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Colorado House Bill HB1002

Colorado 2024 1st Special Session

Colorado House Bill HB1002 Compare Versions

Only one version of the bill is available at this time.
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11 Second Extraordinary Session
22 Seventy-fourth General Assembly
33 STATE OF COLORADO
44 INTRODUCED
55
66
77 LLS NO. 24B-0002.01 Rebecca Bayetti x4348
88 HOUSE BILL 24B-1002
99 House Committees Senate Committees
1010 Appropriations
1111 A BILL FOR AN ACT
1212 C
1313 ONCERNING THE VALUATION FOR ASSESSMENT OF RESIDENTIAL REAL101
1414 PROPERTY, AND, IN CONNECTION THEREWITH , LIMITING TO102
1515 QUALIFIED PRIMARY RESIDENCE REAL PROPERTY THE EXISTING103
1616 REDUCTION IN THE VALUATION FOR ASSESSMENT OF ALL104
1717 RESIDENTIAL REAL PROPERTY BY THE LESSER OF TEN PERCENT105
1818 OF ITS ACTUAL VALUE OR SEVENTY THOUSAND DOLLARS .106
1919 Bill Summary
2020 (Note: This summary applies to this bill as introduced and does
2121 not reflect any amendments that may be subsequently adopted. If this bill
2222 passes third reading in the house of introduction, a bill summary that
2323 applies to the reengrossed version of this bill will be available at
2424 http://leg.colorado.gov
2525 .)
2626 Contingent on Senate Bill 24-233 becoming law, the bill is
2727 HOUSE SPONSORSHIP
2828 Woodrow and Mabrey,
2929 SENATE SPONSORSHIP
3030 (None),
3131 Shading denotes HOUSE amendment. Double underlining denotes SENATE amendment.
3232 Capital letters or bold & italic numbers indicate new material to be added to existing law.
3333 Dashes through the words or numbers indicate deletions from existing law. referred to the voters for their approval or rejection at the November 2025
3434 statewide election. Senate Bill 24-233 becomes law only if neither of the
3535 following occur:
3636 ! An initiative that reduces valuations for assessment is
3737 approved by the people at the general election held on
3838 November 5, 2024; and
3939 ! An initiative that requires voter approval for retaining
4040 property tax revenue that exceeds a limit is approved by the
4141 people at the general election held on November 5, 2024.
4242 If the bill is referred to the voters and approved, then for property
4343 tax years commencing on or after January 1, 2026, it creates a new
4444 subclass of residential real property called qualified primary residence
4545 real property, which includes residential real property that, as of the
4646 assessment date, is used as the primary residence of an owner-occupier,
4747 as defined in the bill, if:
4848 ! The owner-occupier applies to the county assessor for the
4949 classification in the manner required by the bill;
5050 ! The circumstances that qualify the property for the
5151 classification have not changed since the filing of the
5252 application; and
5353 ! The property is not classified as qualified-senior primary
5454 residence real property for the current property tax year.
5555 The bill modifies the residential property valuation for the purpose
5656 of a levy imposed by a local governmental entity, enacted in Senate Bill
5757 24-233, so that the reduction in valuation for assessment of the lesser of
5858 10% of the actual value of the property or $70,000, as adjusted for
5959 inflation, applies only to real property classified as qualified primary
6060 residence real property.
6161 Be it enacted by the General Assembly of the State of Colorado:1
6262 SECTION 1. In Colorado Revised Statutes, 39-1-104.2, add2
6363 (1)(e) as follows:3
6464 39-1-104.2. Residential real property - valuation for4
6565 assessment - legislative declaration - definitions. (1) As used in this5
6666 section, unless the context otherwise requires:6
6767 (e) "Q
6868 UALIFIED PRIMARY RESIDENCE REAL PROPERTY " MEANS7
6969 PROPERTY THAT IS CLASSIFIED AS SUCH UNDER SECTION 39-1-104.8.8
7070 SECTION 2. In Colorado Revised Statutes, 39-1-104.2, as9
7171 HB24B-1002-2- effective upon the date of the governor's proclamation for the general1
7272 election held on November 5, 2024, only if neither of the following occur:2
7373 An initiative that reduces valuations for assessment is approved by the3
7474 people at the general election held on November 5, 2024; An initiative4
7575 that requires voter approval for retaining property tax revenue that5
7676 exceeds a limit is approved by the people at the general election held on6
7777 November 5, 2024, amend (3)(u)(I) introductory portion, (3)(u)(I)(A),7
7878 and (3)(u)(II); and add (3)(u)(I.5) as follows:8
7979 39-1-104.2. Residential real property - valuation for9
8080 assessment - legislative declaration - definitions. (3) (u) (I) For10
8181 property tax years commencing on or after January 1, 2026, the valuation11
8282 for assessment for all residential real property other than qualified-senior12
8383 primary residence real property
8484 AND QUALIFIED PRIMARY RESIDENCE REAL13
8585 PROPERTY is:14
8686 (A) For the purpose of a levy imposed by a local governmental15
8787 entity, 6.95 percent of the amount equal to the actual value of the16
8888 property; minus the lesser of ten percent of the actual value of the
8989 17
9090 property or seventy thousand dollars as increased for inflation in the first18
9191 year of each subsequent reassessment cycle; and19
9292 (I.5) F
9393 OR PROPERTY TAX YEARS COMMENCING ON OR AFTER20
9494 J
9595 ANUARY 1, 2026, THE VALUATION FOR ASSESSMENT FOR QUALIFIED21
9696 PRIMARY RESIDENCE REAL PROPERTY IS :22
9797 (A) F
9898 OR THE PURPOSE OF A LEVY IMPOSED BY A LOCAL23
9999 GOVERNMENTAL ENTITY , 6.95 PERCENT OF THE AMOUNT EQUAL TO THE24
100100 ACTUAL VALUE OF THE PROPERTY MINUS THE LESSER OF TEN PERCENT OF25
101101 THE ACTUAL VALUE OF THE PROPERTY OR SEVENTY THOUSAND DOLLARS26
102102 AS INCREASED FOR INFLATION IN THE FIRST YEAR OF EACH SUBSEQUENT27
103103 HB24B-1002
104104 -3- REASSESSMENT CYCLE; AND1
105105 (B) F
106106 OR THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT ,2
107107 7.15
108108 PERCENT OF THE AMOUNT EQUAL TO THE ACTUAL VALUE OF THE3
109109 PROPERTY; EXCEPT THAT THE VALUATION FOR ASSESSMENT FOR THE4
110110 PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT MAY BE5
111111 TEMPORARILY REDUCED FOR A PROPERTY TAX YEAR AS SET FORTH IN6
112112 SECTION 39-1-104.7.7
113113 (II) For reassessment cycles commencing on or after January 1,8
114114 2027, the property tax
115115 administrator shall publish the inflation adjusted9
116116 value used to calculate the valuation for assessment pursuant to10
117117 subsection (3)(u)(I)(A) SUBSECTION (3)(u)(I.5)(A) of this section.11
118118 SECTION 3. In Colorado Revised Statutes, add 39-1-104.8 as12
119119 follows:13
120120 39-1-104.8. Qualified primary residence real property -14
121121 valuation for assessment - definitions. (1) Definitions. A
122122 S USED IN THIS15
123123 SECTION, UNLESS THE CONTEXT OTHERWISE REQUIRES :16
124124 (a) (I) "O
125125 WNER-OCCUPIER" MEANS AN INDIVIDUAL WHO:17
126126 (A) I
127127 S AN OWNER OF RECORD OF RESIDENTIAL REAL PROPERTY18
128128 THAT THE INDIVIDUAL OCCUPIES AS THE INDIVIDUAL 'S PRIMARY19
129129 RESIDENCE;20
130130 (B) I
131131 S NOT AN OWNER OF RECORD OF THE RESIDENTIAL REAL21
132132 PROPERTY THAT THE INDIVIDUAL OCCUPIES AS THE INDIVI DUAL 'S PRIMARY22
133133 RESIDENCE, BUT EITHER IS A SPOUSE OR CIVIL UNION PARTNER OF AN23
134134 OWNER OF RECORD OF THE RESIDENTIAL REAL PROPERTY AND WHO ALSO24
135135 OCCUPIES THE RESIDENTIAL REAL PROPERTY AS THE OWNER OF RECORD 'S25
136136 PRIMARY RESIDENCE, OR IS THE SURVIVING SPOUSE OR PARTNER OF AN26
137137 INDIVIDUAL WHO WAS AN OWNER OF RECORD OF THE RESIDENTIAL REAL27
138138 HB24B-1002
139139 -4- PROPERTY AND WHO OCCUPIED THE RESIDENTIAL REAL PROPERTY WITH1
140140 THE SURVIVING SPOUSE OR PARTNER AS THEIR PRIMARY RESIDENCE UNTIL2
141141 THE OWNER OF RECORD'S DEATH;3
142142 (C) I
143143 S NOT AN OWNER OF RECORD OF THE RESIDENTIAL REAL4
144144 PROPERTY THAT THE INDIVIDUAL OCCUPIES AS THE INDIVIDUAL 'S PRIMARY5
145145 RESIDENCE, ONLY BECAUSE THE PROPERTY HAS BEEN PURCHASED BY OR6
146146 TRANSFERRED TO A TRUST, A CORPORATE PARTNERSHIP, OR ANY OTHER7
147147 LEGAL ENTITY SOLELY FOR ESTATE PLANNING PURPOSES AND IS THE8
148148 MAKER OF THE TRUST OR A PRINCIPAL OF THE CORPORATE PARTNERSHIP OR9
149149 OTHER LEGAL ENTITY;10
150150 (D) O
151151 CCUPIES RESIDENTIAL REAL PROPERTY AS THE INDIVIDUAL 'S11
152152 PRIMARY RESIDENCE AND IS THE SPOUSE OR CIVIL UNION PARTNER OF AN12
153153 INDIVIDUAL WHO ALSO OCCUPIES THE RESIDENTIAL REAL PROPERTY , WHO13
154154 IS NOT THE OWNER OF RECORD OF THE PROPERTY ONLY BECAUSE THE14
