Second Regular Session
Seventy-fourth General Assembly
STATE OF COLORADO
INTRODUCED
LLS NO. 24-0674.02 Jason Gelender x4330
SENATE BILL 24-111
Senate Committees House Committees
Finance
A BILL FOR AN ACT
C
ONCERNING A REDUCTION IN THE VALUATION FOR ASSESSMENT OF101
QUALIFIED-SENIOR PRIMARY RESIDENCE REAL PROPERTY .102
Bill Summary
(Note: This summary applies to this bill as introduced and does
not reflect any amendments that may be subsequently adopted. If this bill
passes third reading in the house of introduction, a bill summary that
applies to the reengrossed version of this bill will be available at
http://leg.colorado.gov
.)
For property tax years commencing on or after January 1, 2025, the
bill creates a new subclass of residential real property called
qualified-senior primary residence real property, which includes
residential real property that as of the assessment date is used as the
primary residence of an owner-occupier, as defined in the bill, if:
! The owner-occupier applies to the county assessor for the
SENATE SPONSORSHIP
Kolker and Hansen,
HOUSE SPONSORSHIP
Lieder and Young,
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. classification in the manner required by the bill;
! The owner-occupier previously qualified for the property
tax exemption for qualifying seniors (exemption) for a
different property for a property tax year commencing on
or after January 1, 2016, and does not qualify for the
exemption for the current property tax year; and
! The circumstances that qualify the property for the
classification have not changed since the filing of the
application.
The bill also:
! Classifies property that might otherwise be classified as
multi-family residential real property that contains a unit
that qualifies as qualified-senior primary residence real
property as multi-family qualified-senior primary residence
real property and treats such property as qualified-senior
primary residence real property;
! Sets the valuation for assessment for qualified-senior
primary residence real property at 7.15% of the amount
equal to the actual value of the property minus the lesser of
$100,000 or the amount that causes the valuation for
assessment of the property to be $1,000;
! Establishes the processes by which an owner-occupier of
residential real property may apply to have the
owner-occupier's primary residence classified as
qualified-senior primary residence real property and by
which such an application is approved or denied;
! Requires the state to reimburse local governmental entities
that levy property taxes for total property tax revenue lost
due solely to the reduced valuation for assessment of
qualified-senior primary residence real property as
compared to the valuation for assessment of other
residential real property and specifies the process by which
the proper amount of reimbursement is calculated and
reimbursement is made; and
! For state fiscal years in which excess state revenues are
required to be refunded pursuant to the Taxpayer's Bill of
Rights, establishes the reimbursement to local
governmental entities as a means of refunding such excess
state revenues.
Be it enacted by the General Assembly of the State of Colorado:1
SECTION 1. In Colorado Revised Statutes, 25-2-103, add (4.7)2
SB24-111-2- as follows:1
25-2-103. Centralized registration system for all vital statistics2
- office of the state registrar of vital statistics created - appointment3
of registrar - rules. (4.7) N
OTWITHSTANDING ANY OTHER PROVISION OF4
LAW THAT LIMITS THE SHARING OF VITAL STATISTICS , AFTER RECEIVING5
THE LIST OF NAMES AND SOCIAL SECURITY NUMBERS OF INDIVIDUALS WHO6
HAD PROPERTY CLASSIFIED AS QUALIFIED -SENIOR PRIMARY RESIDENCE7
REAL PROPERTY THAT IS PROVIDED BY THE PROPERTY TAX8
ADMINISTRATOR PURSUANT TO SECTION 39-1-104.6 (5)(c), THE STATE9
REGISTRAR SHALL IDENTIFY ALL INDIVIDUALS ON THE LIST WHO HAVE DIED10
AND TRANSMIT A LIST OF THE NAMES AND SOCIAL SECURITY NUMBERS OF11
SUCH INDIVIDUALS TO THE ADMINISTRATOR .12
SECTION 2. In Session Laws of Colorado 2023, First13
Extraordinary Session, 39-1-104.2, Colorado Revised Statutes, amend14
(3)(q) introductory portion and (3)(r) introductory portion, as amended by15
section 1 of chapter 1, as follows:16
39-1-104.2. Residential real property - valuation for17
assessment - legislative declaration - definitions. (3) (q) E
XCEPT AS18
OTHERWISE PROVIDED IN SUBSECTION (3)(s) OF THIS SECTION, the19
valuation for assessment for multi-family residential real property is 7.1520
percent of the actual value of the property for property tax years21
commencing on or after January 1, 2019; except that the valuation for22
assessment of this property is temporarily reduced as follows:23
(r) E
XCEPT AS OTHERWISE PROVIDED IN SUBSECTION (3)(s) OF THIS24
SECTION, the valuation for assessment for all residential real property25
other than multi-family residential real property is 7.15 percent of the26
actual value of the property; except that the valuation for assessment of27
SB24-111
-3- this property is temporarily reduced as follows:1
SECTION 3. In Colorado Revised Statutes, 39-1-104.2, add2
(1)(a.5) and (3)(s) as follows:3
39-1-104.2. Residential real property - valuation for4
