Second Regular Session
Seventy-fourth General Assembly
STATE OF COLORADO
INTRODUCED
LLS NO. R24-1161.01 Jason Gelender x4330
HCR24-1006
House Committees Senate Committees
Finance
HOUSE CONCURRENT RESOLUTION 24-1006
S
UBMITTING TO THE REGISTERED ELECTORS OF THE STATE OF101
C
OLORADO AN AMENDMENT TO THE COLORADO CONSTITUTION102
CONCERNING A NEW ANNUAL PROPERTY TAX REVENUE GROWTH103
LIMIT, AND, IN CONNECTION THEREWITH , LIMITING EACH104
TAXING JURISDICTION'S ANNUAL PROPERTY TAX REVENUE105
GROWTH FROM EXISTING TAXABLE PROPERTY TO THE106
PERCENTAGE BY WHICH STATE REVENUE GROWTH IS LIMITED BY107
THE TAXPAYER'S BILL OF RIGHTS (TABOR) PLUS TWO108
PERCENTAGE POINTS.109
Resolution Summary
(Note: This summary applies to this resolution as introduced and
does not reflect any amendments that may be subsequently adopted. If this
resolution passes third reading in the house of introduction, a resolution
HOUSE SPONSORSHIP
Marshall,
SENATE SPONSORSHIP
(None),
Shading denotes HOUSE amendment. Double underlining denotes SENATE amendment.
Capital letters or bold & italic numbers indicate new material to be added to existing law.
Dashes through the words or numbers indicate deletions from existing law. summary that applies to the reengrossed version of this resolution will be
available at http://leg.colorado.gov/.)
If approved by the voters of the state at the 2024 general election,
the concurrent resolution will amend the state constitution to create a new
annual property tax revenue growth limit (district limit) for each
jurisdiction that levies property tax (district). The district limit limits a
district's property tax revenue growth for any property tax year
commencing on or after January 1, 2025, to an amount equal to the sum
of:
! The amount of revenue generated by the district's mill levy
for the immediately preceding property tax year (base
revenue); plus
! An amount equal to the base revenue multiplied by a
percentage equal to the percentage change allowed for state
revenue growth under the Taxpayer's Bill of Rights
(TABOR) plus 2 percentage points; plus
! The net dollar amount of district property tax revenue
gained from newly taxed property such as new construction
and lost from newly untaxed property such as taxable
improvements to real property that are destroyed.
If the estimated amount of property tax revenue subject to the
district limit that will be generated by a district's current mill levy will
exceed the district limit, then the mill levy must be reduced so that the
amount of property tax revenue generated does not exceed the district
limit unless maintenance of the current mill levy is approved:
! By the voters of the district for a district that has not
received voter approval to exceed its TABOR fiscal year
spending and property tax revenue limits; or
! By the governing body of the district for a district that has
received such voter approval.
Notwithstanding the TABOR voter approval for a mill levy
increase above the mill levy for the prior year, if a district's mill levy is
reduced as required to comply with the district limit, the district may
increase the mill levy to any rate up to the pre-reduction rate without
voter approval so long as the increase does not cause the district's
property tax revenue to exceed the district limit.