155155 PROPERTY HAS BEEN PURCHASED BY OR TRANSFERRED TO A TRUST , A15
156156 CORPORATE PARTNERSHIP , OR ANY OTHER LEGAL ENTITY SOLELY FOR16
157157 ESTATE PLANNING PURPOSES, AND WHO IS THE MAKER OF THE TRUST OR A17
158158 PRINCIPAL OF THE CORPORATE PARTNERSHIP OR OTHER LEGAL ENTITY ; OR18
159159 (E) O
160160 CCUPIES RESIDENTIAL REAL PROPERTY AS THE INDIVIDUAL 'S19
161161 PRIMARY RESIDENCE AND IS THE SURVIVING SPOUSE OR PARTNER OF AN20
162162 INDIVIDUAL WHO OCCUPIED THE RESIDENTIAL REAL PROPERTY WITH THE21
163163 SURVIVING SPOUSE OR PARTNER UNTIL THE INDIVIDUAL 'S DEATH, WHO22
164164 WAS NOT THE OWNER OF RECORD OF THE PROPERTY AT THE TIME OF THE23
165165 INDIVIDUAL'S DEATH ONLY BECAUSE THE PROPERTY HAD BEEN PURCHASED24
166166 BY OR TRANSFERRED TO A TRUST , A CORPORATE PARTNERSHIP, OR ANY25
167167 OTHER LEGAL ENTITY SOLELY FOR ESTATE PLANNING PURPOSES PRIOR TO26
168168 THE INDIVIDUAL'S DEATH, AND WHO WAS THE MAKER OF THE TRUST OR A27
169169 HB24B-1002
170170 -5- PRINCIPAL OF THE CORPORATE PARTNERSHIP OR OTHER LEGAL ENTITY1
171171 PRIOR TO THE INDIVIDUAL'S DEATH.2
172172 (II) "O
173173 WNER-OCCUPIER" ALSO INCLUDES ANY INDIVIDUAL WHO ,3
174174 BUT FOR THE CONFINEMENT OF THE INDIVIDUAL TO A HOSPITAL , NURSING4
175175 HOME, OR ASSISTED LIVING FACILITY, WOULD OCCUPY THE RESIDENTIAL5
176176 REAL PROPERTY AS THE INDIVIDUAL 'S PRIMARY RESIDENCE AND WOULD6
177177 MEET ONE OR MORE OF THE OWNERSHIP CRITERIA SPECIFIED IN7
178178 SUBSECTION (1)(a)(I) OF THIS SECTION, IF THE RESIDENTIAL REAL8
179179 PROPERTY:9
180180 (A) I
181181 S TEMPORARILY UNOCCUPIED ; OR10
182182 (B) I
183183 S OCCUPIED BY THE SPOUSE, THE CIVIL UNION PARTNER, OR A11
184184 FINANCIAL DEPENDENT OF THE INDIVIDUAL .12
185185 (b) "O
186186 WNER OF RECORD" MEANS AN INDIVIDUAL WHOSE NAME13
187187 APPEARS ON A VALID RECORDED DEED TO RESIDENTIAL REAL PROPERTY AS14
188188 AN OWNER OF THE PROPERTY.15
189189 (c) "S
190190 URVIVING SPOUSE OR PARTNER" MEANS AN INDIVIDUAL WHO16
191191 WAS LEGALLY MARRIED TO ANOTHER INDIVIDUAL , OR WAS A PARTNER IN17
192192 A CIVIL UNION WITH ANOTHER INDIVIDUAL , AT THE TIME OF THE OTHER18
193193 INDIVIDUAL'S DEATH AND WHO HAS NOT REMARRIED OR ENTERED INTO19
194194 ANOTHER CIVIL UNION.20
195195 (2) Classification. (a) F
196196 OR PROPERTY TAX YEARS COMMENCING21
197197 ON OR AFTER JANUARY 1, 2026, RESIDENTIAL REAL PROPERTY THAT AS OF22
198198 THE ASSESSMENT DATE IS USED AS THE PRIMARY RESIDENCE OF AN23
199199 OWNER-OCCUPIER IS CLASSIFIED AS QUALIFIED PRIMARY RESIDENCE REAL24
200200 PROPERTY, WHICH IS A SUBCLASS OF RESIDENTIAL REAL PROPERTY , IF:25
201201 (I) T
202202 HE OWNER-OCCUPIER COMPLETES AND FILES AN APPLICATION26
203203 IN THE MANNER REQUIRED BY SUBSECTION (3) OF THIS SECTION;27
204204 HB24B-1002
205205 -6- (II) THE CIRCUMSTANCES THAT QUALIFY THE PROPERTY FOR THE1
206206 CLASSIFICATION HAVE NOT CHANGED SINCE THE FILING OF THE2
207207 APPLICATION; AND3
208208 (III) T
209209 HE PROPERTY IS NOT CLASSIFIED AS QUALIFIED -SENIOR4
210210 PRIMARY RESIDENCE REAL PROPERTY PURSUANT TO SECTION 39-1-104.65
211211 FOR THE CURRENT PROPERTY TAX YEAR .6
212212 (b) U
213213 NDER NO CIRCUMSTANCES IS THE CLASSIFICATION AS7
214214 QUALIFIED PRIMARY RESIDENCE REAL PROPERTY ALLOWED FOR PROPERTY8
215215 TAXES ASSESSED DURING ANY PROPERTY TAX YEAR PRIOR TO THE YEAR IN9
216216 WHICH AN OWNER-OCCUPIER FIRST FILES AN APPLICATION IN THE MANNER10
217217 REQUIRED BY SUBSECTION (3) OF THIS SECTION. IF OWNERSHIP OF11
218218 RESIDENTIAL REAL PROPERTY THAT QUALIFIED AS QUALIFIED PRIMARY12
219219 RESIDENCE REAL PROPERTY AS OF THE ASSESSMENT DATE CHANGES AFTER13
220220 THE ASSESSMENT DATE, THE CLASSIFICATION IS ALLOWED ONLY IF AN14
221221 OWNER-OCCUPIER WHOSE STATUS AS AN OWNER -OCCUPIER QUALIFIES THE15
222222 PROPERTY FOR THE CLASSIFICATION HAS FILED AN APPLICATION BY THE16
223223 DEADLINE SPECIFIED IN SUBSECTION (3)(a) OF THIS SECTION.17
224224 (c) I
225225 F AN INDIVIDUAL OWNS AND OCCUPIES A DWELLING UNIT IN A18
226226 COMMON INTEREST COMMUNITY , AS DEFINED IN SECTION 38-33.3-103 (8),19
227227 AS THE INDIVIDUAL'S PRIMARY RESIDENCE, ONLY THE DWELLING UNIT20
228228 THAT THE INDIVIDUAL OCCUPIES AS THE INDIVIDUAL 'S PRIMARY21
229229 RESIDENCE MAY QUALIFY AS QUALIFIED PRIMARY RESIDENCE REAL22
230230 PROPERTY.23
231231 (d) F