assessment - legislative declaration - definitions. (1) As used in this5
section, unless the context otherwise requires:6
(a.5) "Q
UALIFIED-SENIOR PRIMARY RESIDENCE REAL PROPERTY "7
MEANS PROPERTY THAT IS CLASSIFIED AS SUCH UNDER SECTION8
39-1-104.6.9
(3) (s) F
OR PROPERTY TAX YEARS COMMENCING ON OR AFTER10
J
ANUARY 1, 2025, THE VALUATION FOR ASSESSMENT FOR11
QUALIFIED-SENIOR PRIMARY RESIDENCE REAL PROPERTY , INCLUDING12
MULTI-FAMILY QUALIFIED-SENIOR PRIMARY RESIDENCE REAL PROPERTY ,13
IS 7.15 PERCENT OF THE AMOUNT EQUAL TO THE ACTUAL VALUE OF THE14
PROPERTY MINUS THE LESSER OF ONE HUNDRED THOUSAND DOLLARS OR15
THE AMOUNT THAT CAUSES THE VALUATION FOR ASSESSMENT OF THE16
PROPERTY TO BE ONE THOUSAND DOLLARS .17
SECTION 4. In Colorado Revised Statutes, add 39-1-104.6 as18
follows:19
39-1-104.6. Qualified-senior primary residence real property20
- valuation for assessment - reimbursement to local governments for21
reduced valuation - temporary mechanism for refunding excess state22
revenues - legislative declaration - definitions. (1) Definitions. A
S23
USED IN THIS SECTION, UNLESS THE CONTEXT OTHERWISE REQUIRES :24
(a) "L
OCAL GOVERNMENTAL ENTITY " MEANS A GOVERNMENTAL25
ENTITY AUTHORIZED BY LAW TO IMPOSE AD VALOREM TAXES ON TAXABLE26
PROPERTY LOCATED WITHIN ITS TERRITORIAL LIMITS .27
SB24-111
-4- (b) (I) "OWNER-OCCUPIER" MEANS AN INDIVIDUAL WHO:1
(A) I
S AN OWNER OF RECORD OF RESIDENTIAL REAL PROPERTY2
THAT THE INDIVIDUAL OCCUPIES AS THE INDIVIDUAL 'S PRIMARY3
RESIDENCE;4
(B) I
S NOT AN OWNER OF RECORD OF THE RESIDENTIAL REAL5
PROPERTY THAT THE INDIVIDUAL OCCUPIES AS THE INDIVIDUAL 'S PRIMARY6
RESIDENCE, BUT EITHER IS A SPOUSE OR CIVIL UNION PARTNER OF AN7
OWNER OF RECORD OF THE RESIDENTIAL REAL PROPERTY AND WHO ALSO8
OCCUPIES THE RESIDENTIAL REAL PROPERTY AS THE OWNER OF RECORD 'S9
PRIMARY RESIDENCE, OR IS THE SURVIVING SPOUSE OR PARTNER OF AN10
INDIVIDUAL WHO WAS AN OWNER OF RECORD OF THE RESIDENTIAL REAL11
PROPERTY AND WHO OCCUPIED THE RESIDENTIAL REAL PROPERTY WITH12
THE SURVIVING SPOUSE OR PARTNER AS THEIR PRIMARY RESIDENCE UNTIL13
THE OWNER OF RECORD'S DEATH;14
(C) I
S NOT AN OWNER OF RECORD OF THE RESIDENTIAL REAL15
PROPERTY THAT THE INDIVIDUAL OCCUPIES AS THE INDIVI DUAL 'S PRIMARY16
RESIDENCE, ONLY BECAUSE THE PROPERTY HAS BEEN PURCHASED BY OR17
TRANSFERRED TO A TRUST, A CORPORATE PARTNERSHIP, OR ANY OTHER18
LEGAL ENTITY SOLELY FOR ESTATE PLANNING PURPOSES AND IS THE19
MAKER OF THE TRUST OR A PRINCIPAL OF THE CORPORATE PARTNERSHIP OR20
OTHER LEGAL ENTITY;21
(D) O
CCUPIES RESIDENTIAL REAL PROPERTY AS THE INDIVIDUAL 'S22
PRIMARY RESIDENCE AND IS THE SPOUSE OR CIVIL UNION PARTNER OF A23
PERSON WHO ALSO OCCUPIES THE RESIDENTIAL REAL PROPERTY , WHO IS24
NOT THE OWNER OF RECORD OF THE PROPERTY ONLY BECAUSE THE25
PROPERTY HAS BEEN PURCHASED BY OR TRANSFERRED TO A TRUST , A26
CORPORATE PARTNERSHIP , OR ANY OTHER LEGAL ENTITY SOLELY FOR27
SB24-111
-5- ESTATE PLANNING PURPOSES, AND WHO IS THE MAKER OF THE TRUST OR A1
PRINCIPAL OF THE CORPORATE PARTNERSHIP OR OTHER LEGAL ENTITY ; OR2
(E) O
CCUPIES RESIDENTIAL REAL PROPERTY AS THE INDIVIDUAL 'S3
PRIMARY RESIDENCE AND IS THE SURVIVING SPOUSE OR PARTNER OF A4
PERSON WHO OCCUPIED THE RESIDENTIAL REAL PROPERTY WITH THE5
SURVIVING SPOUSE OR PARTNER UNTIL THE PERSON 'S DEATH, WHO WAS6
NOT THE OWNER OF RECORD OF THE PROPERTY AT THE TIME OF THE7
PERSON'S DEATH ONLY BECAUSE THE PROPERTY HAD BEEN PURCHASED BY8
OR TRANSFERRED TO A TRUST, A CORPORATE PARTNERSHIP, OR ANY OTHER9
LEGAL ENTITY SOLELY FOR ESTATE PLANNING PURPOSES PRIOR TO THE10
PERSON'S DEATH, AND WHO WAS THE MAKER OF THE TRUST OR A PRINCIPAL11
OF THE CORPORATE PARTNERSHIP OR OTHER LEGAL ENTITY PRIOR TO THE12
PERSON'S DEATH.13
(II) "O
WNER-OCCUPIER" ALSO INCLUDES ANY INDIVIDUAL WHO ,14
BUT FOR THE CONFINEMENT OF THE INDIVIDUAL TO A HOSPITAL , NURSING15
HOME, OR ASSISTED LIVING FACILITY, WOULD OCCUPY THE RESIDENTIAL16
REAL PROPERTY AS THE INDIVIDUAL 'S PRIMARY RESIDENCE AND WOULD17
MEET ONE OR MORE OF THE OWNERSHIP CRITERIA SPECIFIED IN18
SUBSECTION (1)(b)(I) OF THIS SECTION, IF THE RESIDENTIAL REAL19
PROPERTY:20
(A) I
S TEMPORARILY UNOCCUPIED ; OR21
(B) I
S OCCUPIED BY THE SPOUSE, CIVIL UNION PARTNER, OR A22
FINANCIAL DEPENDENT OF THE INDIVIDUAL .23
(c) "O
WNER OF RECORD" MEANS AN INDIVIDUAL WHOSE NAME24
APPEARS ON A VALID RECORDED DEED TO RESIDENTIAL REAL PROPERTY AS25
AN OWNER OF THE PROPERTY.26
(d) "S
ENIOR HOMESTEAD EXEMPTION " MEANS THE PROPERTY TAX27
SB24-111
-6- EXEMPTION FOR QUALIFYING SENIORS ALLOWED BY SECTION 39-3-203 (1).1
(e) "S
URVIVING SPOUSE OR PARTNER" MEANS AN INDIVIDUAL WHO2
WAS LEGALLY MARRIED TO ANOTHER INDIVIDUAL , OR WAS A PARTNER IN3
A CIVIL UNION WITH ANOTHER INDIVIDUAL , AT THE TIME OF THE OTHER4
INDIVIDUAL'S DEATH AND WHO HAS NOT REMARRIED OR ENTERED INTO5
ANOTHER CIVIL UNION.6
(f) "T
OTAL PROPERTY TAX REVENUE LOST " MEANS THE AMOUNT7
OF PROPERTY TAX REVENUE LOST FOR A PROPERTY TAX YEAR BY A LOCAL8
GOVERNMENTAL ENTITY DUE SOLELY TO THE REDUCED VALUATION FOR9
ASSESSMENT OF QUALIFIED-SENIOR PRIMARY RESIDENCE REAL PROPERTY ,10
INCLUDING MULTI-FAMILY QUALIFIED-SENIOR PRIMARY RESIDENCE REAL11
PROPERTY UNDER SECTION 39-2-104.2 (3)(s), AS COMPARED TO THE12
VALUATION FOR ASSESSMENT OF RESIDENTIAL REAL PROPERTY , INCLUDING13
