First Regular Session
Seventy-fifth General Assembly
STATE OF COLORADO
INTRODUCED
LLS NO. 25-0317.01 Jason Gelender x4330
HOUSE BILL 25-1156
House Committees Senate Committees
Finance
A BILL FOR AN ACT
C
ONCERNING THE EXTENSION OF THE TWO -YEAR REDUCTION IN THE101
VALUATION FOR ASSESSMENT OF QUALIFIED -SENIOR PRIMARY102
RESIDENCE REAL PROPERTY RELATIVE TO THE VALUATION OF103
ASSESSMENT FOR ALL OTHER RESI DENTIAL REAL PROPERTY SO104
THAT IT IS PERMANENT.105
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
.)
The bill extends an existing reduction in the valuation for
assessment of qualified-senior primary residence real property (valuation
HOUSE SPONSORSHIP
Lieder,
SENATE SPONSORSHIP
Kolker,
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. reduction) that applies for only the 2025 and 2026 property tax years so
that the valuation reduction is permanent. The bill also makes permanent
the existing obligation of the state to annually reimburse local
governments that levy property tax for the amount of property tax revenue
lost due to the valuation reduction.
Be it enacted by the General Assembly of the State of Colorado:1
SECTION 1. In Colorado Revised Statutes, 39-1-104.2, amend2
(3)(s)(I) introductory portion, (3)(s)(I)(B), (3)(s)(I)(B.5), (3)(s)(I)(C), and3
(3)(s)(I)(D); and add (3)(s)(II.5) as follows:4
39-1-104.2. Residential real property - valuation for5
assessment - legislative declaration - definitions. (3) (s) (I) For6
property tax years commencing on or after January 1, 2025, but before
7
January 1, 2027, if there are sufficient excess state revenues, the valuation8
for assessment for qualified-senior primary residence real property,9
including multi-family qualified-senior primary residence real property,10
is:11
(B) For the property tax year YEARS commencing on OR AFTER12
January 1, 2026, if the state board of equalization determines that the13
statewide actual value growth is less than or equal to five percent, for the14
purpose of a levy imposed by a local governmental entity, 6.8 percent of15
the amount equal to the actual value of the property minus either fifty16
percent of the first two hundred thousand dollars of that actual value plus17
the lesser of ten percent of the actual value of the property or seventy18
thousand dollars as increased for inflation in the first year of each19
subsequent reassessment cycle or the amount that causes the valuation for20
assessment of the property to be one thousand dollars;21
(B.5) For the property tax year YEARS commencing on OR AFTER22
January 1, 2026, if the state board of equalization determines that the23
HB25-1156-2- statewide actual value growth is greater than five percent, for the purpose1
of a levy imposed by a local governmental entity, 6.7 percent of the2
amount equal to the actual value of the property minus either fifty percent3
of the first two hundred thousand dollars of that actual value plus the4
lesser of ten percent of the actual value of the property or seventy5
thousand dollars as increased for inflation in the first year of each6
subsequent reassessment cycle or the amount that causes the valuation for7
assessment of the property to be one thousand dollars;8
(C) For the property tax years commencing on OR AFTER January9
1, 2025, and January 1, 2026, if the state board of equalization determines10
that the statewide actual value growth is less than or equal to five percent,11
for the purpose of a levy imposed by a school district, 7.05 percent of the12
amount equal to the actual value of the property minus the lesser of fifty13
percent of the first two hundred thousand dollars of that actual value or14
the amount that causes the valuation for assessment of the property to be15
one thousand dollars; except that the valuation for assessment for the16
purpose of a levy imposed by a school district may be temporarily17
reduced for a property tax year as set forth in section 29-1-1702.5; and18
(D) For the property tax years commencing on OR AFTER January19
1, 2025, and January 1, 2026, if the state board of equalization determines20
that the statewide actual value growth is greater than five percent, for the21
purpose of a levy imposed by a school district, 6.95 percent of the amount22
equal to the actual value of the property minus the lesser of fifty percent23
of the first two hundred thousand dollars of that actual value or the24
amount that causes the valuation for assessment of the property to be one25
thousand dollars; except that the valuation for assessment for the purpose26
of a levy imposed by a school district may be temporarily reduced for a27
HB25-1156
-3- property tax year as set forth in section 29-1-1702.5.1
(II.5) F
OR REASSESSMENT CYCLES COMMENCING ON OR AFTER2
J
ANUARY 1, 2027, THE ADMINISTRATOR SHALL PUBLISH THE3
INFLATION-INCREASED VALUE USED TO CALCULATE THE VALUATION FOR4
ASSESSMENT PURSUANT TO SUBSECTIONS (3)(S)(I)(B) AND (3)(S)(I)(B.5)5
OF THIS SECTION.6
SECTION 2. In Colorado Revised Statutes, 39-1-104.6, amend7
(9)(a) introductory portion, (9)(c)(I)(A), and (9)(d) as follows:8
39-1-104.6. Qualified-senior primary residence real property9
- valuation for assessment - reimbursement to local governments for10
reduced valuation - temporary mechanism for refunding excess state11
revenues - legislative declaration - definitions. (9) Reporting and12
reimbursement of property tax revenue reductions. (a) No later than13
March 1, 2026, and no later than
EACH March 1 2027
THEREAFTER, each14
treasurer shall forward to the administrator a report on the properties in15
the assessor's county that were classified as qualified-senior primary16
residence real property for the previous property tax year. The17
administrator shall cross-check the report as specified in subsection (9)(b)18
of this section before correcting it, if necessary, and forwarding it to the19
state treasurer to enable the state treasurer to issue a reimbursement20
warrant to each treasurer in accordance with subsection (9)(c) of this21
section. The report must include:22
(c) (I) (A) No later than April 15, 2026, and no later than
EACH23
April 15 2027
THEREAFTER, the state treasurer shall issue a warrant to24
each treasurer for the amount needed to fully reimburse all local25
governmental entities within the treasurer's county for the total property26
tax revenue lost for the prior property tax year that are payable during the27
HB25-1156
-4- year in which the state treasurer issues the warrant. The reimbursement1
must be paid from the state general fund and is not subject to the statutory2
limitation on state general fund appropriations set forth in section3
24-75-201.1.4
(d) In accordance with subsection (9)(b) of this section, for any5
property tax year commencing on or after January 1, 2025, but before6
January 1, 2027, the state treasurer shall not reimburse a treasurer for total7
property tax revenue lost as a result of a classification of real property as8
qualified-senior primary residence real property that was erroneously9
granted in the treasurer's county. If, pursuant to subsection (9)(b) of this10
section, the administrator advises the state treasurer that the state treasurer11
has provided either too much or too little reimbursement to a treasurer for12
classifications of real property as qualified-senior primary residence real13
property granted in the treasurer's county for any prior property tax year14
commencing on or after January 1, 2025, but before January 1, 2027, the15
state treasurer shall adjust the reimbursement for the current property tax16
year as directed by the administrator in order to correct the error.17
SECTION 3. Act subject to petition - effective date. This act18
takes effect at 12:01 a.m. on the day following the expiration of the19
ninety-day period after final adjournment of the general assembly; except20
that, if a referendum petition is filed pursuant to section 1 (3) of article V21
of the state constitution against this act or an item, section, or part of this22
act within such period, then the act, item, section, or part will not take23
effect unless approved by the people at the general election to be held in24
November 2026 and, in such case, will take effect on the date of the25
official declaration of the vote thereon by the governor.26
HB25-1156
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