Colorado 2025 Regular Session

Colorado House Bill HB1156 Compare Versions

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

Old	New	Differences
1	1	First Regular Session
2	2	Seventy-fifth General Assembly
3	3	STATE OF COLORADO
4	4	INTRODUCED
5	5
6	6
7	7	LLS NO. 25-0317.01 Jason Gelender x4330
8	8	HOUSE BILL 25-1156
9	9	House Committees Senate Committees
10	10	Finance
11	11	A BILL FOR AN ACT
12	12	C
13	13	ONCERNING THE EXTENSION OF THE TWO -YEAR REDUCTION IN THE101
14	14	VALUATION FOR ASSESSMENT OF QUALIFIED -SENIOR PRIMARY102
15	15	RESIDENCE REAL PROPERTY RELATIVE TO THE VALUATION OF103
16	16	ASSESSMENT FOR ALL OTHER RESI DENTIAL REAL PROPERTY SO104
17	17	THAT IT IS PERMANENT.105
18	18	Bill Summary
19	19	(Note: This summary applies to this bill as introduced and does
20	20	not reflect any amendments that may be subsequently adopted. If this bill
21	21	passes third reading in the house of introduction, a bill summary that
22	22	applies to the reengrossed version of this bill will be available at
23	23	http://leg.colorado.gov
24	24	.)
25	25	The bill extends an existing reduction in the valuation for
26	26	assessment of qualified-senior primary residence real property (valuation
27	27	HOUSE SPONSORSHIP
28	28	Lieder,
29	29	SENATE SPONSORSHIP
30	30	Kolker,
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. reduction) that applies for only the 2025 and 2026 property tax years so
34	34	that the valuation reduction is permanent. The bill also makes permanent
35	35	the existing obligation of the state to annually reimburse local
36	36	governments that levy property tax for the amount of property tax revenue
37	37	lost due to the valuation reduction.
38	38	Be it enacted by the General Assembly of the State of Colorado:1
39	39	SECTION 1. In Colorado Revised Statutes, 39-1-104.2, amend2
40	40	(3)(s)(I) introductory portion, (3)(s)(I)(B), (3)(s)(I)(B.5), (3)(s)(I)(C), and3
41	41	(3)(s)(I)(D); and add (3)(s)(II.5) as follows:4
42	42	39-1-104.2. Residential real property - valuation for5
43	43	assessment - legislative declaration - definitions. (3) (s) (I) For6
44	44	property tax years commencing on or after January 1, 2025, but before
45	45	7
46	46	January 1, 2027, if there are sufficient excess state revenues, the valuation8
47	47	for assessment for qualified-senior primary residence real property,9
48	48	including multi-family qualified-senior primary residence real property,10
49	49	is:11
50	50	(B) For the property tax year YEARS commencing on OR AFTER12
51	51	January 1, 2026, if the state board of equalization determines that the13
52	52	statewide actual value growth is less than or equal to five percent, for the14
53	53	purpose of a levy imposed by a local governmental entity, 6.8 percent of15
54	54	the amount equal to the actual value of the property minus either fifty16
55	55	percent of the first two hundred thousand dollars of that actual value plus17
56	56	the lesser of ten percent of the actual value of the property or seventy18
57	57	thousand dollars as increased for inflation in the first year of each19
58	58	subsequent reassessment cycle or the amount that causes the valuation for20
59	59	assessment of the property to be one thousand dollars;21
60	60	(B.5) For the property tax year YEARS commencing on OR AFTER22
61	61	January 1, 2026, if the state board of equalization determines that the23
62	62	HB25-1156-2- statewide actual value growth is greater than five percent, for the purpose1
63	63	of a levy imposed by a local governmental entity, 6.7 percent of the2
64	64	amount equal to the actual value of the property minus either fifty percent3
65	65	of the first two hundred thousand dollars of that actual value plus the4
66	66	lesser of ten percent of the actual value of the property or seventy5
67	67	thousand dollars as increased for inflation in the first year of each6
68	68	subsequent reassessment cycle or the amount that causes the valuation for7
69	69	assessment of the property to be one thousand dollars;8
70	70	(C) For the property tax years commencing on OR AFTER January9
71	71	1, 2025, and January 1, 2026, if the state board of equalization determines10
72	72	that the statewide actual value growth is less than or equal to five percent,11
73	73	for the purpose of a levy imposed by a school district, 7.05 percent of the12
74	74	amount equal to the actual value of the property minus the lesser of fifty13
75	75	percent of the first two hundred thousand dollars of that actual value or14
76	76	the amount that causes the valuation for assessment of the property to be15
77	77	one thousand dollars; except that the valuation for assessment for the16
78	78	purpose of a levy imposed by a school district may be temporarily17
79	79	reduced for a property tax year as set forth in section 29-1-1702.5; and18
80	80	(D) For the property tax years commencing on OR AFTER January19