MULTI-FAMILY RESIDENTIAL REAL PROPERTY UNDER THIS SECTION , AS14
CALCULATED BY EACH ASSESSOR , SUBJECT TO CORRECTION BY THE15
ADMINISTRATOR, PURSUANT TO SUBSECTION (9) OF THIS SECTION.16
(2) Classification. (a) F
OR PROPERTY TAX YEARS COMMENCING17
ON OR AFTER JANUARY 1, 2025, RESIDENTIAL REAL PROPERTY THAT AS OF18
THE ASSESSMENT DATE IS USED AS THE PRIMARY RESIDENCE OF AN19
OWNER-OCCUPIER IS CLASSIFIED AS QUALIFIED -SENIOR PRIMARY20
RESIDENCE REAL PROPERTY, WHICH IS A SUBCLASS OF RESIDENTIAL REAL21
PROPERTY, IF:22
(I) T
HE OWNER-OCCUPIER COMPLETES AND FILES AN APPLICATION23
IN THE MANNER REQUIRED BY SUBSECTION (3) OF THIS SECTION;24
(II) T
HE OWNER-OCCUPIER PREVIOUSLY QUALIFIED FOR THE25
SENIOR HOMESTEAD EXEMPTION FOR A DIFFERENT PROPERTY FOR A26
PROPERTY TAX YEAR COMMENCING ON OR AFTER JANUARY 1, 2016, AND27
SB24-111
-7- DOES NOT QUALIFY FOR THE SENIOR HOMESTEAD EXEMPTION FOR THE1
CURRENT PROPERTY TAX YEAR ; AND2
(III) T
HE CIRCUMSTANCES THAT QUALIFY THE PROPERTY FOR THE3
CLASSIFICATION HAVE NOT C HANGED SINCE THE FILING OF THE4
APPLICATION.5
(b) U
NDER NO CIRCUMSTANCES IS THE CLASSIFICATION AS6
QUALIFIED-SENIOR PRIMARY RESIDENCE REAL PROPERTY ALLOWED FOR7
PROPERTY TAXES ASSESSED DURING ANY PROPERTY TAX YEAR PRIOR TO8
THE YEAR IN WHICH AN OWNER-OCCUPIER FIRST FILES AN APPLICATION IN9
THE MANNER REQUIRED BY SUBSECTION (3) OF THIS SECTION. IF10
OWNERSHIP OF RESIDENTIAL REAL PROPERTY THAT QUALIFIED AS11
QUALIFIED-SENIOR PRIMARY RESIDENCE REAL PROPERTY AS OF THE12
ASSESSMENT DATE CHANGES AFTER THE ASSESSMENT DATE , THE13
CLASSIFICATION IS ALLOWED ONLY IF AN OWNER-OCCUPIER WHOSE STATUS14
AS AN OWNER -OCCUPIER QUALIFIES THE PROPERTY FOR THE15
CLASSIFICATION HAS FILED AN APPLICATION BY THE DEADLINE SPECIFIED16
IN SUBSECTION (3)(a) OF THIS SECTION.17
(c) I
F AN INDIVIDUAL OWNS AND OCCUPIES A DWELLING UNIT IN A18
COMMON INTEREST COMMUNITY , AS DEFINED IN SECTION 38-33.3-103 (8),19
AS THE INDIVIDUAL'S PRIMARY RESIDENCE, ONLY THE DWELLING UNIT20
THAT THE INDIVIDUAL OCCUPIES AS THE INDIVIDUAL 'S PRIMARY21
RESIDENCE MAY QUALIFY AS QUALIFIED-SENIOR PRIMARY RESIDENCE REAL22
PROPERTY.23
(d) F
OR PURPOSES OF THIS SUBSECTION (2), TWO INDIVIDUALS WHO24
ARE LEGALLY MARRIED OR ARE CIVIL UNION PARTNERS BUT WHO OWN25
MORE THAN ONE PARCEL OF RESIDENTIAL REAL PROPERTY ARE DEEMED TO26
OCCUPY THE SAME PRIMARY RESIDENCE , AND ONLY THAT PROPERTY MAY27
SB24-111
-8- BE CLASSIFIED AS QUALIFIED -SENIOR PRIMARY RESIDENCE REAL1
PROPERTY. IF AN INDIVIDUAL IS AN OWNER-OCCUPIER OF A RESIDENTIAL2
REAL PROPERTY AND AN OWNER OF RECORD ON ANOTHER PROPERTY3
ALONG WITH A MEMBER OF THE INDIVIDUAL 'S FAMILY OTHER THAN THE4
INDIVIDUAL'S SPOUSE, THEN THE OTHER FAMILY MEMBER MAY BE AN5
OWNER-OCCUPIER OF THE OTHER PROPERTY .6
(e) R
EAL PROPERTY THAT MIGHT OTHERWISE BE CLASSIFIED AS7
MULTI-FAMILY RESIDENTIAL REAL PROPERTY THAT CONTAINS A UNIT THAT8
QUALIFIES AS QUALIFIED-SENIOR PRIMARY RESIDENCE REAL PROPERTY9
UNDER THIS SECTION IS CLASSIFIED AS MULTI-FAMILY QUALIFIED-SENIOR10
PRIMARY RESIDENCE REAL PROPERTY .11
(3) Applications. (a) F
OR A PROPERTY TO BE CLASSIFIED AS12
QUALIFIED-SENIOR PRIMARY RESIDENCE REAL PROPERTY , AN INDIVIDUAL13
MUST FILE WITH THE ASSESSOR A COMPLETED APPLICATION NO LATER14
THAN JULY 15 OF THE FIRST PROPERTY TAX YEAR FOR WHICH THE15
CLASSIFICATION IS SOUGHT. AN APPLICATION RETURNED BY MAIL IS16
DEEMED FILED ON THE DATE IT IS POSTMARKED .17
(b) (I) A
N APPLICANT MUST COMPLETE AN APPLICATION FOR18
PROPERTY TO BE CLASSIFIED AS QUALIFIED-SENIOR PRIMARY RESIDENCE19
REAL PROPERTY ON A FORM PRESCRIBED BY THE ADMINISTRATOR THAT20
INCLUDES THE FOLLOWING INFORMATION :21
(A) T
HE APPLICANT'S NAME, MAILING ADDRESS, AND SOCIAL22
SECURITY NUMBER;23
(B) T
HE ADDRESS AND SCHEDULE OR PARCEL NUMBER OF THE24
PROPERTY;25
(C) T
HE NAME AND SOCIAL SECURITY NUMBER OF THE APPLICANT 'S26
SPOUSE OR CIVIL UNION PARTNER WHO OCCUPIES THE PROPERTY AS THE27
SB24-111
-9- SPOUSE OR CIVIL UNION PARTNER'S PRIMARY RESIDENCE;1
(D) I
F A TRUST IS THE OWNER OF RECORD OF THE PROPERTY , THE2
NAMES OF THE MAKER OF THE TRUST , THE TRUSTEE, AND THE3
BENEFICIARIES OF THE TRUST;4
(E) I
F A CORPORATE PARTNERSHIP OR OTHER LEGAL ENTITY IS THE5
OWNER OF RECORD OF THE PROPERTY , THE NAMES OF THE PRINCIPALS OR6
THE CORPORATE PARTNERSHIP OR OTHER LEGAL ENTITY ;7
(F) A
STATEMENT THAT THE APPLICANT PREVIOUSLY QUALIFIED8
FOR THE SENIOR HOMESTEAD EXEMPTION FOR A PROPERTY TAX YEAR9
COMMENCING ON OR AFTER JANUARY 1, 2016, FOR A DIFFERENT PROPERTY10
THAN THE PROPERTY THAT THE APPLICANT CURRENTLY OCCUPIES AS THE11
APPLICANT'S PRIMARY RESIDENCE;12
(G) A
N AFFIRMATION, IN A FORM PRESCRIBED BY THE13
ADMINISTRATOR, THAT THE APPLICANT BELIEVES, UNDER PENALTY OF14
PERJURY IN THE SECOND DEGREE AS DEFINED IN SECTION 18-8-503, THAT15
ALL INFORMATION PROVIDED BY THE APPLICANT IS CORRECT ; AND16
(H) A
NY OTHER INFORMATION THAT THE ADMINISTRATOR17
REASONABLY DEEMS NECESSARY .18
(II) T
HE ADMINISTRATOR SHALL ALSO INCLUDE IN THE19
APPLICATION A STATEMENT THAT AN APPLICANT OR , IF APPLICABLE, THE20
TRUSTEE HAS A LEGAL OBLIGATION TO INFORM THE ASSESSOR WITHIN21
SIXTY DAYS OF ANY CHANGE IN THE OWNERSHIP OR OCCUPANCY OF THE22
RESIDENTIAL REAL PROPERTY FOR WHICH CLASSIFICATION AS23
