Colorado 2024 Regular Session

Colorado House Bill HCR1006 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	Second Regular Session
2	2	Seventy-fourth General Assembly
3	3	STATE OF COLORADO
4	4	INTRODUCED
5	5
6	6
7	7	LLS NO. R24-1161.01 Jason Gelender x4330
8	8	HCR24-1006
9	9	House Committees Senate Committees
10	10	Finance
11	11	HOUSE CONCURRENT RESOLUTION 24-1006
12	12	S
13	13	UBMITTING TO THE REGISTERED ELECTORS OF THE STATE OF101
14	14	C
15	15	OLORADO AN AMENDMENT TO THE COLORADO CONSTITUTION102
16	16	CONCERNING A NEW ANNUAL PROPERTY TAX REVENUE GROWTH103
17	17	LIMIT, AND, IN CONNECTION THEREWITH , LIMITING EACH104
18	18	TAXING JURISDICTION'S ANNUAL PROPERTY TAX REVENUE105
19	19	GROWTH FROM EXISTING TAXABLE PROPERTY TO THE106
20	20	PERCENTAGE BY WHICH STATE REVENUE GROWTH IS LIMITED BY107
21	21	THE TAXPAYER'S BILL OF RIGHTS (TABOR) PLUS TWO108
22	22	PERCENTAGE POINTS.109
23	23	Resolution Summary
24	24	(Note: This summary applies to this resolution as introduced and
25	25	does not reflect any amendments that may be subsequently adopted. If this
26	26	resolution passes third reading in the house of introduction, a resolution
27	27	HOUSE SPONSORSHIP
28	28	Marshall,
29	29	SENATE SPONSORSHIP
30	30	(None),
31	31	Shading denotes HOUSE amendment. Double underlining denotes SENATE amendment.
32	32	Capital letters or bold & italic numbers indicate new material to be added to existing law.
33	33	Dashes through the words or numbers indicate deletions from existing law. summary that applies to the reengrossed version of this resolution will be
34	34	available at http://leg.colorado.gov/.)
35	35	If approved by the voters of the state at the 2024 general election,
36	36	the concurrent resolution will amend the state constitution to create a new
37	37	annual property tax revenue growth limit (district limit) for each
38	38	jurisdiction that levies property tax (district). The district limit limits a
39	39	district's property tax revenue growth for any property tax year
40	40	commencing on or after January 1, 2025, to an amount equal to the sum
41	41	of:
42	42	! The amount of revenue generated by the district's mill levy
43	43	for the immediately preceding property tax year (base
44	44	revenue); plus
45	45	! An amount equal to the base revenue multiplied by a
46	46	percentage equal to the percentage change allowed for state
47	47	revenue growth under the Taxpayer's Bill of Rights
48	48	(TABOR) plus 2 percentage points; plus
49	49	! The net dollar amount of district property tax revenue
50	50	gained from newly taxed property such as new construction
51	51	and lost from newly untaxed property such as taxable
52	52	improvements to real property that are destroyed.
53	53	If the estimated amount of property tax revenue subject to the
54	54	district limit that will be generated by a district's current mill levy will
55	55	exceed the district limit, then the mill levy must be reduced so that the
56	56	amount of property tax revenue generated does not exceed the district
57	57	limit unless maintenance of the current mill levy is approved:
58	58	! By the voters of the district for a district that has not
59	59	received voter approval to exceed its TABOR fiscal year
60	60	spending and property tax revenue limits; or
61	61	! By the governing body of the district for a district that has
62	62	received such voter approval.
63	63	Notwithstanding the TABOR voter approval for a mill levy
64	64	increase above the mill levy for the prior year, if a district's mill levy is
65	65	reduced as required to comply with the district limit, the district may
66	66	increase the mill levy to any rate up to the pre-reduction rate without
67	67	voter approval so long as the increase does not cause the district's
68	68	property tax revenue to exceed the district limit.