232232 OR PURPOSES OF THIS SUBSECTION (2), TWO INDIVIDUALS WHO24
233233 ARE LEGALLY MARRIED OR ARE CIVIL UNION PARTNERS BUT WHO OWN25
234234 MORE THAN ONE PARCEL OF RESIDENTIAL REAL PROPERTY ARE DEEMED TO26
235235 OCCUPY THE SAME PRIMARY RESIDENCE , AND ONLY THAT PROPERTY MAY27
236236 HB24B-1002
237237 -7- BE CLASSIFIED AS QUALIFIED PRIMARY RESIDENCE REAL PROPERTY . IF AN1
238238 INDIVIDUAL IS AN OWNER-OCCUPIER OF A RESIDENTIAL REAL PROPERTY2
239239 AND AN OWNER OF RECORD ON ANOTHER PROPERTY ALONG WITH A3
240240 MEMBER OF THE INDIVIDUAL 'S FAMILY OTHER THAN THE INDIVIDUAL 'S4
241241 SPOUSE OR CIVIL UNION PARTNER, THEN THE OTHER FAMILY MEMBER MAY5
242242 BE AN OWNER-OCCUPIER OF THE OTHER PROPERTY .6
243243 (3) Applications. (a) F
244244 OR A PROPERTY TO BE CLASSIFIED AS7
245245 QUALIFIED PRIMARY RESIDENCE REAL PROPERTY , AN INDIVIDUAL MUST8
246246 FILE WITH THE ASSESSOR A COMPLETED APPLICATION NO LATER THAN9
247247 M
248248 ARCH 15 OF THE FIRST PROPERTY TAX YEAR FOR WHICH THE10
249249 CLASSIFICATION IS SOUGHT. AN APPLICATION RETURNED BY MAIL IS11
250250 DEEMED FILED ON THE DATE IT IS POSTMARKED .12
251251 (b) (I) A
252252 N APPLICANT MUST COMPLETE AN APPLICATION FOR13
253253 PROPERTY TO BE CLASSIFIED AS QUALIFIED PRIMARY RESIDENCE REAL14
254254 PROPERTY ON A FORM PRESCRIBED BY THE ADMINISTRATOR THAT15
255255 INCLUDES THE FOLLOWING INFORMATION :16
256256 (A) T
257257 HE APPLICANT'S NAME, MAILING ADDRESS, AND SOCIAL17
258258 SECURITY NUMBER;18
259259 (B) T
260260 HE ADDRESS AND SCHEDULE OR PARCEL NUMBER OF THE19
261261 PROPERTY;20
262262 (C) T
263263 HE NAME AND SOCIAL SECURITY NUMBER OF THE APPLICANT 'S21
264264 SPOUSE OR CIVIL UNION PARTNER WHO OCCUPIES THE PROPERTY AS THE22
265265 SPOUSE OR CIVIL UNION PARTNER'S PRIMARY RESIDENCE;23
266266 (D) I
267267 F A TRUST IS THE OWNER OF RECORD OF THE PROPERTY , THE24
268268 NAMES OF THE MAKER OF THE TRUST , THE TRUSTEE, AND THE25
269269 BENEFICIARIES OF THE TRUST;26
270270 (E) I
271271 F A CORPORATE PARTNERSHIP OR OTHER LEGAL ENTITY IS THE27
272272 HB24B-1002
273273 -8- OWNER OF RECORD OF THE PROPERTY , THE NAMES OF THE PRINCIPALS OR1
274274 THE CORPORATE PARTNERSHIP OR OTHER LEGAL ENTITY ;2
275275 (F) A
276276 N AFFIRMATION, IN A FORM PRESCRIBED BY THE3
277277 ADMINISTRATOR, THAT THE APPLICANT BELIEVES, UNDER PENALTY OF4
278278 PERJURY IN THE SECOND DEGREE AS DEFINED IN SECTION 18-8-503, THAT5
279279 ALL INFORMATION PROVIDED BY THE APPLICANT IS CORRECT ; AND6
280280 (G) A
281281 NY OTHER INFORMATION THAT THE ADMINISTRATOR7
282282 REASONABLY DEEMS NECESSARY .8
283283 (II) T
284284 HE ADMINISTRATOR SHALL ALSO INCLUDE IN THE9
285285 APPLICATION A STATEMENT THAT AN APPLICANT OR , IF APPLICABLE, THE10
286286 TRUSTEE HAS A LEGAL OBLIGATION TO INFORM THE ASSESSOR WITHIN11
287287 SIXTY DAYS OF ANY CHANGE IN THE OWNERSHIP OR OCCUPANCY OF THE12
288288 RESIDENTIAL REAL PROPERTY FOR WHICH CLASSIFICATION AS QUALIFIED13
289289 PRIMARY RESIDENCE REAL PROPERTY HAS BEEN APPLIED FOR OR ALLOWED14
290290 THAT WOULD PREVENT THE CLASSIFICATION FROM BEING ALLOWED FOR15
291291 THE PROPERTY.16
292292 (4) Penalties. (a) I
293293 N ADDITION TO ANY PENALTIES PRESCRIBED BY17
294294 LAW FOR PERJURY IN THE SECOND DEGREE , AN APPLICANT WHO18
295295 KNOWINGLY PROVIDES FALSE INFORMATION ON AN APPLICATION OR19
296296 ATTEMPTS TO CLAIM MORE THAN ONE PROPERTY AS QUALIFIED PRIMARY20
297297 RESIDENCE REAL PROPERTY FOR THE SAME PROPERTY TAX YEAR SHALL :21
298298 (I) N
299299 OT BE ABLE TO CLAIM THE PROPERTY AS QUALIFIED PRIMARY22
300300 RESIDENCE REAL PROPERTY FOR THE PROPERTY TAX YEAR ;23
301301 (II) P
302302 AY, TO THE TREASURER OF A COUNTY IN WHICH THE24
303303 PROPERTY WAS IMPROPERLY CLASSIFIED AS QUALIFIED PRIMARY25
304304 RESIDENCE REAL PROPERTY DUE TO THE PROVISION BY THE APPLICANT OF26
305305 FALSE INFORMATION OR THE FILING OF MORE THAN ONE APPLICATION , AN27
306306 HB24B-1002
307307 -9- AMOUNT EQUAL TO THE AMOUNT OF PROPERTY TAXES NOT PAID AS A1
308308 RESULT OF THE IMPROPER CLASSIFICATION AS QUALIFIED PRIMARY2
309309 RESIDENCE REAL PROPERTY; AND3
310310 (III) U
311311 PON CONVICTION OF PERJURY, BE REQUIRED TO PAY TO THE4
312312 TREASURER OF ANY COUNTY IN WHICH AN INVALID APPLICATION WAS5
313313 FILED AN ADDITIONAL AM OUNT EQUAL TO TWICE THE AMOUNT OF THE6
314314 PROPERTY TAXES IDENTIFIED IN SUBSECTION (4)(a)(II) OF THIS SECTION7