QUALIFIED-SENIOR PRIMARY RESIDENCE REAL PROPERTY HAS BEEN24
APPLIED FOR OR ALLOWED THAT WOULD PREVENT THE CLASSIFICATION25
FROM BEING ALLOWED FOR THE PROPERTY .26
(c) F
OR PURPOSES OF THE APPLICATION AND RELATED PROVISIONS27
SB24-111
-10- IN THIS SECTION , REAL PROPERTY THAT IS MULTI -FAMILY1
QUALIFIED-SENIOR PRIMARY RESIDENCE REAL PROPERTY IS TREATED AS2
QUALIFIED-SENIOR PRIMARY RESIDENCE REAL PROPERTY .3
(4) Penalties. (a) I
N ADDITION TO ANY PENALTIES PRESCRIBED BY4
LAW FOR PERJURY IN THE SECOND DEGREE , AN APPLICANT WHO5
KNOWINGLY PROVIDES FALSE INFORMATION ON AN APPLICATION OR6
ATTEMPTS TO CLAIM MORE THAN ONE PROPERTY AS QUALIFIED -SENIOR7
PRIMARY RESIDENCE REAL PROPERTY FOR THE SAME PROPERTY TAX YEAR8
SHALL:9
(I) N
OT BE ABLE TO CLAIM THE PROPERTY AS QUALIFIED -SENIOR10
PRIMARY RESIDENCE REAL PROPERTY FOR THE PROPERTY TAX YEAR ;11
(II) P
AY, TO THE TREASURER OF A COUNTY IN WHICH PROPERTY12
WAS IMPROPERLY CLASSIFIED AS QUALIFIED-SENIOR PRIMARY RESIDENCE13
REAL PROPERTY DUE TO THE PROVISION BY THE APPLICANT OF FALSE14
INFORMATION OR THE FILING OF MORE THAN ONE APPLICATION , AN15
AMOUNT EQUAL TO THE AMOUNT OF PROPERTY TAXES NOT PAID AS A16
RESULT OF THE IMPROPER CLASSIFICATION AS QUALIFIED-SENIOR PRIMARY17
RESIDENCE REAL PROPERTY; AND18
(III) U
PON CONVICTION OF PERJURY, BE REQUIRED TO PAY TO THE19
TREASURER OF ANY COUNTY IN WHICH AN INVALID APPLICATION WAS20
FILED AN ADDITIONAL AMOUNT EQUAL TO TWICE THE AMOUNT OF THE21
PROPERTY TAXES IDENTIFIED IN SUBSECTION (4)(a)(II) OF THIS SECTION22
PLUS INTEREST, CALCULATED AT THE ANNUAL RATE CALCULATED23
PURSUANT TO SECTION 39-21-110.5 FROM THE DATE THE INVALID24
APPLICATION WAS FILED UNTIL THE DATE THE APPLICANT MAKES THE25
PAYMENT REQUIRED BY THIS SUBSECTION (4)(a)(III).26
(b) I
F AN APPLICANT OR A TRUSTEE FAILS TO INFORM THE27
SB24-111
-11- ASSESSOR WITHIN SIXTY DAYS OF ANY CHANGE IN THE OWNERSHIP OR1
OCCUPANCY OF RESIDENTIAL REAL PROPERTY FOR WHICH CLASSIFICATION2
AS A QUALIFIED-SENIOR PRIMARY RESIDENCE REAL PROPERTY HAS BEEN3
APPLIED FOR OR ALLOWED THAT WOULD PREVENT THE CLASSIFICATION4
FROM BEING ALLOWED FOR THE PROPERTY AS REQUIRED BY SUBSECTION5
(3)(b)
OF THIS SECTION:6
(I) T
HE CLASSIFICATION IS NOT ALLOWED WITH RESPECT TO THE7
RESIDENTIAL REAL PROPERTY FOR THE SUBSEQUENT PROPERTY TAX YEAR ;8
AND9
(II) T
HE APPLICANT OR TRUSTEE SHALL PAY , TO THE TREASURER10
OF ANY COUNTY IN WHICH THE CLASSIFICATION WAS IMPROPERLY11
ALLOWED DUE TO THE APPLICANT 'S OR TRUSTEE'S FAILURE TO12
IMMEDIATELY INFORM THE ASSESSOR OF ANY CHANGE IN THE OWNERSHIP13
OR OCCUPANCY OF RESIDENTIAL REAL PROPERTY , AN AMOUNT EQUAL TO14
THE AMOUNT OF PROPERTY TAXES NOT PAID AS A RESULT OF THE15
IMPROPER CLASSIFICATION AS QUALIFIED -SENIOR PRIMARY RESIDENCE16
REAL PROPERTY PLUS INTEREST , CALCULATED AT THE ANNUAL RATE17
SPECIFIED IN SECTION 39-21-110.5 FROM THE DATE ON WHICH THE CHANGE18
IN THE OWNERSHIP OR OCCUPANCY OCCURRED UNTIL THE DATE THE19
APPLICANT MAKES THE PAYMENT REQUIRED BY THIS SUBSECTION20
(4)(b)(II).21
(c) A
NY AMOUNT REQUIRED TO BE PAID TO A TREASURER22
PURSUANT TO SUBSECTION (4)(a) OR (4)(b) OF THIS SECTION IS DEEMED23
PART OF THE LIEN OF GENERAL TAXES IMPOSED ON THE PERSON REQUIRED24
TO PAY THE AMOUNT AND HAS THE PRIORITY SPECIFIED IN SECTION25
39-1-107
(2).26
(5) Confidentiality. (a) C
OMPLETED APPLICATIONS FOR27
SB24-111
-12- CLASSIFICATION AS QUALIFIED -SENIOR PRIMARY RESIDENCE REAL1
PROPERTY ARE CONFIDENTIAL; EXCEPT THAT:2
(I) (A) A
N ASSESSOR OR THE ADMINISTRATOR MAY RELEASE3
STATISTICAL COMPILATIONS OR INFORMATIONAL SUMMARIES OF ANY4
INFORMATION CONTAINED IN THE APPLICATIONS AND SHALL PROVIDE A5
COPY OF AN APPLICATION TO THE APPLICANT WHO RETURNED THE6
APPLICATION AND THE TREASURER OF THE SAME C OUNTY AS THE7
ASSESSOR; AND8
(B) A
N ASSESSOR OR THE ADMINISTRATOR MAY INTRODUCE A9
COPY OF AN APPLICATION AS EVIDENCE IN ANY ADMINISTRATIVE HEARING10
OR LEGAL PROCEEDING IN WHICH THE ACCURACY OR VERACITY OF THE11
APPLICATION IS AT ISSUE SO LONG AS NEITHER THE APPLICANT 'S SOCIAL12
SECURITY NUMBER NOR ANY OTHER SOCIAL SECURITY NUMBER SET FORTH13
IN THE APPLICATION ARE DIVULGED;14
(II) A
TREASURER SHALL KEEP CONFIDENTIAL EACH INDIVIDUAL15
APPLICATION RECEIVED FROM AN ASSESSOR BUT MAY RELEASE16
STATISTICAL COMPILATIONS OR INFORMATIONAL SUMMARIES OF ANY17
INFORMATION CONTAINED IN APPLICATIONS AND MAY INTRODUCE A COPY18
OF AN APPLICATION AS EVIDENCE IN ANY ADMINISTRATIVE HEARING OR19
LEGAL PROCEEDING IN WHICH THE ACCURACY OR VERACITY OF THE20
APPLICATION IS AT ISSUE SO LONG AS NEITHER THE APPLICANT 'S SOCIAL21
SECURITY NUMBER NOR ANY OTHER SOCIAL SECURITY NUMBER SET FORTH22
IN THE APPLICATION IS DIVULGED; AND23
(III) T
HE ADMINISTRATOR MAY SHARE INFORMATION CONTAINED24
IN AN APPLICATION FOR CLASSIFICATION OF REAL PROPERTY AS25
QUALIFIED-SENIOR PRIMARY RESIDENCE REAL PROPERTY , INCLUDING ANY26
SOCIAL SECURITY NUMBER SET FORTH IN THE APPLICATION , WITH THE27
SB24-111
-13- DEPARTMENT OF REVENUE TO THE EXTENT NECESSARY TO ENABLE THE1
ADMINISTRATOR TO VERIFY THAT THE APPLICANT SATISFIES LEGAL2
REQUIREMENTS FOR THE CLASSIFICATION .3
(b) N
OTWITHSTANDING THE PROVISIONS OF SUBSECTION (5)(a) OF4
THIS SECTION, THE ADMINISTRATOR, AN ASSESSOR, OR A TREASURER5
SHALL NOT GIVE ANY OTHER PERSON ANY LISTING OF APPLICANTS OR ANY6