69	69	Be It Resolved by the House of Representatives of the1
70	70	Seventy-fourth General Assembly of the State of Colorado, the Senate2
71	71	concurring herein:3
72	72	SECTION 1. At the election held on November 5, 2024, the4
73	73	HCR24-1006-2- secretary of state shall submit to the registered electors of the state the1
74	74	ballot title set forth in section 2 for the following amendment to the state2
75	75	constitution:3
76	76	In the constitution of the state of Colorado, add section 22 to4
77	77	article X as follows:5
78	78	Section 22. Limitation on property tax increases - approval6
79	79	required to exceed limit - mill levy adjustments - definitions. (1) A
80	80	S7
81	81	USED IN THIS SECTION, UNLESS THE CONTEXT OTHERWISE REQUIRES :8
82	82	(a) "D
83	83	ISTRICT" HAS THE SAME MEANING AS SET FORTH IN SECTION9
84	84	20 (2)(b)
85	85	OF THIS ARTICLE X; EXCEPT THAT "DISTRICT" DOES NOT INCLUDE10
86	86	THE STATE.11
87	87	(b) "D
88	88	ISTRICT PROPERTY TAX REVENUE GROWTH LIMIT " OR12
89	89	"
90	90	DISTRICT LIMIT" MEANS, WITH RESPECT TO ANY DISTRICT THAT LEVIES13
91	91	PROPERTY TAX AND WITH RESPECT TO EACH PROPERTY TAX YEAR , AN14
92	92	AMOUNT EQUAL TO THE SUM OF :15
93	93	(I) T
94	94	HE AMOUNT OF REVENUE GENERATED BY THE DISTRICT 'S MILL16
95	95	LEVY FOR THE IMMEDIATELY PRECEDING PROPERTY TAX YEAR ; PLUS17
96	96	(II) A
97	97	N AMOUNT EQUAL TO THE AMOUNT OF REVENUE GENERATED18
98	98	BY THE DISTRICT'S MILL LEVY FOR THE IMMEDIATELY PRECEDING19
99	99	PROPERTY TAX YEAR MULTIPLIED BY A PERCENTAGE EQUAL TO THE20
100	100	PERCENTAGE CHANGE CALCULATED PURSUANT TO SECTION 20 (7)(a) OF21
101	101	THIS ARTICLE X PLUS TWO PERCENTAGE POINTS; PLUS22
102	102	(III) T
103	103	HE NET DOLLAR AMOUNT OF DISTRICT PROPERTY TAX23
104	104	REVENUE GAINED FROM NEWLY TAXED PROPERTY AND LOST FROM NEWLY24
105	105	UNTAXED PROPERTY.25
106	106	(c) "N
107	107	EWLY TAXED PROPERTY " MEANS, WITH RESPECT TO ANY26
108	108	PROPERTY TAX YEAR, PROPERTY THAT A DISTRICT LEVIES PROPERTY TAX27
109	109	HCR24-1006
110	110	-3- ON THAT THE DISTRICT DID NOT LEVY PROPERTY TAX ON DURING THE1
111	111	IMMEDIATELY PRECEDING PROPERTY TAX YEAR , INCLUDING BUT NOT2
112	112	LIMITED TO:3
113	113	(I) L
114	114	AND NEWLY ANNEXED BY OR OTHERWISE NEWLY INCLUDED4
115	115	WITHIN THE DISTRICT AS WELL AS IMPROVEMENTS ON AND PERS ONAL5
116	116	PROPERTY CONNECTED TO SUCH LAND ;6
117	117	(II) N
118	118	EW CONSTRUCTION AND CONNECTED PERSONAL PROPERTY ;7
119	119	(III) A
120	120	MOUNTS ATTRIBUTABLE TO INCREASED VOLUME OF8
121	121	PRODUCTION BY A PRODUCING MINE THAT IS WHOLLY OR PARTIALLY9
122	122	WITHIN THE TAXING ENTITY IF THE INCREASE IN VOLUME OF PRODUCTION10
123	123	CAUSES AN INCREASE IN THE LEVEL OF SERVICES PROVIDED BY THE11
124	124	DISTRICT; AND12
125	125	(IV) A
126	126	MOUNTS ATTRIBUTABLE TO PREVIOUSLY LEGALLY EXEMPT13
127	127	FEDERAL PROPERTY THAT BECOMES TAXABLE IF THE PROPERTY CAUSES AN14
128	128	INCREASE IN THE LEVEL OF SERVICES PROVIDED BY THE DISTRICT .15
129	129	(d) "N
130	130	EWLY UNTAXED PROPERTY " MEANS, WITH RESPECT TO ANY16
131	131	PROPERTY TAX YEAR , PROPERTY THAT A DISTRICT DOES NOT LEVY17
132	132	PROPERTY TAX ON THAT THE DISTRICT LEVIED PROPERTY TAX ON DURING18
133	133	THE IMMEDIATELY PRECEDING PROPERTY TAX YEAR , INCLUDING BUT NOT19
134	134	LIMITED TO:20
135	135	(I) L
136	136	AND NEWLY EXCLUDED FROM THE DISTRICT AS WELL AS21
137	137	IMPROVEMENTS ON AND PERSONAL PROPERTY C ONNECTED TO SUCH LAND ;22
138	138	(II) I