315315 PLUS INTEREST, CALCULATED AT THE ANNUAL RATE SPECIFIED IN SECTION8
316316 39-21-110.5
317317 FROM THE DATE THE INVALID APPLICATION WAS FILED UNTIL9
318318 THE DATE THE APPLICANT MAKES THE PAYMENT REQUIRED BY THIS10
319319 SUBSECTION (4)(a)(III).11
320320 (b) I
321321 F AN APPLICANT OR A TRUSTEE FAILS TO INFORM THE12
322322 ASSESSOR WITHIN SIXTY DAYS OF ANY CHANGE IN THE OWNERSHIP OR13
323323 OCCUPANCY OF RESIDENTIAL REAL PROPERTY FOR WHICH CLASSIFICATION14
324324 AS A QUALIFIED PRIMARY RESIDENCE REAL PROPERTY HAS BEEN APPLIED15
325325 FOR OR ALLOWED THAT WOULD PREVENT THE CLASSIFICATION FROM BEING16
326326 ALLOWED FOR THE PROPERTY AS REQUIRED BY SUBSECTION (3)(b) OF THIS17
327327 SECTION:18
328328 (I) T
329329 HE CLASSIFICATION IS NOT ALLOWED WITH RESPECT TO THE19
330330 RESIDENTIAL REAL PROPERTY FOR THE SUBSEQUENT PROPERTY TAX YEAR ;20
331331 AND21
332332 (II) T
333333 HE APPLICANT OR TRUSTEE SHALL PAY , TO THE TREASURER22
334334 OF ANY COUNTY IN WHICH THE CLASSIFICATION WAS IMPROPERLY23
335335 ALLOWED DUE TO THE APPLICANT 'S OR TRUSTEE'S FAILURE TO24
336336 IMMEDIATELY INFORM THE ASSESSOR OF ANY CHANGE IN THE OWNERSHIP25
337337 OR OCCUPANCY OF RESIDENTIAL REAL PROPERTY , AN AMOUNT EQUAL TO26
338338 THE AMOUNT OF PROPERTY TAXES NOT PAID AS A RESULT OF THE27
339339 HB24B-1002
340340 -10- IMPROPER CLASSIFICATION AS QUALIFIED PRIMARY RESIDENCE REAL1
341341 PROPERTY PLUS INTEREST, CALCULATED AT THE ANNUAL RATE SPECIFIED2
342342 IN SECTION 39-21-110.5 FROM THE DATE ON WHICH THE CHANGE IN THE3
343343 OWNERSHIP OR OCCUPANCY OCCURRED UNTIL THE DATE THE APPLICANT4
344344 MAKES THE PAYMENT REQUIRED BY THIS SUBSECTION (4)(b)(II).5
345345 (c) A
346346 NY AMOUNT REQUIRED TO BE PAID TO A TREASURER6
347347 PURSUANT TO SUBSECTION (4)(a) OR (4)(b) OF THIS SECTION IS DEEMED7
348348 PART OF THE LIEN OF GENERAL TAXES IMPOSED ON THE PERSON REQUIRED8
349349 TO PAY THE AMOUNT AND HAS THE PRIORITY SPECIFIED IN SECTION9
350350 39-1-107
351351 (2).10
352352 (5) Confidentiality. (a) C
353353 OMPLETED APPLICATIONS FOR11
354354 CLASSIFICATION AS QUALIFIED PRIMARY RESIDENCE REAL PROPERTY ARE12
355355 CONFIDENTIAL; EXCEPT THAT:13
356356 (I) (A) A
357357 N ASSESSOR OR THE ADMINISTRATOR MAY RELEASE14
358358 STATISTICAL COMPILATIONS OR INFORMATIONAL SUMMARIES OF ANY15
359359 INFORMATION CONTAINED IN THE APPLICATIONS AND SHALL PROVIDE A16
360360 COPY OF AN APPLICATION TO THE APPLICANT WHO RETURNED THE17
361361 APPLICATION AND TO THE TREASURER OF THE SAME COUNTY AS THE18
362362 ASSESSOR; AND19
363363 (B) A
364364 N ASSESSOR OR THE ADMINISTRATOR MAY INTRODUCE A20
365365 COPY OF AN APPLICATION AS EVIDENCE IN ANY ADMINISTRATIVE HEARING21
366366 OR LEGAL PROCEEDING IN WHICH THE ACCURACY OR VERACITY OF THE22
367367 APPLICATION IS AT ISSUE SO LONG AS NEITHER THE APPLICANT 'S SOCIAL23
368368 SECURITY NUMBER NOR ANY OTHER SOCIAL SECURITY NUMBER SET FORTH24
369369 IN THE APPLICATION IS DIVULGED;25
370370 (II) A
371371 TREASURER SHALL KEEP CONFIDENTIAL EACH INDIVIDUAL26
372372 APPLICATION RECEIVED FROM AN ASSESSOR BUT MAY RELEASE27
373373 HB24B-1002
374374 -11- STATISTICAL COMPILATIONS OR INFORMATIONAL SUMMARIES OF ANY1
375375 INFORMATION CONTAINED IN APPLICATIONS AND MAY INTRODUCE A COPY2
376376 OF AN APPLICATION AS EVIDENCE IN ANY ADMINISTRATIVE HEARING OR3
377377 LEGAL PROCEEDING IN WHICH THE ACCURACY OR VERACITY OF THE4
378378 APPLICATION IS AT ISSUE SO LONG AS NEITHER THE APPLICANT 'S SOCIAL5
379379 SECURITY NUMBER NOR ANY OTHER SOCIAL SECURITY NUMBER SET FORTH6
380380 IN THE APPLICATION IS DIVULGED; AND7
381381 (III) T
382382 HE ADMINISTRATOR MAY SHARE INFORMATION CONTAINED8
383383 IN AN APPLICATION FOR CLASSIFICATION OF REAL PROPERTY AS QUALIFIED9
384384 PRIMARY RESIDENCE REAL PROPERTY , INCLUDING ANY SOCIAL SECURITY10
385385 NUMBER SET FORTH IN THE APPLICATION , WITH THE DEPARTMENT OF11
386386 REVENUE TO THE EXTENT NECESSARY TO ENABLE THE ADMINISTRATOR TO12
387387 VERIFY THAT THE APPLICANT SATISFIES LEGAL REQUIREMENTS FOR THE13
388388 CLASSIFICATION.14
389389 (b) N
390390 OTWITHSTANDING THE PROVISIONS OF SUBSECTION (5)(a) OF15
391391 THIS SECTION, THE ADMINISTRATOR, AN ASSESSOR, OR A TREASURER16
392392 SHALL NOT GIVE ANY OTHER PERSON ANY LISTING OF APPLICANTS OR ANY17
393393 OTHER INFORMATION THAT WOULD ENABLE A PERSON TO EASILY18