OTHER INFORMATION THAT WOULD ENABLE A PERSON TO EASILY7
ASSEMBLE A MAILING LIST OF APPLICANTS FOR THE QUALIFIED -SENIOR8
PRIMARY RESIDENCE REAL PROPERTY CLASSIFICATION .9
(c) I
N ACCORDANCE WITH SECTION 25-2-103 (4.7), THE10
ADMINISTRATOR SHALL ANNUALLY PROVIDE TO THE STATE REGISTRAR OF11
VITAL STATISTICS OF THE DEPARTMENT OF PUBLIC HEALTH AND12
ENVIRONMENT A LIST, BY NAME AND SOCIAL SECURITY NUMBER, OF EVERY13
INDIVIDUAL WHO HAD PROPERTY CLASSIFIED AS QUALIFIED -SENIOR14
PRIMARY RESIDENCE REAL PROPERTY FOR THE IMMEDIATELY PRECEDING15
YEAR SO THAT THE REGISTRAR CAN PROVIDE TO THE ADMINISTRATOR A16
LIST OF ALL THE INDIVIDUALS ON THE LIST WHO HAVE DIED . NO LATER17
THAN APRIL 1, 2026, AND APRIL 1 OF EACH YEAR THEREAFTER , THE18
ADMINISTRATOR SHALL FORWARD TO THE ASSESSOR OF EACH COUNTY THE19
NAME AND SOCIAL SECURITY NUMBER OF EACH DECEASED INDIVIDUAL20
WHO HAD RESIDENTIAL REAL PROPERTY LOCATED WITHIN THE COUNTY21
THAT WAS SO CLASSIFIED FOR THE IMMEDIATELY PRECEDING YEAR SO22
THAT THE ASSESSOR CAN CHANGE THE CLASSIFICATION OF THE PROPERTY ,23
IF NECESSARY.24
(6) Notice. (a) A
S SOON AS PRACTICABLE AFTER JANUARY 1, 2025,25
AND AFTER JANUARY 1 OF EACH YEAR THEREAFTER , EACH COUNTY26
TREASURER SHALL, AT THE TREASURER 'S DISCRETION, MAIL OR27
SB24-111
-14- ELECTRONICALLY SEND TO EACH PERSON WHOSE NAME APPEARS ON THE1
TAX LIST AND WARRANT AS AN OWNER OF RESIDENTIAL REAL PROPERTY2
NOTICE OF THE QUALIFIED-SENIOR PRIMARY RESIDENCE REAL PROPERTY3
CLASSIFICATION. THE TREASURER SHALL MAIL OR ELECTRONICALLY SEND4
THE NOTICE EACH YEAR ON OR BEFORE THE DATE ON WHICH THE5
TREASURER MAILS THE PROPERTY TAX STATEMENT FOR THE PREVIOUS6
PROPERTY TAX YEAR PURSUANT TO SECTION 39-10-103. THE7
ADMINISTRATOR SHALL PRESCRIBE THE FORM OF THE NOTICE , WHICH MUST8
INCLUDE A STATEMENT OF THE ELIGIBILITY CRITERIA FOR THE PRIMARY9
RESIDENCE REAL PROPERTY AND QUALIFIED -SENIOR PRIMARY RESIDENCE10
REAL PROPERTY CLASSIFICATIONS AND INSTRUCTIONS FOR OBTAINING A11
RELATED APPLICATION.12
(b) T
O REDUCE MAILING COSTS, AN ASSESSOR MAY COORDINATE13
WITH THE TREASURER OF THE SAME COUNTY TO INCLUDE NOTICE WITH THE14
TAX STATEMENT FOR THE PREVIOUS PROPERTY TAX YEAR MAILED15
PURSUANT TO SECTION 39-10-103, OR MAY INCLUDE NOTICE WITH THE16
NOTICE OF VALUATION MAILED PURSUANT TO SECTION 39-5-121 (1)(a).17
(7) Notice of classification - appeal. (a) (I) E
XCEPT AS18
OTHERWISE PROVIDED IN SUBSECTION (7)(b) OF THIS SECTION, AN19
ASSESSOR SHALL ONLY CLASSIFY PROPERTY AS QUALIFIED -SENIOR20
PRIMARY RESIDENCE REAL PROPERTY IF AN APPLICANT HAS TIMELY21
RETURNED AN APPLICATION IN ACCORDANCE WITH SUBSECTION (3) OF THIS22
SECTION THAT ESTABLISHES THAT THE CLASSIFICATION IS APPROPRIATE .23
(II) I
F THE INFORMATION PROVIDED ON OR WITH AN APPLICATION24
INDICATES THAT THE APPLICANT IS NOT ENTITLED TO THE CLASSIFICATION ,25
OR IS INSUFFICIENT TO ALLOW THE ASSESSOR TO DETERMINE WHETHER THE26
PROPERTY MEETS THE CLASSIFICATION , THE ASSESSOR SHALL DENY THE27
SB24-111
-15- APPLICATION AND MAIL TO THE APPLICANT A STATEMENT PROVIDING THE1
REASONS FOR THE DENIAL AND INFORMING THE APPLICANT OF THE2
APPLICANT'S RIGHT TO CONTEST THE DENIAL PURSUANT TO SUBSECTION3
(7)(b)
OF THIS SECTION. THE ASSESSOR SHALL MAIL THE STATEMENT NO4
LATER THAN AUGUST 1 OF THE PROPERTY TAX YEAR FOR WHICH THE5
APPLICATION WAS FILED.6
(b) (I) A
N APPLICANT WHOSE APPLICATION HAS BEEN DENIED MAY7
CONTEST THE DENIAL BY REQUESTING A HEARING BEFORE THE COUNTY8
COMMISSIONERS SITTING AS THE COUNTY BOARD OF EQUALIZATION NO9
LATER THAN AUGUST 15 OF THE PROPERTY TAX YEAR FOR WHICH THE10
APPLICATION WAS FILED. THE HEARING SHALL BE HELD ON OR AFTER11
A
UGUST 1 AND NO LATER THAN SEPTEMBER 1 OF THE PROPERTY TAX YEAR12
FOR WHICH THE APPLICATION WAS FILED , AND THE DECISION OF THE13
COUNTY BOARD OF EQUALIZATION IS NOT SUBJECT TO FURTHER14
ADMINISTRATIVE APPEAL BY EITHER THE APPLICANT OR THE ASSESSOR .15
(II) A
N INDIVIDUAL WHO HAS NOT TIMELY FILED AN APPLICATION16
WITH THE ASSESSOR BY MARCH 15 MAY FILE A LATE APPLICATION NO17
LATER THAN THE JULY 15 THAT IMMEDIATELY FOLLOWS THAT DEADLINE .18
T
HE ASSESSOR SHALL ACCEPT ANY SUCH APPLICATION BUT MAY NOT19
ACCEPT ANY LATE APPLICATION FILED AFTER JULY 15. A DECISION OF AN20
ASSESSOR TO DISALLOW THE FILING OF A LATE APPLICATION AFTER JULY21
15
OR TO GRANT OR DENY THE CLASSIFICATION TO AN APPLICANT WHO HAS22
FILED A LATE APPLICATION AFTER MARCH 15 BUT NO LATER THAN JULY 1523
IS FINAL, AND AN APPLICANT WHO IS DENIED LATE FILING OR24
CLASSIFICATION OF PROPERTY AS QUALIFIED-SENIOR PRIMARY RESIDENCE25
REAL PROPERTY MAY NOT CONTEST THE DENIAL .26
(III) T
HE COUNTY BOARD OF EQUALIZATION MAY APPOINT27
SB24-111
-16- INDEPENDENT REFEREES TO CONDUCT HEARINGS REQUESTED PURSUANT1
TO SUBSECTION (7)(b)(I) OF THIS SECTION ON BEHALF OF THE COUNTY2
BOARD AND TO MAKE FINDINGS AND SUBMIT RECOMMENDATIONS TO THE3
COUNTY BOARD FOR ITS FINAL ACTION .4
(8) Reporting to administrator. (a) N
O LATER THAN OCTOBER5
10,
2025, AND OCTOBER 10 OF EACH YEAR THEREAFTER, EACH ASSESSOR6
SHALL FORWARD TO THE ADMINISTRATOR A REPORT ON THE RESIDENTIAL7
REAL PROPERTY IN THE ASSESSOR 'S COUNTY THAT QUALIFIES FOR8
CLASSIFICATION AS QUALIFIED -SENIOR PRIMARY RESIDENCE REAL9
PROPERTY FOR THE CURRENT PROPERTY TAX YEAR . FOR EACH UNIT OF10
RESIDENTIAL REAL PROPERTY, THE REPORT MUST INCLUDE:11
(I) T
HE LEGAL DESCRIPTION OF THE PROPERTY ;12
(II) T
HE SCHEDULE OR PARCEL NUMBER FOR THE PROPERTY ;13
(III) T
HE NAME AND SOCIAL SECURITY NUMBER OF THE APPLICANT14
WHO CLAIMED THE CLASSIFICATION FOR THE PROPERTY AND , IF15
APPLICABLE, THE APPLICANT'S SPOUSE OR CIVIL UNION PARTNER WHO16
OCCUPIES THE PROPERTY;17
(IV) A
STATEMENT OF WHAT THE VALUATION FOR ASSESSMENT OF18
THE PROPERTY WOULD BE IF IT HAD NOT QUALIFIED AS QUALIFIED -SENIOR19
PRIMARY RESIDENCE REAL PROPERTY AND THE VALUATION FOR20
ASSESSMENT OF THE PROPERTY AS QUALIFIED-SENIOR PRIMARY RESIDENCE21
REAL PROPERTY; AND22
(V) A
NY OTHER INFORMATION THAT THE ADMINISTRATOR23
REASONABLY DEEMS NECESSARY .24
(b) (I) T
HE ADMINISTRATOR SHALL EXAMINE THE REPORTS SENT25
BY EACH ASSESSOR PURSUANT TO SUBSECTION (8)(a) OF THIS SECTION TO26
ENSURE THAT NO APPLICANT HAS APPLIED FOR A QUALIFIED -SENIOR27
SB24-111
-17- PRIMARY RESIDENCE REAL PROPERTY CLASSIFICATION WITHOUT MEETING1
ALL LEGAL REQUIREMENTS FOR OBTAINING THE CLASSIFICATION . NO2
LATER THAN NOVEMBER 1, 2025, AND NOVEMBER 1 OF EACH YEAR3
THEREAFTER, IF THE ADMINISTRATOR DETERMINES THAT AN APPLICANT4
HAS APPLIED FOR MORE THAN ONE PROPERTY TO BE CLASSIFIED AS5
QUALIFIED-SENIOR PRIMARY RESIDENCE REAL PROPERTY , THE6
ADMINISTRATOR SHALL PROVIDE WRITTEN NOTICE TO THE APPLICANT7
THAT THE APPLICANT HAS APPLIED FOR MORE THAN ONE SUCH8
CLASSIFICATION AND IS THEREFORE NOT ENTITLED TO THE CLASSIFICATION9
FOR ANY PROPERTY. IF THE ADMINISTRATOR DETERMINES THAT THE10
APPLICANT AND THE APPLICANT 'S SPOUSE HAVE APPLIED FOR SEPARATE11
PROPERTIES TO BE CLASSIFIED AS QUALIFIED-SENIOR PRIMARY RESIDENCE12
REAL PROPERTY, THAT THE CLASSIFICATION WAS APPLIED FOR IN13
VIOLATION OF SUBSECTION (4) OF THIS SECTION, THAT THE APPLICANT HAS14
CLAIMED THE CLASSIFICATION FOR RESIDENTIAL REAL PROPERTY THAT THE15
APPLICANT DOES NOT OWN AND OCCUPY AS THE APPLICANT 'S PRIMARY16
RESIDENCE AS REQUIRED BY SUBSECTION (2)(a) OF THIS SECTION, OR THAT17
THE APPLICANT IS OTHERWISE INELIGIBLE FOR THE CLASSIFICATION , THE18
ADMINISTRATOR SHALL PROVIDE WRITTEN NOTICE TO AN APPLICANT THAT19
THE APPLICANT IS INELIGIBLE AND THE REASON FOR THE INELIGIBILITY .20
T
HE NOTICE MUST ALSO INCLUDE A STATEMENT SPECIFYING THE DEADLINE21
AND PROCEDURES FOR PROTESTING THE DENIAL OF THE CLASSIFICATION22
OR CLASSIFICATIONS CLAIMED.23
(II) A
N APPLICANT WHOSE APPLICATION FOR A QUALIFIED -SENIOR24
PRIMARY RESIDENCE REAL PROPERTY CLASSIFICATION IS DENIED BY THE25
ADMINISTRATOR PURSUANT TO SUBSECTION (8)(b)(I) OF THIS SECTION26
MAY FILE A WRITTEN PROTEST WITH THE ADMINISTRATOR NO LATER THAN27
SB24-111
-18- NOVEMBER 15 OF THE YEAR IN WHICH THE CLASSIFICATION WAS DENIED .1
A
N APPLICATION RETURNED BY MAIL IS DEEMED FILED ON THE DATE IT IS2
POSTMARKED. IF THE GROUND FOR THE DENIAL IS THAT THE APPLICANT ,3
OR THE APPLICANT AND THE APPLICANT 'S SPOUSE OR CIVIL UNION4
PARTNER, CLAIMED MULTIPLE CLASSIFICATIONS, THE SOLE GROUND FOR A5
PROTEST IS THAT THE APPLICANT , OR THE APPLICANT AND THE6
APPLICANT'S SPOUSE OR CIVIL UNION PARTNER, FILED ONLY ONE CLAIM7
FOR THE CLASSIFICATION, AND THE PROTEST MUST SPECIFY THE PROPERTY8
IDENTIFIED BY THE ADMINISTRATOR IN THE NOTICE DENYING THE9
CLASSIFICATION FOR WHICH NO CLASSIFICATION WAS CLAIMED . IF THE10
GROUND FOR THE DENIAL IS THAT THE APPLICANT IS NOT AN11
OWNER-OCCUPIER OF THE RESIDENTIAL REAL PROPERTY FOR WHICH THE12
CLASSIFICATION IS CLAIMED, THE SOLE GROUNDS FOR A PROTEST ARE THAT13
THE APPLICANT ACTUALLY IS AN OWNER -OCCUPIER AND THAT THE14
APPLICANT QUALIFIES FOR THE CLASSIFICATION. IF A PROTEST IS DENIED,15
THE ADMINISTRATOR SHALL MAIL THE APPLICANT A WRITTEN STATEMENT16
OF THE BASIS FOR THE DENIAL AND A COPY OF EACH CLASSIFICATION17
APPLICATION FILED WITH AN ASSESSOR THAT THE APPLICANT CLAIMED18
HAD NOT BEEN FILED.19
(c) N
O LATER THAN DECEMBER 1, 2025, AND EACH DECEMBER 120
THEREAFTER, AND AFTER EXAMINING THE REPORTS SENT BY EACH21
ASSESSOR, DENYING APPLICATIONS FOR CLASSIFICATION OF PROPERTY AS22
QUALIFIED-SENIOR PRIMARY RESIDENCE REAL PROPERTY , AND DECIDING23
PROTESTS IN ACCORDANCE WITH SUBSECTION (8)(b) OF THIS SECTION, THE24
ADMINISTRATOR SHALL PROVIDE WRITTEN NOTICE TO THE ASSESSOR OF25
EACH COUNTY IN WHICH AN APPLICATION HAS BEEN DENIED BECAUSE THE26
APPLICANT WAS INELIGIBLE THAT INCLUDES THE IDENTITY OF EACH27
SB24-111
-19- DENIED APPLICANT AND THE REASON FOR EACH DENIAL .1
(d) N
O LATER THAN JANUARY 10, 2026, AND EACH JANUARY 102
THEREAFTER, EACH ASSESSOR SHALL FORWARD TO THE ADMINISTRATOR3
A PARTIAL COPY OF THE TAX WARRANT FOR THE ASSESSOR 'S COUNTY THAT4
INCLUDES ONLY PROPERTY FOR WHICH THE ASSESSOR HAS GRANTED AN5
APPLICATION FOR CLASSIFICATION AS QUALIFIED -SENIOR PRIMARY6
RESIDENCE REAL PROPERTY. THE ADMINISTRATOR SHALL EXAMINE THE7
TAX WARRANTS TO ENSURE THAT NO ADDITIONAL CLASSIFICATIONS OF8
PROPERTY AS QUALIFIED-SENIOR PRIMARY RESIDENCE REAL PROPERTY9
HAVE BEEN ALLOWED SINCE THE ADMINISTRATOR EXAMINED THE REPORTS10
PREVIOUSLY RECEIVED FROM THE ASSESSORS AND THAT EACH ASSESSOR11
HAS REMOVED FROM THE TAX WARRANT ALL SUCH CLASSIFICATIONS THAT12
THE ADMINISTRATOR PREVIOUSLY DENIED . NO LATER THAN JANUARY 17,13
2026,
AND NO LATER THAN EACH JANUARY 17 THEREAFTER, THE14
