amend
as added by Senate Bill 24-233 (10)(c) as follows:
39-1-104.6. Qualified-senior primary residence real property -
valuation for assessment - reimbursement to local governments for
reduced valuation - temporary mechanism for refunding excess state
revenues - legislative declaration - definitions. (10) Reimbursement as
refund of excess state revenues. (c) As used in this subsection (10), unless
the context otherwise requires, "revenue lost as a result of the classification
of real property as qualified-senior primary residence real property" means
revenue that is lost as a result of certain residential properties being
classified as "qualified-senior primary residence real property", and having
a valuation for assessment determined pursuant to section 39-1-104.2 (3)(s),
rather than being classified as "all residential real property other than
qualified-senior primary residence real property" and having a valuation for
assessment determined pursuant to section 39-1-104.2 (3)(t), (3)(t.5), and
(3)(u), AND (3)(u.5).
SECTION 13. In Colorado Revised Statutes, repeal as added by
Senate Bill 24-233 39-1-104.7 as follows:
39-1-104.7. Total program balancing adjustment of residential
rate - definitions. (1) For qualifying property tax years, the valuation for
assessment for all residential real property, for the purpose of a levy
imposed by a school district, is equal to the lesser of:
(a) Seven and fifteen hundredths percent of the actual value of the
property; or
(b) The percentage of the actual value of the property necessary for
statewide school district property tax revenue divided by weighted total
program to equal zero and six-tenths.
(2) (a) Legislative council staff shall notify the state board of
equalization of the first year after 2026 in which the local share of total
program is equal to or greater than sixty percent of the total program
PAGE 26-HOUSE BILL 24B-1001 determined pursuant to article 54 of title 22.
(b) No later than one week after the annual public school finance act
becomes law, legislative council staff shall provide the state board of
equalization with the information necessary to calculate the balancing
percentage for a qualifying property tax year.
(c) No later than three weeks after receiving the information
provided by legislative council staff pursuant to subsection (2) of this
section, the state board of equalization shall submit a report to the general
assembly that calculates the balancing percentage.
(3) If the balancing percentage is lower than seven and fifteen
hundredths percent, then, for that property tax year, the valuation for
assessment for residential real property for the purpose of a levy imposed
by a school district is temporarily reduced in accordance with subsection
(1)(b) of this section. The valuation for assessment for this property is seven
and fifteen hundredths percent of the actual value of the property for the
next property tax year, but the valuation for assessment may be reduced
again for that property tax year in accordance with subsection (1)(b) of this
section.
(4) As used in this section, unless the context otherwise requires:
(a) "Balancing percentage" means the percentage of the actual value
of all residential real property described in subsection (1)(b) of this section.
(b) "Qualifying property tax year" means a property tax year
commencing after legislative council staff has provided the state board of
equalization with the notice described in subsection (2) of this section.
(c) "Statewide school district property tax revenue" means the total
amount of property tax revenue estimated to be retained by all of the school
districts in the state in connection with district total program funding for the
current qualifying property tax year.
(d) "Weighted total program" means statewide total program as
calculated pursuant to sections 22-54-103.3 and 22-54-103.5, as applicable.
SECTION 14. In Colorado Revised Statutes, 39-2-115, add (1)(a.5)
PAGE 27-HOUSE BILL 24B-1001 as follows:
39-2-115. Review of abstracts of assessment - recommendations
- repeal. (1) (a.5) (I) O
N AUGUST 25, 2025, IF FILING AN ABSTRACT OF
ASSESSMENT OF THE COUNTY WITH THE ADMINISTRATOR
, A COUNTY
ASSESSOR SHALL ALSO FILE A REPORT OF THE ACTUAL VALUE OF PROPERTY
WITHIN THE COUNTY FOR THE PROPERTY TAX YEAR COMMENCING ON
JANUARY 1, 2025.
(II) T
HIS SUBSECTION (1)(a.5) IS REPEALED, EFFECTIVE JULY 1, 2026.
SECTION 15. In Colorado Revised Statutes, 39-3-211, amend as
added by Senate Bill 24-233 (4), (5)(b), (7)(d), and (8); and add (3.5),
(5)(a.5), and (6.5) as follows:
39-3-211. Reporting of assessed value reductions -
reimbursement of local governmental entities - local governmental
entity backfill cash fund - creation - legislative declaration - definitions
- repeal. (3.5) F
OR THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1,
2025,
EACH ASSESSOR SHALL:
(a) C
ALCULATE THE DECREASE , IF ANY, IN THE TOTAL ASSESSED
VALUE OF REAL PROPERTY FOR EACH LOCAL GOVERNMENTAL ENTITY WITHIN
THE ASSESSOR
'S COUNTY BETWEEN THE PROPERTY TAX YEAR COMMENCING
ON
JANUARY 1, 2024, AND THE PROPERTY TAX YEAR COMMENCING ON
JANUARY 1, 2025, AS A RESULT OF HOUSE BILL 24B-1001; AND
(b) DETERMINE EACH LOCAL GOVERNMENTAL ENTITY 'S MILL LEVY
FOR THE PROPERTY TAX YEAR COMMENCING ON
JANUARY 1, 2024,
EXCLUDING ANY MILLS LEVIED TO PROVIDE FOR THE PAYMENT OF BONDS
AND INTEREST THEREON OR FOR THE PAYMENT OF ANY OTHER CONTRACTUAL
OBLIGATION THAT HAS BEEN APPROVED BY A MAJORITY OF THE LOCAL
GOVERNMENTAL ENTITY
'S VOTERS VOTING THEREON.