394394 ASSEMBLE A MAILING LIST OF APPLICANTS FOR THE QUALIFIED PRIMARY19
395395 RESIDENCE REAL PROPERTY CLASSIFICATION .20
396396 (6) Notice. (a) A
397397 S SOON AS PRACTICABLE AFTER JANUARY 1, 2026,21
398398 AND AFTER JANUARY 1 OF EACH YEAR THEREAFTER , EACH COUNTY22
399399 TREASURER SHALL, AT THE TREASURER 'S DISCRETION, MAIL OR23
400400 ELECTRONICALLY SEND TO EACH PERSON WHOSE NAME APPEARS ON THE24
401401 TAX LIST AND WARRANT AS AN OWNER OF RESIDENTIAL REAL PROPERTY25
402402 NOTICE OF THE QUALIFIED PRIMARY RESIDENCE REAL PROPERTY26
403403 CLASSIFICATION. THE TREASURER SHALL MAIL OR ELECTRONICALLY SEND27
404404 HB24B-1002
405405 -12- THE NOTICE EACH YEAR ON OR BEFORE THE DATE ON WHICH THE1
406406 TREASURER MAILS THE PROPERTY TAX STATEMENT FOR THE PREVIOUS2
407407 PROPERTY TAX YEAR PURSUANT TO SECTION 39-10-103. THE3
408408 ADMINISTRATOR SHALL PRESCRIBE THE FORM OF THE NOTICE , WHICH MUST4
409409 INCLUDE A STATEMENT OF THE ELIGIBILITY CRITERIA FOR QUALIFIED5
410410 PRIMARY RESIDENCE REAL PROPERTY CLASSIFICATION , INSTRUCTIONS FOR6
411411 OBTAINING A RELATED APPLICATION , AND AN EXPLANATION OF THE7
412412 DIFFERENCES BETWEEN THIS CLASSIFICATION AND OTHER PROPERTY8
413413 CLASSIFICATIONS OR TAX EXEMPTIONS , INCLUDING THE CLASSIFICATION9
414414 FOR QUALIFIED-SENIOR PRIMARY RESIDENCE REAL PROPERTY DESCRIBED10
415415 IN SECTION 39-1-104.6 AND THE PROPERTY TAX EXEMPTIONS ALLOWED BY11
416416 SECTION 39-3-203.12
417417 (b) T
418418 O REDUCE MAILING COSTS, AN ASSESSOR MAY COORDINATE13
419419 WITH THE TREASURER OF THE SAME COUNTY TO INCLUDE NOTICE WITH THE14
420420 TAX STATEMENT FOR THE PREVIOUS PROPERTY TAX YEAR MAILED15
421421 PURSUANT TO SECTION 39-10-103, OR MAY INCLUDE NOTICE WITH THE16
422422 NOTICE OF VALUATION MAILED PURSUANT TO SECTION 39-5-121 (1)(a).17
423423 (7) Notice of classification - appeal. (a) (I) E
424424 XCEPT AS18
425425 OTHERWISE PROVIDED IN SUBSECTION (7)(b) OF THIS SECTION, AN19
426426 ASSESSOR SHALL ONLY CLASSIFY PROPERTY AS QUALIFIED PRIMARY20
427427 RESIDENCE REAL PROPERTY IF AN APPLICANT HAS TIMELY RETURNED AN21
428428 APPLICATION IN ACCORDANCE WITH SUBSECTION (3) OF THIS SECTION22
429429 THAT ESTABLISHES THAT THE CLASSIFICATION IS APPROPRIATE .23
430430 (II) I
431431 F THE INFORMATION PROVIDED ON OR WITH AN APPLICATION24
432432 INDICATES THAT THE APPLICANT IS NOT ENTITLED TO THE CLASSIFICATION ,25
433433 OR IS INSUFFICIENT TO ALLOW THE ASSESSOR TO DETERMINE WHETHER THE26
434434 PROPERTY MEETS THE CLASSIFICATION , THE ASSESSOR SHALL DENY THE27
435435 HB24B-1002
436436 -13- APPLICATION AND MAIL TO THE APPLICANT A STATEMENT PROVIDING THE1
437437 REASONS FOR THE DENIAL AND INFORMING THE APPLICANT OF THE2
438438 APPLICANT'S RIGHT TO CONTEST THE DENIAL PURSUANT TO SUBSECTION3
439439 (7)(b)
440440 OF THIS SECTION. THE ASSESSOR SHALL MAIL THE STATEMENT NO4
441441 LATER THAN AUGUST 1 OF THE PROPERTY TAX YEAR FOR WHICH THE5
442442 APPLICATION WAS FILED.6
443443 (b) (I) A
444444 N APPLICANT WHOSE APPLICATION HAS BEEN DENIED MAY7
445445 CONTEST THE DENIAL BY REQUESTING A HEARING BEFORE THE COUNTY8
446446 COMMISSIONERS SITTING AS THE COUNTY BOARD OF EQUALIZATION NO9
447447 LATER THAN AUGUST 15 OF THE PROPERTY TAX YEAR FOR WHICH THE10
448448 APPLICATION WAS FILED. THE HEARING SHALL BE HELD ON OR AFTER11
449449 A
450450 UGUST 1 AND NO LATER THAN SEPTEMBER 1 OF THE PROPERTY TAX YEAR12
451451 FOR WHICH THE APPLICATION WAS FILED , AND THE DECISION OF THE13
452452 COUNTY BOARD OF EQUALIZATION IS NOT SUBJECT TO FURTHER14
453453 ADMINISTRATIVE APPEAL BY EITHER THE APPLICANT OR THE ASSESSOR .15
454454 (II) A
455455 N INDIVIDUAL WHO HAS NOT TIMELY FILED AN APPLICATION16
456456 WITH THE ASSESSOR BY MARCH 15 MAY FILE A LATE APPLICATION NO17
457457 LATER THAN THE JULY 15 THAT IMMEDIATELY FOLLOWS THAT DEADLINE .18
458458 T
459459 HE ASSESSOR SHALL ACCEPT ANY SUCH APPLICATION BUT MAY NOT19
460460 ACCEPT ANY LATE APPLICATION FILED AFTER JULY 15. A DECISION OF AN20
461461 ASSESSOR TO DISALLOW THE FILING OF A LATE APPLICATION AFTER JULY21
462462 15
463463 OR TO GRANT OR DENY THE CLASSIFICATION TO AN APPLICANT WHO HAS22
464464 FILED A LATE APPLICATION AFTER MARCH 15 BUT NO LATER THAN JULY 1523
465465 IS FINAL, AND AN APPLICANT WHO IS DENIED LATE FILING OR24
466466 CLASSIFICATION OF PROPERTY AS QUALIFIED PRIMARY RESIDENCE REAL25
