Recent Legislation

HB24B-1001: 2024 Property Tax

Property tax revenue limit. Senate Bill 24-233, concerning property tax, created a limit on the annual growth of specified property tax revenue (property tax limit) for certain local governments excluding school districts. Sections 3 through 7 of HB24B-1001 modify that property tax limit and create a new property tax limit for school districts. For the full version of the Bill Summary, https://leg.colorado.gov/bills/hb24b-1001.

Below are notable points:

Modifies the property tax limit for local governments excluding school districts so that this limit is no longer 5.5% but is instead equal to the greatest amount of qualified property tax revenue collected by a local government in a previous property tax year increased by 5.25% multiplied by the number of property tax years in a reassessment cycle.

Tax Year 2024 maintains the assessment rates and adjustments as defined in SB23B-001.
Provisions included specific to Non-Residential:
- For the property tax year commencing on January 1, 2025, the valuation for most nonresidential and personal property is 27% of the actual value of the property.
- For the property tax year commencing on January 1, 2026, the valuation for commercial property and agricultural property is 25% of the actual value of the property and the valuation for most other nonresidential and personal property is 26%.
- For property tax years commencing on or after January 1, 2027, the valuation for most nonresidential and personal property is 25% of the actual value of the property.
Provisions included specific to Residential if the statewide increase in actual value is less than 5%:
- For property tax years commencing on or after January 1, 2025, for the purpose of a levy imposed by a school district, the valuation for residential real property is 7.05% of the actual value of the property. For a levy imposed by a local government that is not a school district, the valuation for residential real property is 6.25%; and
- For property tax years commencing on or after January 1, 2026, for the purpose of a levy imposed by a local government that is not a school district, the valuation for residential real property is 6.8% of the amount equal to the actual value of the property minus the lesser of 10% of the actual value of the property, $70,000 as adjusted for inflation in the first year of each subsequent reassessment cycle, or the amount that causes the valuation for assessment of the property to be $1,000.
Provisions included specific to Residential if the statewide increase in actual value is greater than 5%:
- For property tax years commencing on or after January 1, 2025, for the purpose of a levy imposed by a school district, the valuation for residential real property is 6.95% of the actual value of the property. For a levy imposed by a local government that is not a school district, the valuation for residential real property is 6.15%.
- For property tax years commencing on or after January 1, 2026, for the purpose of a levy imposed by a local government that is not a school district, the valuation for residential real property is 6.7% of the amount equal to the actual value of the property minus the lesser of 10% of the actual value of the property, $70,000 as adjusted for inflation in the first year of each subsequent reassessment cycle, or the amount that causes the valuation for assessment of the property to be $1,000.

Other Related Legislation:

House Bill 24B-1001: Passed in 2024 Extraordinary Session. Creates property tax limits along with changes to SB24-233
Senate Bill 24-233: Creates property tax limits
Senate Bill 24-111: Senior Primary Residence Prop Tax Reduction. Creates new residential property class, Qualified Senior Primary Residence known as Senior Portability Exemption
House Bill 24B-1003: Passed in 2024 Extraordinary Session. Expand and extend Personal Property Tax exemption for agricultural equipment and machinery in controlled ag facility
House Bill 24-1052: Senior Housing Income Tax Credit
House Bill 24-1104: Prohibiting Firefighter Personal Info on Internet
House Bill 24-1172: County Revitalization Authorities
House Bill 24-1179: 2023 Property Tax Year Updated Abstract
House Bill 24-1302: Tax Rate Information to Real Property Owners
House Bill 24-1308: Effective Implementation of Affordable Housing Programs
House Bill 24-1411: Increase in Property Tax Exemption Filing Fees
Senate Bill 24-002: Local Government Property Tax Credit Rebates
Senate Bill 23B-001: 2023 Property Tax Relief
Senate Bill 23B-002: Summer Electronic Benefits Program. This will allow Colorado to participate in a federally funded summer nutrition program for at risk children.
Senate Bill 23B-003: Identical TABOR refund. This will provide equal TABOR refunds in 2023 to all taxpayers for 2023 – rather than tiered refunds based on income.
House Bill 23B-1001: Emergency Rental Assistance Grant Program. This bill provides $30 million in a rental assistance through the Department of Local Affairs.
House Bill 23B-1002: Increased Earned Income Tax Credit 2023. This bill expands the Colorado EITC from 25 to 50 percent of the federal EITC. It is estimated to result in tax credits of approximately $180 million.
House Bill 23B-1003: Property Tax Task Force. This creates a 19-member task force, with representatives from local governments, statewide organizations, and two legislators. All appointments shall be made by December 4 and requires a final report back to the legislature by March 15, 2024.
House Bill 23B-1008: Appropriation for the Department of the Treasury. This appropriation of $88,000 General Fund will assist the property tax deferral program in the State Treasurer’s Office.
Senate Bill 23-108: Allowing Temporary Reductions in Property Tax Due
Senate Bill 22-238: 2023 and 2024 Property Tax
Proposition HH Ballot Measure
Senate Bill 21-293: Property Tax Classification and Assessment Rates

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HB24B-1001: 2024 Property Tax

Below are notable points:

Other Related Legislation: