2024 Reimbursement Calculation Spreadsheet (for Assessors)
2024 Local Government Reimbursement Spreadsheet
Reporting of Qualified Local Share of Property Tax Revenue for Schools
2024 Property Tax Legislation
The following bills have been signed into law or are awaiting the governor’s signature. Please refer to the Colorado General Assembly website for more information on the bills and to access bill text.
- HB24-1052 Senior Housing Income Tax Credit
- HB24-1104 Prohibiting Firefighter Personal Info on Internet
- HB24-1172 County Revitalization Authorities
- HB24-1179 Updated Abstract
- HB24-1294 Mobile Homes in Mobile Home Parks
- HB24-1302 Tax Rate Information to Real Property Owners
- HB24-1308 Effective Implementation of Affordable Housing Programs
- HB24-1411 Increase in Property Tax Exemption Filing Fees
- SB24-002 Local Government Property Tax Credit Rebates
- SB24-111 Senior Primary Residence Property Tax Reduction
- SB24-129 Nonprofit Member Data Privacy & Public Agencies
- SB24-138 Mod of County Elected Officer Salary Categories
- SB24-183 Mobile Home Taxation Task Force
- SB24-233 Property Tax
Legislative summaries are below. If you have questions, please contact Tony Werckman at tony.werckman@state.co.us or at 303-864-7767.
House Bills
HB24-1052 - Senior Housing Income Tax Credit
HB24-1052 reauthorizes and modifies the Senior Housing Income Tax Credit program from 2022. This is a one time, income-based refundable income tax credit for qualifying senior citizens. The program is administered through the Department of Revenue, commencing income tax year January 1, 2024. The credit is available for qualifying seniors who have not claimed a homestead property tax exemption for the tax year commencing on January 1, 2024, on or before August 15, 2024.
If a recipient of the senior exemption program wishes to be removed from the program in order to receive the senior housing income tax credit, they must notify the assessor by the August 15, 2024 deadline. If a senior removes themselves from the program and they wish to receive the senior exemption for property tax year 2025 (or later) they will be required to file a new application.
While assessors have no responsibility stemming from this bill, we have included this information as you may receive questions concerning the tax credit program.
Signed by Governor Jared Polis: Currently not signed
Effective Date: August 7, 2024
Effective Property Tax Year: 2024 only
HB24-1104 - Prohibiting Firefighter Personal Information on Internet
Current law states that the personal information for protected persons, and their immediate family, may be removed from the internet and any publicly accessed databases, § 18-9-313(2.7) C.R.S.
The bill expands the list of protected persons to include firefighters.
Signed by Governor Jared Polis: April 11, 2024
Effective Date: August 7, 2024
Effective Property Tax Year: 2024
HB24-1172 - County Revitalization Authorities
This legislation creates County Revitalization Law, adding article 31 to title 30, C.R.S. This law essentially mirrors Urban Renewal (UR) law pursuant to §§ 31-25-101 et seq., C.R.S., however there are some differences.
Similarities to urban renewal law include:
- How a county revitalization authority is formed and its powers.
- How a revitalization plan is approved and adopted, or substantially modified.
- The use of tax increment financing.
- Limitations on the inclusion of agricultural land in a revitalization plan area and the county assessor’s purview over the inclusion of agricultural land.
- Prohibition of a county revitalization authority from levying ad valorem tax.
- Procedures for certifying values to taxing entities.
- Procedures for the BOCC certifying taxing entities’ levies and revenues subject to TIF.
- Application of the 9-Step process for tracking base and increment value as outlined in ARL Volume 2, Chapter 12.
Differences from urban renewal law include:
- A blight study and findings of blight conditions are not required. To determine if a revitalization area is warranted, the actualization of one or more of nine “opportunity factors” is the guiding principle, § 30-31-103(14), C.R.S.
- The county revitalization authority consists of three to eight commissioners, § 30-31-104(2)(a)(I), C.R.S, depending on participation by various taxing entities in the authority.
- A certificate of appointment of an authority commissioner shall be filed with the County Clerk & Recorder, § 30-31-104(2)(d), C.R.S.
- A taxing entity’s (other than the county) participation in an authority is voluntary, as they may petition to become a part of the authority, § 30-31-104(6)(a), C.R.S.
- Although the language is silent about whether or not a school district is part of the authority, Legislative Council Staff and the bill’s drafter confirmed that school districts are excluded from the authority and are not subject to the TIF diversion of the school district’s mill levy.
- Only specifically designated taxing entities that have joined the authority are subject to the TIF diversion of incremental property tax revenue, § 30-31-104(6)(c), C.R.S.
- At least 30 days prior to a public hearing to adopt a revitalization plan, the county must provide an impact report to any municipality within one mile of a proposed revitalization area, § 30-31-109(3)(a), C.R.S.
