The Division is tracking a recently introduced bill that directs counties to file a second, updated abstract of assessment for tax year 2023, HB24-1179, 2023 Property Tax Year Updated Abstract.
As introduced, this new bill creates a requirement for all assessors to file an updated abstract in order to take into account the changes the legislature made in Senate Bill 23B-001. Language in the bill says that the assessors’ offices shall file a copy of their updated abstract on or before February 20, 2024.
The abstract must be filed through the regular county portal that was used last year. County assessors can use the same login information to access the system and submit their data. If a new account needs to be made or you forgot your password, please follow the appropriate link to get assistance from that login page.
The changes resulting from Senate Bill 23B-001 include a reduction in the residential assessment rate from 6.765% to 6.7% and an increase in the residential actual value adjustment from $15,000 to $55,000, or the amount that causes the valuation to be $1,000.
In terms of filling out and submitting the new abstract online, only the assessors’ final values need to be reported. Counties are not required to enter CBOE values on this report.
Ultimately, the updated abstract should reflect what was sent out on the final certifications.