State Bill Colorado

Amendments for SB24-233

Senate Journal, May 6
After consideration on the merits, the Committee recommends that SB24-233 be amended
as follows, and as so amended, be referred to the Committee of the Whole with favorable
recommendation.
Amend printed bill, page 24, after line 3 insert:

"SECTION 9. Appropriation. For the 2024-25 state fiscal year,
$351,661,729 is appropriated to the department of education. This appropriation
is from the state education fund created in section 17 (4)(a) of article IX of the
state constitution. To implement this act, the department may use this
appropriation for the state share of districts' total program funding.
SECTION 10. Appropriation. (1) For the 2024-25 state fiscal year,
$151,698 is appropriated to the department of local affairs This appropriation
is from the general fund. To implement this act, the department may use this
appropriation as follows:
(a) $38,972 for the division of property taxation, which amount is based
on an assumption that the department will require an additional 0.5 FTE; and
(b) $112,726 for the purchase of information technology services.
(2) For the 2024-25 state fiscal year, $112,726 is appropriated to the
office of the governor for use by the office of information technology, which
amount is based on an assumption that the office will require an additional 1.0
FTE. This appropriation is from reappropriated funds received from the
department of local affairs under subsection (1)(b) of this section. To
implement this act, the office may use this appropriation to provide information
technology services for the department of local affairs.
SECTION 11. Appropriation. (1) For the 2024-25 state fiscal year,
$108,971 is appropriated to the department of the treasury for use by the
administration division. This appropriation is from the general fund. To
implement this act, the division may use this appropriation as follows:
(a) $31,661 for personal services, which amount is based on an
assumption that the division will require an additional 0.5 FTE; and
(b) $77,310 for operating expenses.".

Renumber succeeding section accordingly.

Page 1, line 101, strike "TAX." and substitute "TAX, AND, IN CONNECTION
THEREWITH, MAKING AN APPROPRIATION.".

Senate Journal, May 6
SB24-233 by Senator(s) Hansen and Kirkmeyer, Pelton B., Fenberg, Priola; also Representative(s)
deGruy Kennedy and Frizell, Pugliese--Concerning property tax.

Amendment No. 1, Appropriations Committee Amendment.
(Printed in Senate Journal, May 6, page(s) 1411 and placed in members' bill files.)

Amendment No. 3(L.006), by Senator Hansen.

Amend printed bill, page 7, strike lines 7 through 10 and substitute:

"(g) AN AMOUNT TO PROVIDE FOR THE PAYMENT OF BONDS THAT ARE
OUTSTANDING AS OF THE EFFECTIVE DATE OF THIS PART 17 AND THE INTEREST
THEREON, OR FOR THE PAYMENT OF ANY OTHER CONTRACTUAL OBLIGATION
THAT HAS BEEN APPROVED BY A MAJORITY OF THE LOCAL GOVERNMENTAL
ENTITY'S VOTERS VOTING THEREON OUTSTANDING AS OF THE EFFECTIVE DATE
OF THIS PART 17; AND BONDS OR OTHER CONTRACTUAL OBLIGATIONS ISSUED IN
ACCORDANCE WITH THE EXISTING VOTED AUTHORIZATION OF A LOCAL
GOVERNMENTAL ENTITY APPROVED BY A MAJORITY OF THE LOCAL
GOVERNMENTAL ENTITY'S VOTERS VOTING THEREON IN ACCORDANCE WITH
ARTICLE X SECTION 20 OF THE STATE CONSTITUTION AS OF THE EFFECTIVE DATE
OF THIS PART 17; AND"

Page 10, strike lines 5 through 14 and substitute "mill increases. (1) NOTHING
IN THIS PART 17 IMPAIRS:
(a) THE OBLIGATIONS OF ANY BONDS OR OTHER FORMS OF
INDEBTEDNESS THAT ARE OUTSTANDING AS OF THE EFFECTIVE DATE OF THIS
PART 17, OR THE REFUNDING THEREOF, ISSUED BY A LOCAL GOVERNMENTAL
ENTITY OR OTHERWISE INVALIDATES ANY SUCH BOND OR THE OBLIGATIONS OR
REFUNDING THEREOF; OR
(b) THE EXISTING VOTED AUTHORIZATION OF A LOCAL GOVERNMENTAL
ENTITY APPROVED BY A MAJORITY OF THE LOCAL GOVERNMENTAL ENTITY'S
VOTERS VOTING THEREON IN ACCORDANCE WITH ARTICLE X SECTION 20 OF THE
STATE CONSTITUTION AS OF THE EFFECTIVE DATE OF THIS PART 17. AS
ESTABLISHED IN SECTION 29-1-1701 (3)(g), THE IMPOSITION OF A LEVY TO
PROVIDE FOR THE PAYMENT OF:
(I) BONDS THAT ARE OUTSTANDING AS OF THE EFFECTIVE DATE OF THIS
PART 17 AND THE INTEREST THEREON, OR FOR THE PAYMENT OF ANY OTHER
CONTRACTUAL OBLIGATION OUTSTANDING AS OF THE EFFECTIVE DATE OF THIS
PART 17 THAT HAS BEEN APPROVED BY A MAJORITY OF THE LOCAL
GOVERNMENTAL ENTITY'S VOTERS VOTING THEREON; AND
(II) BONDS OR OTHER CONTRACTUAL OBLIGATIONS ISSUED IN
ACCORDANCE WITH THE EXISTING VOTED AUTHORIZATION OF A LOCAL
GOVERNMENTAL ENTITY APPROVED BY A MAJORITY OF THE LOCAL
GOVERNMENTAL ENTITY'S VOTERS VOTING THEREON IN ACCORDANCE WITH
ARTICLE X SECTION 20 OF THE STATE CONSTITUTION AS OF THE EFFECTIVE DATE
OF THIS PART 17 IS NOT INCLUDED IN THE CALCULATION OF THE PROPERTY TAX
LIMIT.".