Be It Resolved by the House of Representatives of the1
Seventy-fourth General Assembly of the State of Colorado, the Senate2
concurring herein:3
SECTION 1. At the election held on November 5, 2024, the4
HCR24-1006-2- secretary of state shall submit to the registered electors of the state the1
ballot title set forth in section 2 for the following amendment to the state2
constitution:3
In the constitution of the state of Colorado, add section 22 to4
article X as follows:5
Section 22. Limitation on property tax increases - approval6
required to exceed limit - mill levy adjustments - definitions. (1) A
S7
USED IN THIS SECTION, UNLESS THE CONTEXT OTHERWISE REQUIRES :8
(a) "D
ISTRICT" HAS THE SAME MEANING AS SET FORTH IN SECTION9
20 (2)(b)
OF THIS ARTICLE X; EXCEPT THAT "DISTRICT" DOES NOT INCLUDE10
THE STATE.11
(b) "D
ISTRICT PROPERTY TAX REVENUE GROWTH LIMIT " OR12
"
DISTRICT LIMIT" MEANS, WITH RESPECT TO ANY DISTRICT THAT LEVIES13
PROPERTY TAX AND WITH RESPECT TO EACH PROPERTY TAX YEAR , AN14
AMOUNT EQUAL TO THE SUM OF :15
(I) T
HE AMOUNT OF REVENUE GENERATED BY THE DISTRICT 'S MILL16
LEVY FOR THE IMMEDIATELY PRECEDING PROPERTY TAX YEAR ; PLUS17
(II) A
N AMOUNT EQUAL TO THE AMOUNT OF REVENUE GENERATED18
BY THE DISTRICT'S MILL LEVY FOR THE IMMEDIATELY PRECEDING19
PROPERTY TAX YEAR MULTIPLIED BY A PERCENTAGE EQUAL TO THE20
PERCENTAGE CHANGE CALCULATED PURSUANT TO SECTION 20 (7)(a) OF21
THIS ARTICLE X PLUS TWO PERCENTAGE POINTS; PLUS22
(III) T
HE NET DOLLAR AMOUNT OF DISTRICT PROPERTY TAX23
REVENUE GAINED FROM NEWLY TAXED PROPERTY AND LOST FROM NEWLY24
UNTAXED PROPERTY.25
(c) "N
EWLY TAXED PROPERTY " MEANS, WITH RESPECT TO ANY26
PROPERTY TAX YEAR, PROPERTY THAT A DISTRICT LEVIES PROPERTY TAX27
HCR24-1006
-3- ON THAT THE DISTRICT DID NOT LEVY PROPERTY TAX ON DURING THE1
IMMEDIATELY PRECEDING PROPERTY TAX YEAR , INCLUDING BUT NOT2
LIMITED TO:3
(I) L
AND NEWLY ANNEXED BY OR OTHERWISE NEWLY INCLUDED4
WITHIN THE DISTRICT AS WELL AS IMPROVEMENTS ON AND PERS ONAL5
PROPERTY CONNECTED TO SUCH LAND ;6
(II) N
EW CONSTRUCTION AND CONNECTED PERSONAL PROPERTY ;7
(III) A
MOUNTS ATTRIBUTABLE TO INCREASED VOLUME OF8
PRODUCTION BY A PRODUCING MINE THAT IS WHOLLY OR PARTIALLY9
WITHIN THE TAXING ENTITY IF THE INCREASE IN VOLUME OF PRODUCTION10
CAUSES AN INCREASE IN THE LEVEL OF SERVICES PROVIDED BY THE11
DISTRICT; AND12
(IV) A
MOUNTS ATTRIBUTABLE TO PREVIOUSLY LEGALLY EXEMPT13
FEDERAL PROPERTY THAT BECOMES TAXABLE IF THE PROPERTY CAUSES AN14
INCREASE IN THE LEVEL OF SERVICES PROVIDED BY THE DISTRICT .15
(d) "N
EWLY UNTAXED PROPERTY " MEANS, WITH RESPECT TO ANY16
PROPERTY TAX YEAR , PROPERTY THAT A DISTRICT DOES NOT LEVY17
PROPERTY TAX ON THAT THE DISTRICT LEVIED PROPERTY TAX ON DURING18
THE IMMEDIATELY PRECEDING PROPERTY TAX YEAR , INCLUDING BUT NOT19
LIMITED TO:20
(I) L
AND NEWLY EXCLUDED FROM THE DISTRICT AS WELL AS21
IMPROVEMENTS ON AND PERSONAL PROPERTY C ONNECTED TO SUCH LAND ;22
(II) I
MPROVEMENTS TO TAXABLE REAL PROPERTY THAT WERE23