- The TIF provision, § 30-31-109(13), C.R.S, provides for a 30-year term for the diversion of increment revenue to the special fund of the authority. Otherwise, the TIF provision in this law is identical to the TIF provision in UR law, § 31-25-107(9), C.R.S.
- Because a taxing entity’s participation in the authority is voluntary, there is no provision for increment revenue sharing agreements as there is in UR law, § 31-25-107(9.5), C.R.S.
Signed by Governor Jared Polis: Currently not signed
Effective Date: August 7, 2024
Effective Property Tax Year 2024
HB24-1179 - Updated Abstract
The bill requires assessors to prepare an updated abstract of assessment for the 2023 property tax year and file a copy of the abstract and other required information with the Division of Property Taxation in the Department of Local Affairs no later than February 20, 2024. The information in the abstract must be updated to account for changes resulting from the enactment of Senate Bill 23B-001. The updated abstract requirement is then repealed effective July 1, 2024, making it applicable only to the 2023 tax year.
Signed by Governor Jared Polis: February 15, 2024
Effective Date: Upon Signature
Effective Property Tax Year 2023
HB24-1294 - Mobile Homes in Mobile Home Parks
HB24-1294 provides additional legal rights & responsibilities relating to the sale, lease & purchase of Mobile Homes through a rent to own contract, while also touching on additional responsibilities of Mobile Home Park owners or management.
Items of importance for Ad Valorem valuations include a modification of the Mobile Home Park definition, removing the words “continuous” and “occupied,” now stating: a “Mobile Home Park” or “park” means a parcel of land used for the accommodation of five or more mobile homes for which the management or landlord has a rental agreement with a tenant for (1) a mobile home, (2) or a lot, (3) or is receiving rent payments for a mobile home or lot from a tenant or third party.
This bill clarifies that a mobile home, or any accessory building or structure, that is owned by a person other than the landlord are each a separate unit of ownership, and that the accessory building or structure are each presumed to be owned by the owner of the mobile home unless a written agreement establishes ownership by another person.
Lastly, HB24-1294 specifies the requirements regarding a transfer of the title of the mobile home under a rent-to-own contract, requiring the seller to timely pay all property taxes until the purchaser becomes the owner and receives the title.
Signed by Governor Jared Polis: Currently not signed
Effective Date: Upon Signature
Effective Property Tax Year 2024
HB24-1302 - Tax Rate Information to Real Property Owners
This bill requires each body authorized to levy taxes to submit, with its annual certification of levies: the current rate of each mill levy it imposes; if the authority has voter approval to retain and spend additional revenue, or if the levy is subject to limits on annual revenue growth; any adjustments or credits that have been applied; the revenue from those adjustments; and the maximum levy that may be levied. The taxing authority must also list; the prior year’s levy, the allowable annual growth in revenue collected and the actual growth in revenue collected from the prior year, and any other requirements that the Division of Local Government deems necessary. As of December 31, 2024, counties must ensure that this information is available upon request. Beginning January 1, 2026, counties must ensure that this information is publicly available.
This bill also eliminates the requirement for county assessors to include an estimate or range of taxes on the Notice of Valuation that is sent to property owners annually on May 1.
Signed by Governor Jared Polis: Currently not signed
Effective Date: Upon Signature
Effective Property Tax Year: 2024
HB24-1308 - Effective Implementation of Affordable Housing Programs
This bill amends the reporting requirements of the Division of Housing, adding information on applications for affordable housing programs, including the number of applicants approved, amounts of money granted, and amounts of money applied for but denied. This bill establishes procedures for accepting applications, issuing final rewards, and executing any required contracts. This bill allows political subdivisions to donate land to a community land trust or non-profit affordable housing developer for the purposes of meeting affordable housing unit requirements.
This bill allows non-profit affordable housing developers and community land trusts to submit one application or annual report filed pursuant to § 39-2-117, C.R.S., for subdivided property exempt under § 39-3-127.7, C.R.S. While one application or annual report may account for all subdivided parcels, the property owner must still submit fees commensurate with the amount of parcels exempt under the application or report.
While assessors have no responsibility stemming from this bill, we have included this information as you may receive questions concerning this program.
Signed by Governor Jared Polis: Currently not signed
Effective Date: August 7, 2024
Effective Property Tax Year: 2024
HB24-1411 - Increase in Property Tax Exemption Filing Fees
This bill increases the fees paid for submitting new applications for exemption, as well as annual reports for currently exempt properties. The fee for a new application for exemption increases from $175 to $200. Fees increase for filing an annual report from $75 to $110 for timely filing, and from $250 to $300 for late filing. The increases apply to all such forms filed on or after July 1, 2024, regardless of tax year.