Page 20, line 8, strike "THIS SENATE BILL 24-___," and substitute "SENATE BILL
24-233,".

Amendment No. 3(L.007), by Senator Hansen.

Amend printed bill, page 6, after line 23 insert:

"(c) INCREASED PROPERTY TAX REVENUE ATTRIBUTABLE TO THE
EXPIRATION OF THE USE OF THE LOCAL GOVERNMENTAL ENTITY'S INCREMENTAL
TAX REVENUES DIVERTED FOR THE PURPOSES OF PART 1 OF ARTICLE 25 OF TITLE
31 OR OTHER TAX INCREMENT FINANCING PURPOSES;"

Reletter succeeding paragraphs accordingly.

Page 10, line 22, strike "29-1701 (3)(h)," and substitute "29-1-1701 (3)(i)".

Amend the Hansen floor amendment (SB233_L.006), page 1, lines 24 and 25,
strike "29-1-1701 (3)(g)," and substitute "29-1-1701 (3)(h),".

Amendment No. 4(L.002), by Senator Hansen.

Amend printed bill, page 18, line 16, strike "TWO WEEKS" and substitute "THAN
THREE WEEKS".

Strike "PROPERTY TAX ADMINISTRATOR" and substitute "STATE BOARD OF
EQUALIZATION" on: Page 18, lines 4, 6 and 7, 13 and 14, and 18; and Page 19,
line 11.

Amendment No. 5(L004), by Senator Hansen.

Amend printed bill, page 7, line 10, strike "AND" and substitute "OR".

Page 9, line 25, strike "YEAR" and substitute "YEAR, A SPECIFIED NUMBER OF
PROPERTY TAX YEARS,".

Page 15, line 20, strike "VALUE" and substitute "VALUATION FOR ASSESSMENT".

Page 17, line 27, after "OF" insert "STATEWIDE".

Page 18, line 12, strike ""PUBLIC SCHOOL FINANCE ACT", ARTICLE 54 OF TITLE
22," and substitute "PUBLIC SCHOOL FINANCE ACT".

Page 18, line 22, strike "THEN" and substitute "THEN,".

Page 18, line 23, strike "PROPERTY," and substitute "PROPERTY".

Page 18, line 24, strike "DISTRICT," and substitute "DISTRICT".

Page 20, lines 4 and 5, strike ""PUBLIC SCHOOL FINANCE ACT", ARTICLE 54 OF
TITLE 22." and substitute "PUBLIC SCHOOL FINANCE ACT.".

Amendment No. 6(L.005), by Senator Hansen.

Amend printed bill, page 4, strike lines 2 through 8.

Page 5, strike lines 1 through 8.

Renumber succeeding sections accordingly.

Page 23, strike lines 6 through 9 and substitute:

"(b) ON APRIL 1, 2025, THE STATE TREASURER SHALL TRANSFER FROM
THE SUSTAINABLE REBUILDING PROGRAM FUND CREATED IN SECTION
24-38.5-115 (7) TO THE LOCAL GOVERNMENTAL ENTITY BACKFILL CASH FUND
TEN MILLION THREE HUNDRED ELEVEN THOUSAND TWO HUNDRED
THIRTY-THREE DOLLARS.".

As amended, ordered engrossed and placed on the calendar for third reading and final
passage.