DESTROYED; AND24
(III) P
ROPERTY NEWLY EXEMPTED FROM TAXATION .25
(2) F
OR PROPERTY TAX YEARS COMMENCING ON OR AFTER26
J
ANUARY 1, 2025, A DISTRICT'S PROPERTY TAX REVENUE SHALL NOT27
HCR24-1006
-4- EXCEED THE DISTRICT PROPERTY TAX REVENUE GROWTH LIMIT . IF THE1
ESTIMATED AMOUNT OF PROPERTY TAX REVENUE SUBJECT TO THE2
DISTRICT LIMIT THAT WILL BE GENERATED BY A DISTRICT 'S CURRENT MILL3
LEVY WILL EXCEED THE DISTRICT LIMIT, THEN THE MILL LEVY MUST BE4
REDUCED SO THAT THE AMOUNT OF PROPERTY TAX REVENUE GENERATED5
DOES NOT EXCEED THE DISTRICT LIMIT UNLESS :6
(a) I
F THE DISTRICT HAS NOT OBTAINED VOTER APPROVAL TO7
RETAIN AND SPEND ALL REVENUE IN EXCESS OF THE FISCAL YEAR8
SPENDING AND REVENUE LIMITS SET FORTH IN SECTION 20 (7)(b) AND9
(7)(c)
OF THIS ARTICLE X, THE VOTERS OF THE DISTRICT AUTHORIZE THE10
DISTRICT TO MAINTAIN ITS CURRENT MILL LEVY ; OR11
(b) I
F THE DISTRICT HAS OBTAINED VOTER APPROVAL TO RETAIN12
AND SPEND ALL REVENUE IN EXCESS OF THE FISCAL YEAR SPENDING AND13
REVENUE LIMITS SET FORTH IN SECTION 20 (7)(b) AND (7)(c) OF THIS14
ARTICLE X, THE GOVERNING BODY OF THE DISTRICT AUTHORIZES THE15
DISTRICT TO MAINTAIN ITS CURRENT MILL LEVY .16
(3) N
OTWITHSTANDING SECTION 20 (4)(a) OF THIS ARTICLE X, IF17
A DISTRICT'S MILL LEVY IS REDUCED ONE OR MORE TIMES AS REQUIRED BY18
SUBSECTION (2) OF THIS SECTION, THE DISTRICT MAY INCREASE THE MILL19
LEVY TO ANY RATE UP TO THE RATE IN EFFECT IMMEDIATELY PRIOR TO THE20
FIRST REDUCTION WITHOUT VOTER APPROVAL SO LONG AS THE INCREASE21
DOES NOT CAUSE THE DISTRICT'S PROPERTY TAX REVENUE TO EXCEED THE22
DISTRICT PROPERTY TAX REVENUE GROWTH LIMIT .23
(4) T
HIS SECTION IS INTENDED TO PROVIDE TAXPAYER RELIEF24
FROM RAPID PROPERTY TAX INCREASES, IMPOSES A NEW LIMIT ON DISTRICT25
PROPERTY TAX REVENUE GROWTH , AND DOES NOT OVERRIDE THE FISCAL26
YEAR SPENDING AND REVENUE LIMITS SET FORTH IN SECTION 20 (7)(b)27
HCR24-1006
-5- AND (7)(c) OF THIS ARTICLE X OR ANY OTHER LIMIT ON DISTRICT REVENUE1
GROWTH. THEREFORE, THIS SECTION DOES NOT AUTHORIZE A DISTRICT TO2
RETAIN AND SPEND REVENUE IN EXCESS OF ANY OTHER APPLICABLE3
REVENUE LIMIT.4
SECTION 2. Each elector voting at the election may cast a vote5
either "Yes/For" or "No/Against" on the following ballot title: "Shall6
there be an amendment to the Colorado constitution concerning a new7
annual property tax revenue growth limit, and, in connection therewith,8
limiting each taxing jurisdiction's annual property tax revenue growth9
from existing taxable property to the percentage by which state revenue10
growth is limited by the Taxpayer's Bill of Rights (TABOR) plus two11
percentage points?"12
SECTION 3. Except as otherwise provided in section 1-40-123,13
Colorado Revised Statutes, if at least fifty-five percent of the electors14
voting on the ballot title vote "Yes/For", then the amendment will become15
part of the state constitution.16
HCR24-1006
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