467467 PROPERTY MAY NOT CONTEST THE DENIAL .26
468468 (III) T
469469 HE COUNTY BOARD OF EQUALIZATION MAY APPOINT27
470470 HB24B-1002
471471 -14- INDEPENDENT REFEREES TO CONDUCT HEARINGS REQUESTED PURSUANT1
472472 TO SUBSECTION (7)(b)(I) OF THIS SECTION ON BEHALF OF THE COUNTY2
473473 BOARD AND TO MAKE FINDINGS AND SUBMIT RECOMMENDATIONS TO THE3
474474 COUNTY BOARD FOR ITS FINAL ACTION .4
475475 (8) Reporting to administrator. (a) N
476476 O LATER THAN SEPTEMBER5
477477 10,
478478 2026, AND SEPTEMBER 10 OF EACH YEAR THEREAFTER , EACH6
479479 ASSESSOR SHALL FORWARD TO THE ADMINISTRATOR A REPORT ON THE7
480480 RESIDENTIAL REAL PROPERTY IN THE ASSESSOR'S COUNTY THAT QUALIFIES8
481481 FOR CLASSIFICATION AS QUALIFIED PRIMARY RESIDENCE REAL PROPERTY9
482482 FOR THE CURRENT PROPERTY TAX YEAR . FOR EACH UNIT OF RESIDENTIAL10
483483 REAL PROPERTY, THE REPORT MUST INCLUDE:11
484484 (I) T
485485 HE LEGAL DESCRIPTION OF THE PROPERTY ;12
486486 (II) T
487487 HE SCHEDULE OR PARCEL NUMBER FOR THE PROPERTY ;13
488488 (III) T
489489 HE NAME AND SOCIAL SECURITY NUMBER OF THE APPLICANT14
490490 WHO CLAIMED THE CLASSIFICATION FOR THE PROPERTY AND , IF15
491491 APPLICABLE, THE APPLICANT'S SPOUSE OR CIVIL UNION PARTNER WHO16
492492 OCCUPIES THE PROPERTY;17
493493 (IV) A
494494 STATEMENT OF WHAT THE VALUATION FOR ASSESSMENT OF18
495495 THE PROPERTY WOULD BE IF IT HAD NOT QUALIFIED AS QUALIFIED PRIMARY19
496496 RESIDENCE REAL PROPERTY AND THE VALUATION FOR ASSESSMENT OF THE20
497497 PROPERTY AS QUALIFIED PRIMARY RESIDENCE REAL PROPERTY ; AND21
498498 (V) A
499499 NY OTHER INFORMATION THAT THE ADMINISTRATOR22
500500 REASONABLY DEEMS NECESSARY .23
501501 (b) (I) T
502502 HE ADMINISTRATOR SHALL EXAMINE THE REPORTS SENT24
503503 BY EACH ASSESSOR PURSUANT TO SUBSECTION (8)(a) OF THIS SECTION TO25
504504 ENSURE THAT NO APPLICANT HAS APPLIED FOR A QUALIFIED PRIMARY26
505505 RESIDENCE REAL PROPERTY CLASSIFICATION WITHOUT MEETING ALL27
506506 HB24B-1002
507507 -15- LEGAL REQUIREMENTS FOR OBTAINING THE CLASSIFICATION . NO LATER1
508508 THAN NOVEMBER 1, 2026, AND NOVEMBER 1 OF EACH YEAR THEREAFTER,2
509509 IF THE ADMINISTRATOR DETERMINES THAT AN APPLICANT HAS APPLIED3
510510 FOR MORE THAN ONE PROPERTY TO BE CLASSIFIED AS QUALIFIED PRIMARY4
511511 RESIDENCE REAL PROPERTY , THE ADMINISTRATOR SHALL PROVIDE5
512512 WRITTEN NOTICE TO THE APPLICANT THAT THE APPLICANT HAS APPLIED6
513513 FOR MORE THAN ONE SUCH CLASSIFICATION AND IS THEREFORE NOT7
514514 ENTITLED TO THE CLASSIFICATION FOR ANY PROPERTY . IF THE8
515515 ADMINISTRATOR DETERMINES THAT THE APPLICANT AND THE APPLICANT 'S9
516516 SPOUSE OR CIVIL UNION PARTNER HAVE APPLIED FOR SEPARATE10
517517 PROPERTIES TO BE CLASSIFIED AS QUALIFIED PRIMARY RESIDENCE REAL11
518518 PROPERTY, THAT THE CLASSIFICATION WAS APPLIED FOR IN VIOLATION OF12
519519 SUBSECTION (3) OF THIS SECTION, THAT THE APPLICANT HAS CLAIMED THE13
520520 CLASSIFICATION FOR RESIDENTIAL REAL PROPERTY THAT THE APPLICANT14
521521 DOES NOT OWN AND OCCUPY AS THE APPLICANT 'S PRIMARY RESIDENCE AS15
522522 REQUIRED BY SUBSECTION (2)(a) OF THIS SECTION, OR THAT THE16
523523 APPLICANT IS OTHERWISE INELIGIBLE FOR THE CLASSIFICATION , THE17
524524 ADMINISTRATOR SHALL PROVIDE WRITTEN NOTICE TO AN APPLICANT THAT18
525525 THE APPLICANT IS INELIGIBLE AND THE REASON FOR THE INELIGIBILITY .19
526526 T
527527 HE NOTICE MUST ALSO INCLUDE A STATEMENT SPECIFYING THE DEADLINE20
528528 AND PROCEDURES FOR PROTESTING THE DENIAL OF THE CLASSIFICATION21
529529 OR CLASSIFICATIONS CLAIMED.22
530530 (II) A
531531 N APPLICANT WHOSE APPLICATION FOR A QUALIFIED PRIMARY23
532532 RESIDENCE REAL PROPERTY CLASSIFICATION IS DENIED BY THE24
533533 ADMINISTRATOR PURSUANT TO SUBSECTION (8)(b)(I) OF THIS SECTION25
534534 MAY FILE A WRITTEN PROTEST WITH THE ADMINISTRATOR NO LATER THAN26
535535 N
536536 OVEMBER 15 OF THE YEAR IN WHICH THE CLASSIFICATION WAS DENIED .27
537537 HB24B-1002
538538 -16- A WRITTEN PROTEST RETURNED BY MAIL IS DEEMED FILED ON THE DATE1
539539 IT IS POSTMARKED. IF THE GROUND FOR THE DENIAL IS THAT THE2
540540 APPLICANT, OR THE APPLICANT AND THE APPLICANT 'S SPOUSE OR CIVIL3
541541 UNION PARTNER, CLAIMED MULTIPLE CLASSIFICATIONS, THE SOLE GROUND4
542542 FOR A PROTEST IS THAT THE APPLICANT , OR THE APPLICANT AND THE5