House Journal, May 8
1 SB24-233 be amended as follows, and as so amended, be referred to
2 the Committee of the Whole with favorable
3 recommendation:
4
5 Amend reengrossed bill, page 7, line 7, strike "ARTICLE X SECTION 20"
6 and substitute "SECTION 20 OF ARTICLE X".
7
8 Page 7, line 13, strike "JANUARY 1, 2025." and substitute "THE EFFECTIVE
9 DATE OF THIS PART 17.".
10
11 Page 7, line 15, strike "AND" and substitute "OR".
12
13 Page 10, line 13, strike "ARTICLE X SECTION 20" and substitute "SECTION
14 20 OF ARTICLE X".
15
16 Page 10, line 15, strike "OF:" and substitute "OF THE FOLLOWING IS NOT
17 INCLUDED IN THE CALCULATION OF THE PROPERTY TAX LIMIT:".
18
19 Page 12, line 2, strike "year" and substitute "year YEARS" and after
20 "2023," insert "AND JANUARY 1, 2024,".
21
22 Page 12, strike lines 7 through 12.
23
24 Renumber succeeding subparagraphs accordingly.
25
26 Page 15, line 24, after "FOR" insert "ASSESSMENT FOR".
27
28 Page 15, line 26, strike "6.7" and substitute "6.4".
29
30 Page 16, line 8, strike "106.716418%" and substitute "111.71875%".
31
32 Page 16, line 9, strike "6.7" and substitute "6.4".
33
34 Page 17, after line 6 insert:
35
36 "SECTION 5. In Colorado Revised Statutes, 39-1-104.2, amend
37 (1)(a), (1)(b), (3)(q)(I), (3)(q)(II), (3)(r)(I), and (3)(r)(II); amend as
38 amended by Senate Bill 24-111 (3)(q) introductory portion and (3)(r)
39 introductory portion; amend as added by Senate Bill 24-111 (1)(a.5) and
40 (3)(s); repeal (3)(r)(III); and add (1)(c), (1)(d), (3)(t), and (3)(u) as
41 follows:
42 39-1-104.2. Residential real property - valuation for
43 assessment - legislative declaration - definitions. (1) As used in this
44 section, unless the context otherwise requires:
45 (a) "Multi-family residential real property" means residential real
46 property that is a duplex, triplex, or multi-structure of four or more units,
47 all of which are based on the class codes established in the manual
48 published by the administrator. Multi-family residential real property is
49 a subclass of residential real property for purposes of the ratio of
50 valuation for assessment. "INFLATION" MEANS THE ANNUAL PERCENTAGE
51 CHANGE IN THE UNITED STATES DEPARTMENT OF LABOR'S BUREAU OF
52 LABOR STATISTICS CONSUMER PRICE INDEX, OR A SUCCESSOR INDEX, FOR
53 DENVER-AURORA-LAKEWOOD FOR ALL ITEMS PAID BY URBAN
54 CONSUMERS.
55
1 (a.5) "Qualified-senior primary residence real property" means
2 property that is classified as such under section 39-1-104.6. "LOCAL
3 GOVERNMENTAL ENTITY" MEANS A GOVERNMENTAL ENTITY AUTHORIZED
4 BY LAW TO IMPOSE AD VALOREM TAXES ON TAXABLE PROPERTY LOCATED
5 WITHIN ITS TERRITORIAL LIMITS; EXCEPT THAT THE TERM EXCLUDES
6 SCHOOL DISTRICTS.
7 (b) "Target percentage" means the percentage of aggregate
8 statewide valuation for assessment represented by the valuation for
9 assessment which is attributable to residential real property in the year
10 immediately preceding the year in which a change in the level of value
11 occurs. "MULTI-FAMILY RESIDENTIAL REAL PROPERTY" MEANS
12 RESIDENTIAL REAL PROPERTY THAT IS A DUPLEX, TRIPLEX, OR
13 MULTI-STRUCTURE OF FOUR OR MORE UNITS, ALL OF WHICH ARE BASED ON
14 THE CLASS CODES ESTABLISHED IN THE MANUAL PUBLISHED BY THE
15 ADMINISTRATOR. "MULTI-FAMILY RESIDENTIAL REAL PROPERTY" IS A
16 SUBCLASS OF RESIDENTIAL REAL PROPERTY FOR PURPOSES OF THE RATIO
17 OF VALUATION FOR ASSESSMENT.
18 (c) "QUALIFIED-SENIOR PRIMARY RESIDENCE REAL PROPERTY"
19 MEANS PROPERTY THAT IS CLASSIFIED AS SUCH UNDER SECTION
20 39-1-104.6.
21 (d) "TARGET PERCENTAGE" MEANS THE PERCENTAGE OF
22 AGGREGATE STATEWIDE VALUATION FOR ASSESSMENT REPRESENTED BY
23 THE VALUATION FOR ASSESSMENT WHICH IS ATTRIBUTABLE TO
24 RESIDENTIAL REAL PROPERTY IN THE YEAR IMMEDIATELY PRECEDING THE
25 YEAR IN WHICH A CHANGE IN THE LEVEL OF VALUE OCCURS.
26 (3) (q) Except as otherwise provided in subsection (3)(s) of this
27 section, FOR PROPERTY TAX YEARS COMMENCING ON OR AFTER JANUARY
28 1, 2019, AND BEFORE JANUARY 1, 2025, the valuation for assessment for
29 multi-family residential real property is 7.15 percent of the actual value
30 of the property; for property tax years commencing on or after January 1,
31 2019; except that the valuation for assessment of this property is