ADMINISTRATOR SHALL NOTIFY EACH ASSESSOR AND EACH TREASURER OF15
ANY SUCH CLASSIFICATIONS TO BE REMOVED FROM THE TAX WARRANT .16
(9) Reporting and reimbursement of property tax revenue17
reductions. (a) N
O LATER THAN MARCH 1, 2026, AND NO LATER THAN18
M
ARCH 1 OF EACH YEAR THEREAFTER, EACH TREASURER SHALL FORWARD19
TO THE ADMINISTRATOR A REPORT ON THE PROPERTIES IN THE ASSESSOR 'S20
COUNTY THAT WERE CLASSIFIED AS QUALIFIED -SENIOR PRIMARY21
RESIDENCE REAL PROPERTY FOR THE PREVIOUS PROPERTY TAX YEAR . THE22
ADMINISTRATOR SHALL CROSS -CHECK THE REPORT AS SPECIFIED IN23
SUBSECTION (9)(b) OF THIS SECTION BEFORE CORRECTING IT , IF24
NECESSARY, AND FORWARDING IT TO THE STATE TREASURER TO ENABLE25
THE STATE TREASURER TO ISSUE A REIMBURSEMENT WARRANT TO EACH26
TREASURER IN ACCORDANCE WITH SUBSECTION (9)(c) OF THIS SECTION.27
SB24-111
-20- THE REPORT MUST INCLUDE:1
(I) A
STATEMENT OF THE TOTAL REDUCTION IN VALUATION FOR2
ASSESSMENT IN THE COUNTY RESULTING FROM THE CLASSIFICATION OF3
RESIDENTIAL REAL PROPERTY AS QUALIFIED-SENIOR PRIMARY RESIDENCE4
REAL PROPERTY AND THE TOTAL PROPERTY TAX REVENUE LOST BY LOCAL5
GOVERNMENTAL ENTITIES WITHIN THE COUNTY AS A RESULT OF THAT6
CLASSIFICATION THAT MUST BE REIMBURSED BY THE STATE ;7
(II) W
ITH RESPECT TO EACH UNIT OF RESIDENTIAL REAL PROPERTY8
THAT IS CLASSIFIED AS QUALIFIED-SENIOR PRIMARY RESIDENCE REAL9
PROPERTY:10
(A) T
HE LEGAL DESCRIPTION OF THE PROPERTY ;11
(B) T
HE SCHEDULE OR PARCEL NUMBER FOR THE PROPERTY ;12
(C) T
HE NAME OF THE APPLICANT WHO APPLIED FOR AND13
OBTAINED THE CLASSIFICATION FOR THE PROPERTY AND EACH ADDITIONAL14
PERSON WHO OCCUPIES THE PROPERTY ;15
(D) A
STATEMENT OF WHAT THE VALUATION FOR ASSESSMENT OF16
THE PROPERTY WOULD BE IF IT HAD NOT QUALIFIED AS QUALIFIED -SENIOR17
PRIMARY RESIDENCE REAL PROPERTY AND THE VALUATION FOR18
ASSESSMENT OF THE PROPERTY AS QUALIFIED-SENIOR PRIMARY RESIDENCE19
REAL PROPERTY AND THE AMOUNT OF TAXES DUE ON THE PROPERTY ; AND20
(E) A
NY OTHER INFORMATION THAT THE ADMINISTRATOR21
REASONABLY DEEMS NECESSARY .22
(b) A
FTER RECEIVING REPORTS FROM EACH TREASURER PURSUANT23
TO SUBSECTION (9)(a) OF THIS SECTION, THE ADMINISTRATOR SHALL24
CROSS-CHECK THE REPORTS TO IDENTIFY ANY CLASSIFICATION OF25
PROPERTY AS QUALIFIED-SENIOR PRIMARY RESIDENCE REAL PROPERTY26
ALLOWED IN A COUNTY THAT MUST BE DENIED DUE TO A FAILURE OF THE27
SB24-111
-21- INDIVIDUAL ALLOWED THE CLASSIFICATION TO SATISFY ALL LEGAL1
REQUIREMENTS FOR OBTAINING THE CLASSIFICATION . THE2
ADMINISTRATOR SHALL REMOVE ANY CLASSIFICATION OF PROPERTY AS3
QUALIFIED-SENIOR PRIMARY RESIDENCE REAL PROPERTY THAT MUST BE4
DENIED FROM THE REPORT IN WHICH IT APPEARS AND SHALL FORWARD ALL5
REPORTS TO THE STATE TREASURER NO LATER THAN THE APRIL 16
IMMEDIATELY FOLLOWING THE RECEIPT OF THE REPORTS BY THE7
ADMINISTRATOR. IN ADDITION, IF THE ADMINISTRATOR IDENTIFIES ANY8
CLASSIFICATION OF PROPERTY AS QUALIFIED-SENIOR PRIMARY RESIDENCE9
REAL PROPERTY THAT WAS IMPROPERLY ALLOWED FOR A PRIOR PROPERTY10
TAX YEAR FOR WHICH THE STATE TREASURER REIMBURSED A TREASURER11
PURSUANT TO SUBSECTION (9)(c) OF THIS SECTION OR IDENTIFIES ANY12
CLASSIFICATION PROPERLY ALLOWED FOR SUCH A PRIOR PROPERTY TAX13
YEAR FOR WHICH THE STATE TREASURER DID NOT REIMBURSE A14
TREASURER, THE ADMINISTRATOR SHALL ADVISE THE STATE TREASURER15
TO ADJUST THE CURRENT YEAR REIMBURSEMENT TO THE TREASURER TO16
CORRECT THE ERROR. NO LATER THAN THAT APRIL 1, THE ADMINISTRATOR17
SHALL ALSO NOTIFY THE TREASURER AND ASSESSOR OF EACH COUNTY OF18
ALL CLASSIFICATIONS OF PROPERTY AS QUALIFIED -SENIOR PRIMARY19
RESIDENCE REAL PROPERTY REMOVED FROM THE REPORT FOR THE COUNTY20
AND ANY RESULTING AND OTHER ADJUSTMENTS TO THE AMOUNT OF21
CURRENT YEAR REIMBURSEMENT TO BE PAID BY THE STATE TREASURER TO22
THE TREASURER.23
(c) (I) (A) N
O LATER THAN APRIL 15, 2026, AND NO LATER THAN24
EACH APRIL 15 THEREAFTER, THE STATE TREASURER SHALL ISSUE A25
WARRANT TO EACH TREASURER FOR THE AMOUNT NEEDED TO FULLY26
REIMBURSE ALL LOCAL GOVERNMENTAL ENTITIES WITHIN THE27
SB24-111
-22- TREASURER'S COUNTY FOR THE TOTAL PROPERTY TAX REVENUE LOST FOR1
THE PRIOR PROPERTY TAX YEAR THAT ARE PAYABLE DURING THE YEAR IN2
WHICH THE STATE TREASURER ISSUES THE WARRANT . THE3
REIMBURSEMENT MUST BE PAID FROM THE STATE GENERAL FUND AND IS4
NOT SUBJECT TO THE STATUTORY LIMITATION ON STATE GENERAL FUND5
APPROPRIATIONS SET FORTH IN SECTION 24-75-201.1.6
(B) A
S USED IN SUBSECTION (9)(c)(I)(A) OF THIS SECTION, "TOTAL7
PROPERTY TAX REVENUE LOST " INCLUDES ONLY REVENUE LOST AS A8
RESULT OF CLASSIFICATIONS OF PROPERTY AS QUALIFIED -SENIOR9
RESIDENTIAL REAL PROPERTY PROPERLY ALLOWED IN ACCORDANCE WITH10
THE REQUIREMENTS OF THIS SECTION AND DOES NOT INCLUDE ANY11
REVENUE LOST AS A RESULT OF SUCH A CLASSIFICATION BEING12
ERRONEOUSLY ALLOWED .13
(II) E
ACH TREASURER SHALL DISTRIBUTE THE TOTAL AMOUNT14
RECEIVED FROM THE STATE TREASURER PURSUANT TO SUBSECTION15
(9)(c)(I)(A)
OF THIS SECTION TO THE LOCAL GOVERNMENTAL ENTITIES16
WITHIN THE TREASURER 'S COUNTY AS IF THE TOTAL PROPERTY TAX17
REVENUE LOST HAD BEEN REGULARLY PAID . WHEN A TREASURER18
DISTRIBUTES THAT AMOUNT, THE TREASURER SHALL PROVIDE EACH LOCAL19
GOVERNMENTAL ENTITY WITH A STATEMENT OF THE AMOUNT20