139	139	MPROVEMENTS TO TAXABLE REAL PROPERTY THAT WERE23
140	140	DESTROYED; AND24
141	141	(III) P
142	142	ROPERTY NEWLY EXEMPTED FROM TAXATION .25
143	143	(2) F
144	144	OR PROPERTY TAX YEARS COMMENCING ON OR AFTER26
145	145	J
146	146	ANUARY 1, 2025, A DISTRICT'S PROPERTY TAX REVENUE SHALL NOT27
147	147	HCR24-1006
148	148	-4- EXCEED THE DISTRICT PROPERTY TAX REVENUE GROWTH LIMIT . IF THE1
149	149	ESTIMATED AMOUNT OF PROPERTY TAX REVENUE SUBJECT TO THE2
150	150	DISTRICT LIMIT THAT WILL BE GENERATED BY A DISTRICT 'S CURRENT MILL3
151	151	LEVY WILL EXCEED THE DISTRICT LIMIT, THEN THE MILL LEVY MUST BE4
152	152	REDUCED SO THAT THE AMOUNT OF PROPERTY TAX REVENUE GENERATED5
153	153	DOES NOT EXCEED THE DISTRICT LIMIT UNLESS :6
154	154	(a) I
155	155	F THE DISTRICT HAS NOT OBTAINED VOTER APPROVAL TO7
156	156	RETAIN AND SPEND ALL REVENUE IN EXCESS OF THE FISCAL YEAR8
157	157	SPENDING AND REVENUE LIMITS SET FORTH IN SECTION 20 (7)(b) AND9
158	158	(7)(c)
159	159	OF THIS ARTICLE X, THE VOTERS OF THE DISTRICT AUTHORIZE THE10
160	160	DISTRICT TO MAINTAIN ITS CURRENT MILL LEVY ; OR11
161	161	(b) I
162	162	F THE DISTRICT HAS OBTAINED VOTER APPROVAL TO RETAIN12
163	163	AND SPEND ALL REVENUE IN EXCESS OF THE FISCAL YEAR SPENDING AND13
164	164	REVENUE LIMITS SET FORTH IN SECTION 20 (7)(b) AND (7)(c) OF THIS14
165	165	ARTICLE X, THE GOVERNING BODY OF THE DISTRICT AUTHORIZES THE15
166	166	DISTRICT TO MAINTAIN ITS CURRENT MILL LEVY .16
167	167	(3) N
168	168	OTWITHSTANDING SECTION 20 (4)(a) OF THIS ARTICLE X, IF17
169	169	A DISTRICT'S MILL LEVY IS REDUCED ONE OR MORE TIMES AS REQUIRED BY18
170	170	SUBSECTION (2) OF THIS SECTION, THE DISTRICT MAY INCREASE THE MILL19
171	171	LEVY TO ANY RATE UP TO THE RATE IN EFFECT IMMEDIATELY PRIOR TO THE20
172	172	FIRST REDUCTION WITHOUT VOTER APPROVAL SO LONG AS THE INCREASE21
173	173	DOES NOT CAUSE THE DISTRICT'S PROPERTY TAX REVENUE TO EXCEED THE22
174	174	DISTRICT PROPERTY TAX REVENUE GROWTH LIMIT .23
175	175	(4) T
176	176	HIS SECTION IS INTENDED TO PROVIDE TAXPAYER RELIEF24
177	177	FROM RAPID PROPERTY TAX INCREASES, IMPOSES A NEW LIMIT ON DISTRICT25
178	178	PROPERTY TAX REVENUE GROWTH , AND DOES NOT OVERRIDE THE FISCAL26
179	179	YEAR SPENDING AND REVENUE LIMITS SET FORTH IN SECTION 20 (7)(b)27
180	180	HCR24-1006
181	181	-5- AND (7)(c) OF THIS ARTICLE X OR ANY OTHER LIMIT ON DISTRICT REVENUE1
182	182	GROWTH. THEREFORE, THIS SECTION DOES NOT AUTHORIZE A DISTRICT TO2
183	183	RETAIN AND SPEND REVENUE IN EXCESS OF ANY OTHER APPLICABLE3
184	184	REVENUE LIMIT.4
185	185	SECTION 2. Each elector voting at the election may cast a vote5
186	186	either "Yes/For" or "No/Against" on the following ballot title: "Shall6
187	187	there be an amendment to the Colorado constitution concerning a new7
188	188	annual property tax revenue growth limit, and, in connection therewith,8
189	189	limiting each taxing jurisdiction's annual property tax revenue growth9
190	190	from existing taxable property to the percentage by which state revenue10
191	191	growth is limited by the Taxpayer's Bill of Rights (TABOR) plus two11
192	192	percentage points?"12
193	193	SECTION 3. Except as otherwise provided in section 1-40-123,13
194	194	Colorado Revised Statutes, if at least fifty-five percent of the electors14
195	195	voting on the ballot title vote "Yes/For", then the amendment will become15
196	196	part of the state constitution.16
197	197	HCR24-1006
198	198	-6-