32 temporarily reduced as follows:
33 (I) For the property tax years YEAR commencing on January 1,
34 2022, and January 1, 2024, the valuation for assessment for multi-family
35 residential real property is temporarily reduced to 6.8 percent of the actual
36 value of the property; and
37 (II) For the property tax year YEARS commencing on January 1,
38 2023, AND JANUARY 1, 2024, the valuation for assessment for
7 39 multi-family residential real property is temporarily reduced to 6.
40 percent of the amount equal to the actual value of the property minus the
41 lesser of fifty-five thousand dollars or the amount that causes the
42 valuation for assessment of the property to be one thousand dollars.
43 (r) Except as otherwise provided in subsection (3)(s) of this
44 section, FOR PROPERTY TAX YEARS COMMENCING ON OR AFTER JANUARY
45 1, 2022, AND BEFORE JANUARY 1, 2025, the valuation for assessment for
46 all residential real property other than multi-family residential real
47 property is 7.15 percent of the actual value of the property; except that the
48 valuation for assessment of this property is temporarily reduced as
49 follows:
50 (I) For the property tax year commencing on January 1, 2022, the
51 valuation for assessment for all residential real property other than
95 52 multi-family residential real property is temporarily reduced to 6.
53 percent of the actual value of the property; AND
54
1 (II) For the property tax year YEARS commencing on January 1,
2 2023, AND JANUARY 1, 2024, the ratio of valuation for assessment for all
3 residential real property other than multi-family residential real property
4 is 6.7 percent of the amount equal to the actual value of the property
5 minus the lesser of fifty-five thousand dollars or the amount that causes
6 the valuation for assessment of the property to be one thousand dollars.
7 and
8 (III) For the property tax year commencing on January 1, 2024,
9 the ratio of valuation for assessment for all residential real property other
10 than multi-family residential real property is temporarily established as
11 the percentage calculated in accordance with section 39-1-104.4.
12 (s) (I) For property tax years commencing on or after January 1,
13 2025, but before January 1, 2027, if there are sufficient excess state
14 revenues, the valuation for assessment for qualified-senior primary
15 residence real property, including multi-family qualified-senior primary
16 residence real property, is: 7.15 percent of the amount equal to the actual
17 value of the property minus the lesser of fifty percent of the first two
18 hundred thousand dollars of that actual value or the amount that causes
19 the valuation for assessment of the property to be one thousand dollars.
20 (A) FOR THE PURPOSE OF A LEVY IMPOSED BY A LOCAL
21 GOVERNMENTAL ENTITY, 6.95 PERCENT OF THE AMOUNT EQUAL TO THE
22 ACTUAL VALUE OF THE PROPERTY MINUS THE LESSER OF FIFTY PERCENT OF
23 THE FIRST TWO HUNDRED THOUSAND DOLLARS OF THAT ACTUAL VALUE OR
24 THE AMOUNT THAT CAUSES THE VALUATION FOR ASSESSMENT OF THE
25 PROPERTY TO BE ONE THOUSAND DOLLARS; AND
26 (B) FOR THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT,
27 7.15 PERCENT OF THE AMOUNT EQUAL TO THE ACTUAL VALUE OF THE
28 PROPERTY MINUS EITHER FIFTY PERCENT OF THE FIRST TWO HUNDRED
29 THOUSAND DOLLARS OF THAT ACTUAL VALUE PLUS THE LESSER OF TEN
30 PERCENT OF THE ACTUAL VALUE OF THE PROPERTY OR SEVENTY
31 THOUSAND DOLLARS AS INCREASED FOR INFLATION IN THE FIRST YEAR OF
32 EACH SUBSEQUENT REASSESSMENT CYCLE OR THE AMOUNT THAT CAUSES
33 THE VALUATION FOR ASSESSMENT OF THE PROPERTY TO BE ONE THOUSAND
34 DOLLARS.
35 (II) FOR THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1,
36 2025, IF IT IS ADMINISTRATIVELY INFEASIBLE TO CALCULATE TWO
37 DIFFERENT VALUATIONS FOR ASSESSMENT FOR THE SAME PROPERTY BASED
38 ON TWO DIFFERENT PERCENTAGES OF ACTUAL VALUE, AN ASSESSOR MAY
39 DETERMINE THE VALUE OF A PROPERTY UNDER SUBSECTION (3)(s)(I)(B)
40 OF THIS SECTION BY CALCULATING 102.877697842% OF AN AMOUNT
41 EQUAL TO 6.95 PERCENT OF THE AMOUNT EQUAL TO THE ACTUAL VALUE
42 OF THE MINUS EITHER FIFTY PERCENT OF THE FIRST TWO HUNDRED
43 THOUSAND DOLLARS OF THAT ACTUAL VALUE PLUS THE LESSER OF TEN