(4) No later than March 1, 2025, an assessor shall report the
amounts calculated pursuant to subsection (3)(a) of this section, as
applicable, the basis for the amounts, and the mill levies determined
pursuant to subsection (3)(b) of this section to the administrator. N
O LATER
THAN
MARCH 1, 2026, AN ASSESSOR SHALL REPORT THE AMOUNTS
CALCULATED PURSUANT TO SUBSECTION
(3.5)(a) OF THIS SECTION, AS
PAGE 28-HOUSE BILL 24B-1001 APPLICABLE, THE BASIS FOR THE AMOUNTS , AND THE MILL LEVIES
DETERMINED PURSUANT TO SUBSECTION
(3.5)(b) OF THIS SECTION TO THE
ADMINISTRATOR
. The administrator may require an assessor to provide
additional information as necessary to evaluate the accuracy of the amounts
reported. The administrator shall confirm that the reported amounts are
correct or rectify the amounts if necessary. The administrator shall then
forward the correct amounts for a county to the state treasurer to enable the
state treasurer to issue a reimbursement warrant to a treasurer in accordance
with subsection (5) of this section.
(5) (a.5) N
O LATER THAN APRIL 15, 2026, THE STATE TREASURER
SHALL ISSUE A WARRANT
, TO BE PAID UPON DEMAND FROM THE FUND , TO
EACH TREASURER THAT IS EQUAL TO THE TOTAL REIMBURSEMENT AMOUNTS
SET FORTH IN SUBSECTION
(6.5) OF THIS SECTION FOR ALL LOCAL
GOVERNMENTAL ENTITIES WITHIN THE TREASURER
'S COUNTY.
(b) Each treasurer shall distribute the total amount received from the
state treasurer to the local governmental entities, excluding school districts,
within the treasurer's county as if the amount had been regularly paid as
property tax so that the local governmental entities receive the amounts
determined pursuant to subsection
SUBSECTIONS (6) AND (6.5) of this
section. If the total amount received from the state treasurer is reduced
pursuant to subsection
SUBSECTIONS (6)(b) AND (6.5)(b) of this section,
each treasurer shall proportionally reduce the amount distributed to each
local governmental entity. When distributing the total amount received from
the state treasurer, each treasurer shall provide each local governmental
entity with a statement of the amount distributed to the local governmental
entity that represents the reimbursement received under subsection
SUBSECTIONS (6) AND (6.5)(b) of this section.
(6.5) (a) F
OR EACH LOCAL GOVERNMENTAL ENTITY THAT HAD A
DECREASE IN TOTAL ASSESSED VALUE OF REAL PROPERTY FROM THE
PROPERTY TAX YEAR COMMENCING ON
JANUARY 1, 2024, TO THE PROPERTY
TAX YEAR COMMENCING ON
JANUARY 1, 2025, AS A RESULT OF HOUSE BILL
24B-1001, THE AMOUNT OF REIMBURSEMENT IS AN AMOUNT EQUAL TO THAT
DECREASE IN TOTAL ASSESSED VALUE MULTIPLIED BY THE LOCAL
GOVERNMENTAL ENTITY
'S MILL LEVY FOR THE PROPERTY TAX YEAR
COMMENCING ON
JANUARY 1, 2024, EXCLUDING ANY MILLS LEVIED TO
PROVIDE FOR THE PAYMENT OF BONDS AND INTEREST THEREON OR FOR THE
PAYMENT OF ANY OTHER CONTRACTUAL OBLIGATION THAT HAS BEEN
PAGE 29-HOUSE BILL 24B-1001 APPROVED BY A MAJORITY OF THE LOCAL GOVERNMENTAL ENTITY 'S VOTERS
VOTING THEREON
.
(b) N
OTWITHSTANDING SUBSECTION (6.5)(a) OF THIS SECTION, IF
THERE IS INSUFFICIENT MONEY IN THE FUND FOR THE STATE TREASURER TO
ISSUE WARRANTS PURSUANT TO SUBSECTION
(5)(a.5) OF THIS SECTION IN THE
AMOUNTS DETERMINED PURS UANT TO SUBSECTION
(6.5)(a) OF THIS SECTION,
THE AMOUNTS OF THE WARRANTS ISSUED BY THE STATE TREASURER MUST
BE PROPORTIONALLY REDUCED
.
(c) T
HE REIMBURSEMENT AMOUNTS SET FORTH IN THIS SECTION ARE
BASED ON THE AMOUNTS THAT THE ADMINISTRATOR REPORTS TO THE
TREASURER IN ACCORDANCE WITH SUBSECTION
(4) OF THIS SECTION.
(7) (d) After issuing every warrant required pursuant to subsection
(5) SUBSECTION (5)(a.5) of this section, the state treasurer shall credit any
unexpended and unencumbered money remaining in the fund at the end of
a fiscal year THAT TIME to the sustainable rebuilding program fund created
in section 24-38.5-115 (7).
(8) This section is repealed, effective July 1, 2026 JULY 1, 2027.
SECTION 16. In Colorado Revised Statutes, 39-5-121, add (1)(c)
as follows:
39-5-121. Notice of valuation - legislative declaration - definition
- repeal. (1) (c) F
OR PROPERTY TAX YEARS COMMENCING ON OR AFTER
JANUARY 1, 2025, THE ASSESSOR SHALL NOT INCLUDE THE APPROPRIATE
RATIO OF VALUATION FOR ASSESSMENT IN THE NOTICE SETTING FORTH THE
VALUATION FOR LAND OR IMPROVEMENTS
.
SECTION 17. In Colorado Revised Statutes, 39-10-103, add (1)(d)
as follows:
39-10-103. Tax statement - repeal. (1) (d) F
OR PROPERTY TAX
YEARS COMMENCING ON OR AFTER
JANUARY 1, 2025, THE TREASURER SHALL
NOT INCLUDE THE AMOUNT OF VALUATION FOR ASSESSMENT UPON WHICH
TAXES ARE LEVIED UPON THE TAXPAYER
.
SECTION 18. In Session Laws of Colorado 2024, amend section
PAGE 30-HOUSE BILL 24B-1001 14 of chapter 171 as follows:
Section 14. Effective date. (1) This act shall not take effect if either
or both of the following occur:
(a) An initiative that reduces valuations for assessment is approved
by the people at the general election held on November 5, 2024;
(b) An initiative that requires voter approval for retaining property
tax revenue that exceeds a limit is approved by the people at the general
election held on November 5, 2024.
(1.5) THIS ACT TAKES EFFECT ONLY IF:
(a) B
OTH AN INITIATIVE THAT REDUCES VALUATIONS FOR
ASSESSMENT AND AN INITIATIVE THAT REQUIRES VOTER APPROVAL FOR
RETAINING PROPERTY TAX REVENUE THAT EXCEEDS A LIMIT ARE
WITHDRAWN PURSUANT TO SECTION
1-40-134 FROM THE STATEWIDE BALLOT
FOR THE GENERAL ELECTION HELD ON
NOVEMBER 5, 2024; OR
(b) THE CONDITION SPECIFIED IN SUBSECTION (1.5)(a) OF THIS
SECTION DOES NOT OCCUR AND NEITHER AN INITIATIVE THAT REDUCES
VALUATIONS FOR ASSESSMENT
, NOR AN INITIATIVE THAT REQUIRES VOTER
APPROVAL FOR RETAINING PROPERTY TAX REVENUE THAT EXCEEDS A LIMIT
,
IS APPROVED BY THE PEOPLE AT THE GENERAL ELECTION HELD ON
NOVEMBER 5, 2024.
(2) E
XCEPT AS PROVIDED IN SUBSECTION (3) OF THIS SECTION:
(a) I
F THIS ACT TAKES EFFECT UNDER SUBSECTION (1.5)(a) OF THIS
SECTION
, THEN THIS ACT TAKES EFFECT ON OCTOBER 1, 2024; OR
(2)
(b) If this act takes effect under subsection (1) SUBSECTION
(1.5)(b) of this section, then this act takes effect upon the date of the official
declaration of the vote for the general election held on November 5, 2024.
except that
(3) IF THIS ACT TAKES EFFECT UNDER SUBSECTION (2) OF THIS
SECTION
:
PAGE 31-HOUSE BILL 24B-1001 (a) Section 3 of this act takes effect only if Senate Bill 24-111 does
not become law;
(b) Sections 4 and 8 of this act take effect only if Senate Bill 24-111
becomes law;
(c) Section 6 of this act takes effect only if House Bill 24-1448 does
not become law; and
(d) Section 7 of this act takes effect only if House Bill 24-1448
becomes law.
SECTION 19. Effective date. This act takes effect only if Senate
Bill 24-233 takes effect, in which case this act takes effect on the effective
date of Senate Bill 24-233; except that sections 18, 19, and 20 take effect
upon passage.
SECTION 20. Safety clause. The general assembly finds,
determines, and declares that this act is necessary for the immediate
preservation of the public peace, health, or safety or for appropriations for
PAGE 32-HOUSE BILL 24B-1001 the support and maintenance of the departments of the state and state
institutions.
____________________________ ____________________________
Julie McCluskie Steve Fenberg
SPEAKER OF THE HOUSE PRESIDENT OF
OF REPRESENTATIVES THE SENATE
____________________________ ____________________________
Robin Jones Cindi L. Markwell
CHIEF CLERK OF THE HOUSE SECRETARY OF
OF REPRESENTATIVES THE SENATE
APPROVED________________________________________
(Date and Time)
_________________________________________
Jared S. Polis
GOVERNOR OF THE STATE OF COLORADO
PAGE 33-HOUSE BILL 24B-1001