DISTRIBUTED TO THE LOCAL GOVERNMENTAL ENTITY THAT REPRESENTS21
REIMBURSEMENT RECEIVED FROM THE STATE FOR TOTAL PROPERTY TAX22
REVENUE LOST.23
(III) N
OTWITHSTANDING THE PROVISIONS OF SUBSECTIONS24
(9)(c)(I)
AND (9)(c)(II) OF THIS SECTION, THE STATE TREASURER SHALL25
REDUCE A LOCAL GOVERNMENTAL ENTITY 'S REIMBURSEMENT AS26
NECESSARY TO PREVENT THE LOCAL GOVERNMENTAL ENTITY FROM27
SB24-111
-23- EXCEEDING ITS FISCAL YEAR SPENDING LIMIT UNDER SECTION 20 (7)(b) OF1
ARTICLE X OF THE STATE CONSTITUTION FOR THE FISCAL YEAR .2
(d) I
N ACCORDANCE WITH SUBSECTION (9)(b) OF THIS SECTION,3
FOR ANY PROPERTY TAX YEAR COMMENCING ON OR AFTER JANUARY 1,4
2025,
THE STATE TREASURER SHALL NOT REIMBURSE A TREASURER FOR5
TOTAL PROPERTY TAX REVENUE LOST AS A RESULT OF A CLASSIFICATION6
OF REAL PROPERTY AS QUALIFIED -SENIOR PRIMARY RESIDENCE REAL7
PROPERTY THAT WAS ERRONEOUSLY GRANTED IN THE TREASURER 'S8
COUNTY. IF, PURSUANT TO SUBSECTION (9)(b) OF THIS SECTION, THE9
ADMINISTRATOR ADVISES THE STATE TREASURER THAT THE STATE10
TREASURER HAS PROVIDED EITHER TOO MUCH OR TOO LITTLE11
REIMBURSEMENT TO A TREASURER FOR CLASSIFICATIONS OF REAL12
PROPERTY AS QUALIFIED-SENIOR PRIMARY RESIDENCE REAL PROPERTY13
GRANTED IN THE TREASURER 'S COUNTY FOR ANY PRIOR PROPERTY TAX14
YEAR COMMENCING ON OR AFTER JANUARY 1, 2025, THE STATE15
TREASURER SHALL ADJUST THE REIMBURSEMENT FOR THE CURRENT16
PROPERTY TAX YEAR AS DIRECTED BY THE ADMINISTRATOR IN ORDER TO17
CORRECT THE ERROR.18
(e) N
OTWITHSTANDING ANY PROVISION OF LAW TO THE CONTRARY ,19
THE REPORTS REQUIRED BY THIS SUBSECTION (9) AND THEIR CONTENTS20
SHALL BE KEPT CONFIDENTIAL BY AN ASSESSOR , A TREASURER, THE21
ADMINISTRATOR, THE STATE TREASURER, OR THE STATE AUDITOR; EXCEPT22
THAT SAID PERSONS MAY PROVIDE THE REPORTS TO EACH OTHER AS23
REQUIRED OR AUTHORIZED BY LAW .24
(10) Reimbursement as refund of excess state revenues.25
(a) T
HE GENERAL ASSEMBLY HEREBY FINDS AND DECLARES THAT SECTION26
20
OF ARTICLE X OF THE STATE CONSTITUTION AUTHORIZES THE STATE TO27
SB24-111
-24- USE ANY REASONABLE METHOD TO MAKE REQUIRED REFUNDS OF EXCESS1
STATE REVENUES, AND THE PAYMENT BY THE STATE OF REIMBURSEMENT2
TO LOCAL GOVERNMENTAL ENTITIES FOR TOTAL PROPERTY TAX REVENUE3
LOST AS A RESULT OF THE CLASSIFICATION OF REAL PROPERTY AS4
QUALIFIED-SENIOR PRIMARY RESIDENCE REAL PROPERTY , WHICH5
CLASSIFICATION DIRECTLY REDUCES THE TAX LIABILITY OF TAXPAYING6
C
OLORADO RESIDENTS THROUGHOUT THE STATE , IS A REASONABLE7
METHOD OF MAKING SUCH REFUNDS .8
(b) F
OR ANY STATE FISCAL YEAR COMMENCING ON OR AFTER JULY9
1,
2024, FOR WHICH STATE REVENUES , AS DEFINED IN SECTION10
24-77-103.6 (6)(c),
EXCEED THE EXCESS STATE REVENUES CAP , AS11
DEFINED IN SECTION 24-77-103.6 (6)(b)(I)(C) OR (6)(b)(I)(D), AND ARE12
REQUIRED TO BE REFUNDED IN ACCORDANCE WITH SECTION 20 OF ARTICLE13
X
OF THE STATE CONSTITUTION, THE LESSER OF ALL REIMBURSEMENT PAID14
BY THE STATE TREASURER TO EACH TREASURER AS REQUIRED BY15
SUBSECTION (9)(c) OF THIS SECTION FOR THE PROPERTY TAX YEAR THAT16
COMMENCED DURING THE STATE FISCAL YEAR OR AN AMOUNT OF SUCH17
REIMBURSEMENT EQUAL TO THE AMOUNT OF SUCH EXCESS STATE18
REVENUES ABOVE THE AMOUNT OF SUCH EXCESS STATE REVENUES THAT19
ARE REQUIRED TO BE REFUNDED PURSUANT TO SECTION 39-3-209 IS A20
REFUND OF SUCH EXCESS STATE REVENUES .21
SECTION 5. In Colorado Revised Statutes, 39-21-113, amend22
(24) as follows:23
39-21-113. Reports and returns - rule - repeal.24
(24) Notwithstanding any other provision of this section, the executive25
director, after receiving from the property tax administrator a list of26
individuals who are
EITHER claiming the property tax exemptions for27
SB24-111
-25- qualifying seniors and qualifying veterans with a disability allowed under1
part 2 of article 3 of this title 39
OR APPLYING FOR THE QUALIFIED-SENIOR2
PRIMARY RESIDENCE REAL PROPERTY CLASSIFICATION FOR THE PROPERTY3
DESCRIBED IN SECTION 39-1-104.6, shall provide to the property tax4
administrator information pertaining to the listed individuals, including5
their names, social security numbers, marital and income tax filing status,6
and residency status, needed by the administrator to verify that the7
exemption
OR CLASSIFICATION is allowed only to applicants who satisfy8
legal requirements for claiming it. The administrator and the9
administrator's agents, clerks, and employees shall keep all information10
received from the executive director confidential, and any individual who11
fails to do so is guilty of a misdemeanor and subject to punishment as12
specified in subsection (6) of this section.13
SECTION 6. Act subject to petition - effective date. This act14
takes effect at 12:01 a.m. on the day following the expiration of the15
ninety-day period after final adjournment of the general assembly; except16
that, if a referendum petition is filed pursuant to section 1 (3) of article V17
of the state constitution against this act or an item, section, or part of this18
act within such period, then the act, item, section, or part will not take19
effect unless approved by the people at the general election to be held in20
November 2024 and, in such case, will take effect on the date of the21
official declaration of the vote thereon by the governor.22
SB24-111
-26-