44 PERCENT OF THE ACTUAL VALUE OF THE PROPERTY OR SEVENTY
45 THOUSAND DOLLARS AS INCREASED FOR INFLATION IN THE FIRST YEAR OF
46 EACH SUBSEQUENT REASSESSMENT CYCLE OR THE AMOUNT THAT CAUSES
47 THE VALUATION FOR ASSESSMENT OF THE PROPERTY TO BE ONE THOUSAND
48 DOLLARS.
49 (III) THE GENERAL ASSEMBLY FINDS AND DECLARES THAT ANY
50 MODIFICATION TO THE VALUATION FOR ASSESSMENT ESTABLISHED IN THIS
51 SUBSECTION (3)(s) THAT WOULD RESULT IN A PROPERTY TAX INCREASE
52 WOULD REQUIRE PRIOR VOTER APPROVAL UNDER SECTION 20 (4)(a) OF
53 ARTICLE X OF THE STATE CONSTITUTION.
54 (t) (I) FOR THE PROPERTY TAX YEAR COMMENCING ON JANUARY
55 1, 2025, THE VALUATION FOR ALL RESIDENTIAL REAL PROPERTY OTHER
56 THAN QUALIFIED-SENIOR PRIMARY RESIDENCE REAL PROPERTY IS:
1 (A) FOR THE PURPOSE OF A LEVY IMPOSED BY A LOCAL
2 GOVERNMENTAL ENTITY, 6.7 PERCENT OF THE ACTUAL VALUE OF THE
3 PROPERTY; AND
4 (B) FOR THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT,
5 7.15 PERCENT OF THE ACTUAL VALUE OF THE PROPERTY.
6 (II) IF IT IS ADMINISTRATIVELY INFEASIBLE TO CALCULATE TWO
7 DIFFERENT VALUATIONS FOR ASSESSMENT FOR THE SAME PROPERTY BASED
8 ON THE SAME ACTUAL VALUE, BUT WITH TWO DIFFERENT PERCENTAGES OF
9 THAT ACTUAL VALUE, AN ASSESSOR MAY DETERMINE THE VALUE OF A
10 PROPERTY UNDER SUBSECTION (3)(t)(I)(B) OF THIS SECTION BY
11 CALCULATING 106.716418% OF AN AMOUNT EQUAL TO 6.7 PERCENT OF
12 THE ACTUAL VALUE OF THE PROPERTY.
13 (u) (I) FOR PROPERTY TAX YEARS COMMENCING ON OR AFTER
14 JANUARY 1, 2026, THE VALUATION FOR ALL RESIDENTIAL REAL PROPERTY
15 OTHER THAN QUALIFIED-SENIOR PRIMARY RESIDENCE REAL PROPERTY IS:
16 (A) FOR THE PURPOSE OF A LEVY IMPOSED BY A LOCAL
17 GOVERNMENTAL ENTITY, 6.95 PERCENT OF THE AMOUNT EQUAL TO THE
18 ACTUAL VALUE OF THE PROPERTY MINUS THE LESSER OF TEN PERCENT OF
19 THE ACTUAL VALUE OF THE PROPERTY OR SEVENTY THOUSAND DOLLARS
20 AS INCREASED FOR INFLATION IN THE FIRST YEAR OF EACH SUBSEQUENT
21 REASSESSMENT CYCLE; AND
22 (B) FOR THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT,
23 7.15 PERCENT OF THE AMOUNT EQUAL TO THE ACTUAL VALUE OF THE
24 PROPERTY; EXCEPT THAT THE VALUATION FOR ASSESSMENT FOR THE
25 PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT MAY BE
26 TEMPORARILY REDUCED FOR A PROPERTY TAX YEAR AS SET FORTH IN
27 SECTION 39-1-104.6.
28 (II) FOR REASSESSMENT CYCLES COMMENCING ON OR AFTER
29 JANUARY 1, 2027, THE PROPERTY TAX ADMINISTRATOR SHALL PUBLISH
30 THE INFLATION ADJUSTED VALUE USED TO CALCULATE THE VALUATION
31 FOR ASSESSMENT PURSUANT TO SUBSECTION (3)(u)(I)(A) OF THIS SECTION.
32 (III) THE GENERAL ASSEMBLY FINDS AND DECLARES THAT ANY
33 MODIFICATION TO THE VALUATION FOR ASSESSMENT ESTABLISHED IN THIS
34 SUBSECTION (3)(u) THAT WOULD RESULT IN A PROPERTY TAX INCREASE
35 WOULD REQUIRE PRIOR VOTER APPROVAL UNDER SECTION 20 (4)(a) OF
36 ARTICLE X OF THE STATE CONSTITUTION.".
37
38 Renumber succeeding sections accordingly.
39
40 Page 18, line 25, strike "ACT," and substitute "ACT".
41
42 Page 19, after line 24 insert:
43
44 "SECTION 7. In Colorado Revised Statutes, add 39-1-104.6 as
45 follows:
46 39-1-104.6. Total program balancing adjustment of residential
47 rate - definitions. (1) FOR QUALIFYING PROPERTY TAX YEARS, THE
48 VALUATION FOR ASSESSMENT FOR ALL RESIDENTIAL REAL PROPERTY, FOR
49 THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT, IS EQUAL TO THE
50 LESSER OF:
51 (a) SEVEN AND FIFTEEN HUNDREDTHS PERCENT OF THE ACTUAL
52 VALUE OF THE PROPERTY; OR
53 (b) THE PERCENTAGE OF THE ACTUAL VALUE OF THE PROPERTY
54 NECESSARY FOR STATEWIDE SCHOOL DISTRICT PROPERTY TAX REVENUE
55 DIVIDED BY WEIGHTED TOTAL PROGRAM TO EQUAL ZERO AND SIX-TENTHS.
56
1 (2) (a) LEGISLATIVE COUNCIL STAFF SHALL NOTIFY THE STATE
2 BOARD OF EQUALIZATION OF THE FIRST YEAR AFTER 2026 IN WHICH THE
3 LOCAL SHARE OF TOTAL PROGRAM IS EQUAL TO OR GREATER THAN SIXTY
54 4 PERCENT OF THE TOTAL PROGRAM DETERMINED PURSUANT TO ARTICLE
5 OF TITLE 22.
6 (b) NO LATER THAN ONE WEEK AFTER THE ANNUAL PUBLIC SCHOOL
7 FINANCE ACT BECOMES LAW, LEGISLATIVE COUNCIL STAFF SHALL PROVIDE
8 THE STATE BOARD OF EQUALIZATION WITH THE INFORMATION NECESSARY
9 TO CALCULATE THE BALANCING PERCENTAGE FOR A QUALIFYING
10 PROPERTY TAX YEAR.
11 (c) NO LATER THAN THREE WEEKS AFTER RECEIVING THE
12 INFORMATION PROVIDED BY LEGISLATIVE COUNCIL STAFF PURSUANT TO
13 SUBSECTION (2) OF THIS SECTION, THE STATE BOARD OF EQUALIZATION
14 SHALL SUBMIT A REPORT TO THE GENERAL ASSEMBLY THAT CALCULATES
15 THE BALANCING PERCENTAGE.
16 (3) IF THE BALANCING PERCENTAGE IS LOWER THAN SEVEN AND
17 FIFTEEN HUNDREDTHS PERCENT, THEN, FOR THAT PROPERTY TAX YEAR,
18 THE VALUATION FOR ASSESSMENT FOR RESIDENTIAL REAL PROPERTY FOR
19 THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT IS TEMPORARILY
20 REDUCED IN ACCORDANCE WITH SUBSECTION (1)(b) OF THIS SECTION. THE
21 VALUATION FOR ASSESSMENT FOR THIS PROPERTY IS SEVEN AND FIFTEEN
22 HUNDREDTHS PERCENT OF THE ACTUAL VALUE OF THE PROPERTY FOR THE
23 NEXT PROPERTY TAX YEAR, BUT THE VALUATION FOR ASSESSMENT MAY BE
24 REDUCED AGAIN FOR THAT PROPERTY TAX YEAR IN ACCORDANCE WITH
25 SUBSECTION (1)(b) OF THIS SECTION.
26 (4) AS USED IN THIS SECTION, UNLESS THE CONTEXT OTHERWISE
27 REQUIRES:
28 (a) "BALANCING PERCENTAGE" MEANS THE PERCENTAGE OF THE
29 ACTUAL VALUE OF ALL RESIDENTIAL REAL PROPERTY DESCRIBED IN
30 SUBSECTION (1)(b) OF THIS SECTION.
31 (b) "QUALIFYING PROPERTY TAX YEAR" MEANS A PROPERTY TAX
32 YEAR COMMENCING AFTER LEGISLATIVE COUNCIL STAFF HAS PROVIDED
33 THE STATE BOARD OF EQUALIZATION WITH THE NOTICE DESCRIBED IN
34 SUBSECTION (2) OF THIS SECTION.
35 (c) "STATEWIDE SCHOOL DISTRICT PROPERTY TAX REVENUE"
36 MEANS THE TOTAL AMOUNT OF PROPERTY TAX REVENUE ESTIMATED TO BE
37 RETAINED BY ALL OF THE SCHOOL DISTRICTS IN THE STATE IN CONNECTION
38 WITH DISTRICT TOTAL PROGRAM FUNDING FOR THE CURRENT QUALIFYING
39 PROPERTY TAX YEAR.
40 (d) "WEIGHTED TOTAL PROGRAM" MEANS STATEWIDE TOTAL
41 PROGRAM AS CALCULATED PURSUANT TO SECTION 22-54-103.3.
42 SECTION 8. In Colorado Revised Statutes, as added by Senate
43 Bill 24-111 39-1-104.6, add (10)(c) as follows:
44 39-1-104.6. Qualified-senior primary residence real property
45 - valuation for assessment - reimbursement to local governments for
46 reduced valuation - temporary mechanism for refunding excess state
47 revenues - legislative declaration - definitions. (10) Reimbursement
48 as refund of excess state revenues. (c) AS USED IN THIS SUBSECTION
49 (10), UNLESS THE CONTEXT OTHERWISE REQUIRES, "REVENUE LOST AS A
50 RESULT OF THE CLASSIFICATION OF REAL PROPERTY AS QUALIFIED-SENIOR
51 PRIMARY RESIDENCE REAL PROPERTY" MEANS REVENUE THAT IS LOST AS
52 A RESULT OF CERTAIN RESIDENTIAL PROPERTIES BEING CLASSIFIED AS
53 "QUALIFIED-SENIOR PRIMARY RESIDENCE REAL PROPERTY", AND HAVING
54 A VALUATION FOR ASSESSMENT DETERMINED PURSUANT TO SECTION
55 39-1-104.2 (3)(s), RATHER THAN BEING CLASSIFIED AS "ALL RESIDENTIAL
1 REAL PROPERTY OTHER THAN QUALIFIED-SENIOR PRIMARY RESIDENCE
2 REAL PROPERTY" AND HAVING A VALUATION FOR ASSESSMENT
3 DETERMINED PURSUANT TO SECTION 39-1-104.2 (3)(t) AND (3)(u).".
4
5 Renumber succeeding sections accordingly.
6
7 Page 20, line 22, strike "AND".
8
9 Page 20, line 26, strike "SECTION." and substitute "SECTION; AND
10 "(f) IT IS THE INTENT OF THE GENERAL ASSEMBLY TO REVIEW BOTH
11 THE IMPACT OF THE PROPERTY TAX REVENUE REDUCTIONS IN SENATE BILL
12 24-233 AND THE REIMBURSEMENT DESCRIBED IN THIS SECTION ON LOCAL
13 GOVERNMENTAL ENTITIES TO ENSURE THAT LOCAL GOVERNMENTAL
14 ENTITIES CAN MAINTAIN THE CURRENT LEVEL OF CRITICAL SERVICES THEY
15 PROVIDE.".
16
17 Page 24, line 17, strike "$351,661,729" and substitute "$378,861,731".
18
19 Page 25, after line 18 insert:
20
21 "SECTION 14. Effective date. (1) Except as otherwise provided
22 in this section, this act takes effect upon passage.
111 23 (2) Section 3 of this act takes effect only if Senate Bill 24-
24 does not become law.
25 (3) Sections 4 and 8 of this act take effect only if Senate Bill
26 24-111 becomes law, in which case sections 4 and 8 take effect on the
27 effective date of this act or Senate Bill 24-111, whichever is later.
1448 28 (3) Section 6 of this act takes effect only if House Bill 24-
29 does not become law.
1448 30 (4) Section 7 this act takes effect only if House Bill 24-
31 becomes law, in which case section 7 takes effect on the effective date of
32 this act or House Bill 24-1148, whichever is later.".
33
34 Renumber succeeding section accordingly.

House Journal, May 8
6 Amendment No. 1, Appropriations Report, dated May 7, 2024, and placed
7 in member's bill file; Report also printed in House Journal, May 7, 2024.
8
9 Amendment No. 2, by Representative deGruy Kennedy:
10
11 Amend reengrossed bill, page 5, line 7, strike "COUNTY, CITY" and
12 substitute "CITY".
13
14 Page 5, line 15, strike "ALL" and substitute "THE MAJORITY OF THE LOCAL
15 GOVERNMENTAL ENTITY'S".
16
17 Amendment No. 3, by Assistant Minority Leader Winter:
18
19 Amend reengrossed bill, page 12, line 5, after "CODES" insert "AND ALL
20 REAL OR PERSONAL PROPERTY THAT IS CLASSIFIED AS AGRICULTURAL
21 PROPERTY".
22
23 As amended, ordered revised and placed on the Calendar for Third
24 Reading and Final Passage.
25

House Journal, May 8
32 Amend revised bill, page 6, line 15, strike "31" and substitute "31, PART
33 1 OF ARTICLE 30 OF TITLE 31,".
34
35 Page 11, line 1, strike "ARTICLE X OF SECTION 20" and substitute
36 "SECTION 20 OF ARTICLE X".
37
38 Page 11, line 2, strike "IS" and substitute "ARE".
39
40 Page 11, line 15, strike "JANUARY 1, 2025," and substitute "THE
41 EFFECTIVE DATE OF THIS PART 17".
42
43 Page 12, line 15, after "PROPERTY;" insert "AND".
44
45 Page 12, strike lines 16 through 18.
46
47 Renumber succeeding subparagraph accordingly.
48
49 Page 12, line 20, strike "2027," and substitute "2026,".
50
71875 51 Page 16, line 9, strike "111.71875%" and substitute "111.
52 PERCENT".
53
54
1 Page 20, after line 17 insert:
2
3 "(A) FOR THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1,
4 2025, FOR THE PURPOSE OF A LEVY IMPOSED BY A LOCAL GOVERNMENTAL
5 ENTITY, 6.4 PERCENT OF THE AMOUNT EQUAL TO THE ACTUAL VALUE OF
6 THE PROPERTY MINUS EITHER FIFTY PERCENT OF THE FIRST TWO HUNDRED
7 THOUSAND DOLLARS OF THAT ACTUAL VALUE PLUS THE LESSER OF TEN
8 PERCENT OF THE ACTUAL VALUE OF THE PROPERTY OR SEVENTY
9 THOUSAND DOLLARS AS INCREASED FOR INFLATION IN THE FIRST YEAR OF
10 EACH SUBSEQUENT REASSESSMENT CYCLE OR THE AMOUNT THAT CAUSES
11 THE VALUATION FOR ASSESSMENT OF THE PROPERTY TO BE ONE THOUSAND
12 DOLLARS;".
13
14 Reletter succeeding sub-subparagraphs accordingly.
15
16 Page 20, line 18, after "FOR" insert "THE PROPERTY TAX YEAR
17 COMMENCING ON JANUARY 1, 2026, FOR".
18
19 Page 20, strike lines 20 through 23 and substitute "ACTUAL VALUE OF THE
20 PROPERTY MINUS EITHER FIFTY PERCENT OF THE FIRST TWO HUNDRED
21 THOUSAND DOLLARS OF THAT ACTUAL VALUE PLUS THE LESSER OF TEN
22 PERCENT OF THE ACTUAL VALUE OF THE PROPERTY OR SEVENTY
23 THOUSAND DOLLARS AS INCREASED FOR INFLATION IN THE FIRST YEAR OF
24 EACH SUBSEQUENT REASSESSMENT CYCLE OR THE AMOUNT THAT CAUSES
25 THE VALUATION FOR ASSESSMENT OF THE PROPERTY TO BE ONE THOUSAND
26 DOLLARS; AND".
27
28 Page 20, line 24, after "FOR" insert "THE PROPERTY TAX YEARS
29 COMMENCING ON JANUARY 1, 2025, AND JANUARY 1, 2026, FOR".
30
31 Page 20, line 26, strike "EITHER" and substitute "THE LESSER OF".
32
33 Page 20, line 27, strike "PLUS THE LESSER OF TEN".
34
35 Page 21, strike lines 1 through 3 and substitute "OR THE AMOUNT THAT
36 CAUSES".
37
38 Page 21, line 10, strike "(3)(s)(I)(B)" and substitute "(3)(s)(I)(A)".
39
71875 40 Page 21, line 11, strike "102.877697842%" and substitute "111.
41 PERCENT".
42
43 Page 21, line 12, strike "6.95" and substitute "6.4".
44
45 Page 21, line 13, before "MINUS" insert "PROPERTY".
46
47 Page 21, lines 16 and 17, strike "AS INCREASED FOR INFLATION IN THE
48 FIRST YEAR OF EACH SUBSEQUENT REASSESSMENT CYCLE".
49
50 Page 21, line 26, after "VALUATION" insert "FOR ASSESSMENT".
51
52 Page 22, line 2, strike "6.7" and substitute "6.4".
53
71875 54 Page 22, line 11, strike "106.716418%" and substitute "111.
55 PERCENT" and strike "6.7" and substitute "6.4".
56
1 Page 22, line 14, after "VALUATION" insert "FOR ASSESSMENT".
2
3 Page 27, line 26, strike "SECTION 22-54-103.3." and substitute "SECTIONS
4 22-54-103.3 AND 22-54-103.5, AS APPLICABLE.".
5
6 Page 31, line 15, after "SECTION." insert "IF THE TOTAL AMOUNT
7 RECEIVED FROM THE STATE TREASURER IS REDUCED PURSUANT TO
8 SUBSECTION (6)(b) OF THIS SECTION, EACH TREASURER SHALL
9 PROPORTIONALLY REDUCE THE AMOUNT DISTRIBUTED TO EACH LOCAL
10 GOVERNMENTAL ENTITY.".
11
12 Page 32, after line 4 insert:
13
14 "(b) NOTWITHSTANDING SUBSECTION (6)(a) OF THIS SECTION, IF
15 THERE IS INSUFFICIENT MONEY IN THE FUND FOR THE STATE TREASURER TO
16 ISSUE WARRANTS PURSUANT TO SUBSECTION (5)(a) OF THIS SECTION IN
17 THE AMOUNTS DETERMINED PURSUANT TO SUBSECTION (6)(a) OF THIS
18 SECTION, THE AMOUNTS OF THE WARRANTS ISSUED BY THE STATE
19 TREASURER MUST BE PROPORTIONALLY REDUCED.".
20
21 Reletter succeeding paragraph accordingly.