543543 APPLICANT'S SPOUSE OR CIVIL UNION PARTNER, FILED ONLY ONE CLAIM6
544544 FOR THE CLASSIFICATION, AND THE PROTEST MUST SPECIFY THE PROPERTY7
545545 IDENTIFIED BY THE ADMINISTRATOR IN THE NOTICE DENYING THE8
546546 CLASSIFICATION FOR WHICH NO SUCH CLASSIFICATION WAS CLAIMED . IF9
547547 THE GROUND FOR THE DENIAL IS THAT THE APPLICANT IS NOT AN10
548548 OWNER-OCCUPIER OF THE RESIDENTIAL REAL PROPERTY FOR WHICH THE11
549549 CLASSIFICATION IS CLAIMED, THE SOLE GROUNDS FOR A PROTEST ARE THAT12
550550 THE APPLICANT ACTUALLY IS AN OWNER -OCCUPIER AND THAT THE13
551551 APPLICANT QUALIFIES FOR THE CLASSIFICATION. IF A PROTEST IS DENIED,14
552552 THE ADMINISTRATOR SHALL MAIL THE APPLICANT A WRITTEN STATEMENT15
553553 OF THE BASIS FOR THE DENIAL AND A COPY OF EACH CLASSIFICATION16
554554 APPLICATION FILED WITH AN ASSESSOR THAT THE APPLICANT CLAIMED17
555555 HAD NOT BEEN FILED.18
556556 (c) N
557557 O LATER THAN DECEMBER 1, 2026, AND EACH DECEMBER 119
558558 THEREAFTER, AND AFTER EXAMINING THE REPORTS SENT BY EACH20
559559 ASSESSOR, DENYING APPLICATIONS FOR CLASSIFICATION OF PROPERTY AS21
560560 QUALIFIED PRIMARY RESIDENCE REAL PROPERTY , AND DECIDING PROTESTS22
561561 IN ACCORDANCE WITH SUBSECTION (8)(b) OF THIS SECTION, THE23
562562 ADMINISTRATOR SHALL PROVIDE WRITTEN NOTICE TO THE ASSESSOR OF24
563563 EACH COUNTY IN WHICH AN APPLICATION HAS BEEN DENIED BECAUSE THE25
564564 APPLICANT WAS INELIGIBLE THAT INCLUDES THE IDENTITY OF EACH26
565565 DENIED APPLICANT AND THE REASON FOR EACH DENIAL .27
566566 HB24B-1002
567567 -17- (d) NO LATER THAN JANUARY 10, 2027, AND EACH JANUARY 101
568568 THEREAFTER, EACH ASSESSOR SHALL FORWARD TO THE ADMINISTRATOR2
569569 A PARTIAL COPY OF THE TAX WARRANT FOR THE ASSESSOR 'S COUNTY THAT3
570570 INCLUDES ONLY PROPERTY FOR WHICH THE ASSESSOR HAS GRANTED AN4
571571 APPLICATION FOR CLASSIFICATION AS QUALIFIED PRIMARY RESIDENCE5
572572 REAL PROPERTY. THE ADMINISTRATOR SHALL EXAMINE THE TAX6
573573 WARRANTS TO ENSURE THAT NO ADDITIONAL CLASSIFICATIONS OF7
574574 PROPERTY AS QUALIFIED PRIMARY RESIDENCE REAL PROPERTY HAVE BEEN8
575575 ALLOWED SINCE THE ADMINISTRATOR EXAMINED THE REPORTS9
576576 PREVIOUSLY RECEIVED FROM THE ASSESSORS AND THAT EACH ASSESSOR10
577577 HAS REMOVED FROM THE TAX WARRANT ALL SUCH CLASSIFICATIONS THAT11
578578 THE ADMINISTRATOR PREVIOUSLY DENIED . NO LATER THAN JANUARY 17,12
579579 2027,
580580 AND NO LATER THAN EACH JANUARY 17 THEREAFTER, THE13
581581 ADMINISTRATOR SHALL NOTIFY EACH ASSESSOR AND EACH TREASURER OF14
582582 ANY SUCH CLASSIFICATIONS TO BE REMOVED FROM THE TAX WARRANT .15
583583 SECTION 4. Contingent referral to people under referendum16
584584 - effective date. (1) This act takes effect only if Senate Bill 24-23317
585585 becomes law and the ballot title submitted to the registered electors of the18
586586 state at the election held on November 4, 2025, pursuant to subsection (2)19
587587 of this section is approved by the voters at said election.20
588588 (2) If Senate Bill 24-233 becomes law, then, at the election held21
589589 on November 4, 2025, the secretary of state shall submit this act by its22
590590 ballot title to the registered electors of the state for their approval or23
591591 rejection. Each elector voting at the election may cast a vote either24
592592 "Yes/For" or "No/Against" on the following ballot title: "Shall there be25
593593 a change to the Colorado Revised Statutes concerning the valuation for26
594594 assessment of residential real property, and, in connection therewith,27
595595 HB24B-1002
596596 -18- limiting to qualified primary residence real property the existing reduction1
597597 in the valuation for assessment of all residential real property by the lesser2
598598 of 10% of its actual value or $70,000?" Except as otherwise provided in3
599599 section 1-40-123, Colorado Revised Statutes, if a majority of the electors4
600600 voting on the ballot title vote "Yes/For", then the act will become part of5
601601 the Colorado Revised Statutes.6
602602 (3) If the voters at the election held on November 4, 2025,7
603603 approve the measure described in subsection (2) of this section, then this8
604604 act takes effect on the date of the official declaration of the vote thereon9
605605 by the governor.10
606606 HB24B-1002
607607 -19-