81	81	1, 2025, and January 1, 2026, if the state board of equalization determines20
82	82	that the statewide actual value growth is greater than five percent, for the21
83	83	purpose of a levy imposed by a school district, 6.95 percent of the amount22
84	84	equal to the actual value of the property minus the lesser of fifty percent23
85	85	of the first two hundred thousand dollars of that actual value or the24
86	86	amount that causes the valuation for assessment of the property to be one25
87	87	thousand dollars; except that the valuation for assessment for the purpose26
88	88	of a levy imposed by a school district may be temporarily reduced for a27
89	89	HB25-1156
90	90	-3- property tax year as set forth in section 29-1-1702.5.1
91	91	(II.5) F
92	92	OR REASSESSMENT CYCLES COMMENCING ON OR AFTER2
93	93	J
94	94	ANUARY 1, 2027, THE ADMINISTRATOR SHALL PUBLISH THE3
95	95	INFLATION-INCREASED VALUE USED TO CALCULATE THE VALUATION FOR4
96	96	ASSESSMENT PURSUANT TO SUBSECTIONS (3)(S)(I)(B) AND (3)(S)(I)(B.5)5
97	97	OF THIS SECTION.6
98	98	SECTION 2. In Colorado Revised Statutes, 39-1-104.6, amend7
99	99	(9)(a) introductory portion, (9)(c)(I)(A), and (9)(d) as follows:8
100	100	39-1-104.6. Qualified-senior primary residence real property9
101	101	- valuation for assessment - reimbursement to local governments for10
102	102	reduced valuation - temporary mechanism for refunding excess state11
103	103	revenues - legislative declaration - definitions. (9) Reporting and12
104	104	reimbursement of property tax revenue reductions. (a) No later than13
105	105	March 1, 2026, and no later than
106	106	EACH March 1 2027
107	107	THEREAFTER, each14
108	108	treasurer shall forward to the administrator a report on the properties in15
109	109	the assessor's county that were classified as qualified-senior primary16
110	110	residence real property for the previous property tax year. The17
111	111	administrator shall cross-check the report as specified in subsection (9)(b)18
112	112	of this section before correcting it, if necessary, and forwarding it to the19
113	113	state treasurer to enable the state treasurer to issue a reimbursement20
114	114	warrant to each treasurer in accordance with subsection (9)(c) of this21
115	115	section. The report must include:22
116	116	(c) (I) (A) No later than April 15, 2026, and no later than
117	117	EACH23
118	118	April 15 2027
119	119	THEREAFTER, the state treasurer shall issue a warrant to24
120	120	each treasurer for the amount needed to fully reimburse all local25
121	121	governmental entities within the treasurer's county for the total property26
122	122	tax revenue lost for the prior property tax year that are payable during the27
123	123	HB25-1156
124	124	-4- year in which the state treasurer issues the warrant. The reimbursement1
125	125	must be paid from the state general fund and is not subject to the statutory2
126	126	limitation on state general fund appropriations set forth in section3
127	127	24-75-201.1.4
128	128	(d) In accordance with subsection (9)(b) of this section, for any5
129	129	property tax year commencing on or after January 1, 2025, but before6
130	130	January 1, 2027, the state treasurer shall not reimburse a treasurer for total7
131	131	property tax revenue lost as a result of a classification of real property as8
132	132	qualified-senior primary residence real property that was erroneously9
133	133	granted in the treasurer's county. If, pursuant to subsection (9)(b) of this10
134	134	section, the administrator advises the state treasurer that the state treasurer11
135	135	has provided either too much or too little reimbursement to a treasurer for12
136	136	classifications of real property as qualified-senior primary residence real13
137	137	property granted in the treasurer's county for any prior property tax year14
138	138	commencing on or after January 1, 2025, but before January 1, 2027, the15
139	139	state treasurer shall adjust the reimbursement for the current property tax16
140	140	year as directed by the administrator in order to correct the error.17
141	141	SECTION 3. Act subject to petition - effective date. This act18
142	142	takes effect at 12:01 a.m. on the day following the expiration of the19
143	143	ninety-day period after final adjournment of the general assembly; except20
144	144	that, if a referendum petition is filed pursuant to section 1 (3) of article V21
145	145	of the state constitution against this act or an item, section, or part of this22
146	146	act within such period, then the act, item, section, or part will not take23
147	147	effect unless approved by the people at the general election to be held in24
148	148	November 2026 and, in such case, will take effect on the date of the25
149	149	official declaration of the vote thereon by the governor.26
150	150	HB25-1156
151	151	-5-