22
23 Page 32, line 26, strike "GENERAL FUND." and substitute "SUSTAINABLE
24 REBUILDING PROGRAM FUND CREATED IN SECTION 24-38.5-115 (7).".
25
26 Page 34, strike lines 17 and 18 and substitute:
27
28 "SECTION 14. Effective date. (1) This act shall not take effect
29 if either or both of the following occur:
30 (a) An initiative that reduces valuations for assessment is
31 approved by the people at the general election held on November 5, 2024;
32 (b) An initiative that requires voter approval for retaining property
33 tax revenue that exceeds a limit is approved by the people at the general
34 election held on November 5, 2024.
35 (2) If this act takes effect under subsection (1) of this section, then
36 this act takes effect upon the date of the official declaration of the vote
37 for the general election held on November 5, 2024; except that:".
38
39 Page 34, line 19, strike "(2)" and substitute "(a)".
40
41 Page 34, line 20, strike "law." and substitute "law;".
42
43 Page 34, line 21, strike "(3)" and substitute "(b)".
44
45 Page 34, strike lines 22 and 23 and substitute "24-111 becomes law;".
46
47 Page 34, line 24, strike "(3)" and substitute "(c)".
48
49 Page 34, line 25, strike "law." and substitute "law; and".
50
51 Page 34, line 26, strike "(4)" and substitute "(d)".
52
53
1 Page 34, strike line 27.
2
3 Page 35, strike line 1 and substitute "becomes law.".
4
5 The amendment was declared passed by the following roll call vote:
6
7 YES 60 NO 2 EXCUSED 3 ABSENT
8 Amabile Y English E Lindstedt Y Sirota Y
9 Armagost Y Epps Y Luck N Snyder Y
10 Bacon Y Evans Y Lukens Y Soper Y
11 Bird Y Frizell Y Lynch Y Story Y
12 Bockenfeld E Froelich Y Mabrey Y Taggart Y
13 Boesenecker Y Garcia Y Marshall Y Titone Y
14 Bottoms Y Hamrick Y Martinez Y Valdez Y
15 Bradfield Y Hartsook Y Marvin Y Velasco Y
16 Bradley Y Hernandez Y Mauro Y Vigil Y
17 Brown Y Herod Y McCormick Y Weinberg N
18 Catlin E Holtorf Y McLachlan Y Weissman Y
19 Clifford Y Jodeh Y Ortiz Y Willford Y
20 Daugherty Y Joseph Y Parenti Y Wilson Y
21 DeGraaf Y Kipp Y Pugliese Y Winter T. Y
22 deGruy Kennedy Y Lieder Y Ricks Y Woodrow Y
23 Duran Y Lindsay Y Rutinel Y Young Y
24 Speaker Y
25
26 The question being, "Shall the bill, as amended, pass?".
27 A roll call vote was taken. As shown by the following recorded vote, a
28 majority of those elected to the House voted in the affirmative, and the
29 bill, as amended, was declared passed.
30
31 YES 57 NO 6 EXCUSED 2 ABSENT
32 Amabile Y English E Lindstedt Y Sirota Y
33 Armagost Y Epps Y Luck N Snyder Y
34 Bacon Y Evans Y Lukens Y Soper Y
35 Bird Y Frizell Y Lynch N Story Y
36 Bockenfeld E Froelich Y Mabrey Y Taggart Y
37 Boesenecker Y Garcia Y Marshall Y Titone Y
38 Bottoms N Hamrick Y Martinez Y Valdez Y
39 Bradfield Y Hartsook Y Marvin Y Velasco Y
40 Bradley N Hernandez Y Mauro Y Vigil Y
41 Brown Y Herod Y McCormick Y Weinberg N
42 Catlin Y Holtorf Y McLachlan Y Weissman Y
43 Clifford Y Jodeh Y Ortiz Y Willford Y
44 Daugherty Y Joseph Y Parenti Y Wilson Y
45 DeGraaf N Kipp Y Pugliese Y Winter T. Y
46 deGruy Kennedy Y Lieder Y Ricks Y Woodrow Y
47 Duran Y Lindsay Y Rutinel Y Young Y
48 Speaker Y
49 Co-sponsor(s) added: Representative(s) Amabile, Bacon, Bird, Boesenecker,
50 Clifford, Daugherty, Duran, Epps, Froelich, Garcia, Hamrick, Hernandez,
51 Herod, Jodeh, Joseph, Kipp, Lindsay, Lindstedt, Lukens, Mabrey, Marshall,
52 Martinez, Mauro, McCormick, McLachlan, Ortiz, Parenti, Ricks, Rutinel,
53 Sirota, Snyder, Story, Titone, Valdez, Velasco, Vigil, Weissman, Willford,
54 Young, Speaker
55
56
1135 1 RECONSIDERATION OF HB24-
2
3 Having voted on the prevailing side, Majority Leader Duran moved for
4 the reconsideration of repassage of HB24-1135. As shown by the
5 following recorded vote more than a two-thirds majority of those elected
6 to the House voted in the affirmative and the motion was declared
7 passed:
8
9 YES 60 NO 3 EXCUSED 2 ABSENT
10 Amabile Y English E Lindstedt Y Sirota Y
11 Armagost Y Epps N Luck Y Snyder Y
12 Bacon Y Evans Y Lukens Y Soper Y
13 Bird Y Frizell Y Lynch Y Story Y
14 Bockenfeld E Froelich Y Mabrey Y Taggart Y
15 Boesenecker Y Garcia Y Marshall Y Titone Y
16 Bottoms Y Hamrick Y Martinez Y Valdez Y
17 Bradfield Y Hartsook Y Marvin Y Velasco Y
18 Bradley Y Hernandez Y Mauro Y Vigil Y
19 Brown Y Herod Y McCormick Y Weinberg N
20 Catlin Y Holtorf Y McLachlan Y Weissman Y
21 Clifford Y Jodeh Y Ortiz Y Willford Y
22 Daugherty Y Joseph Y Parenti Y Wilson Y
23 DeGraaf Y Kipp Y Pugliese Y Winter T. Y
24 deGruy Kennedy Y Lieder Y Ricks Y Woodrow N
25 Duran Y Lindsay Y Rutinel Y Young Y
26 Speaker Y