This bill also leaves any future adjustments to the fees to the Property Tax Administrator. The Administrator shall annually adjust the fees for submitting new applications and annual reports according to the rate of inflation or deflation, in increments of five dollars.
Signed by Governor Jared Polis: April 18, 2014
Effective Date: July 1, 2024
Effective Property Tax Year: 2023 or earlier, depending on forms filed
Senate Bills
SB24-002 - Local Government Property Tax Credits Rebates
SB24-002 expands local government authority to implement property tax credit and rebate programs for real property. The incentive programs are limited to an area of local concern, meaning a use of local real property that the local governing authority can show, with verifiable data, that is “diminishing or unavailable” and are “necessary for the health, safety or welfare of the residents in the county.”
At the county level, the Board of County Commissioners are authorized to create the incentive programs and at the municipal level, the local municipal government is granted the authority.
Before implementation, a governing body must hold hearings and provide at least a 30 day notification to the clerks of the county and municipalities that can be impacted by the incentive program. The notified parties must be given time to respond to the possible impact. After this process, the governing body must pass an ordinance or resolution to allow a one year incentive program. The program must be evaluated annually via a public hearing in order to ensure its efficacy and whether to extend the program for an additional year.
Any incentive of this nature must allow for all owners of the targeted property class and area to participate in the program. Additionally, this bill does not allow incentive programs that may harm or are expected to harm a “disproportionately impacted community” or is expected to prevent adherence to existing greenhouse gas emission regulations.
While assessors have no direct responsibility stemming from this bill other than sharing classification information with local governments, we have included this information as you may receive questions concerning this program that local governments may implement.
Signed by Governor Jared Polis: March 15, 2024
Effective Date: August 7, 2024
Effective Property Tax Year: 2024
SB24-111 - Senior Primary Residence Prop Tax Reduction
SB24-111 establishes a new "Qualified-Senior Primary Residence” classification for the tax years 2025 and 2026. This classification will offer qualifying senior citizens (or their surviving spouse) a property tax reduction of “the amount equal to the actual value of the property minus the lesser of fifty percent of the first two hundred thousand dollars of that actual value or the amount that causes the valuation for assessment of the property to be one thousand dollars” on their primary residence.
If SB24-233 remains in place, the qualified-senior primary residence classification will also include a reduced assessment rate for these years. However, this is contingent on whether or not November ballot initiatives pass that will negate SB24-233.
Please see the SB24-233 write up for more details.
In order to qualify, the applicant must meet “owner occupier” criteria and they must have previously qualified for and received, in property tax year 2020 or later (but are not currently receiving), the senior property tax exemption.
The bill is patterned after the existing senior property tax exemption program and shares many similarities with that program, with a notable difference concerning application deadlines. For the classification program, timely applications are due to the County Assessor by March 15 and late applications must be accepted until July 15. The County Assessor will process Division created applications for the classification. The Assessor’s office will submit reports to the Division as they do with the senior property tax exemption with similar reporting requirements and deadlines. The Division will review the reports to ensure the eligibility of each applicant. The county treasurer will file a report each March for the duration of this program to allow the Division to approve reimbursement funds from the State Treasurer.
Signed by Governor Jared Polis: May 14, 2024
Effective Date: August 7, 2024
Effective Property Tax Year: 2025 and 2026 only
SB24-129 - Nonprofit Member Data Privacy & Public Agencies
This bill governs the release of member-specific data kept by non-profit entities. It prohibits the release of this data to public agencies unless required by law or rule, or otherwise compelled to provide it through legal or administrative proceedings. This bill also protects non-profit entities from producing member-specific data contained in public records that are not subject to inspection or copying.
While assessors have no responsibility stemming from this bill, we have included this information as you may receive questions concerning this program.
Signed by Governor Jared Polis: May 28, 2024
Effective Date: August 7, 2024
Effective Property Tax Year: 2024
SB24-138 - Mod of County Elected Officer Salary Categories
This bill amends the categorization of Colorado counties for salaries of elected officials.
It moves Fremont County from Category II-C to Category II-B; Elbert County from Category IV-A to Category III-A, Rio Grande County from Category IV-C to Category III-C and Hinsdale County from Category V-B to Category V-A.
Signed by Governor Jared Polis: April 11, 2024
Effective Date: August 7, 2024
Effective Property Tax Year: 2025
SB24-183 - Mobile Home Taxation Task Force
SB24-183 temporarily suspends the current law that allows the treasurer to enforce collection of delinquent taxes on mobile homes by distraining, seizing, and selling the mobile home. SB24-183 suspends these distraint sales as well as the accrual of delinquent interest. It creates a task force to recommend statutory changes to bring state law into compliance with the recent United States Supreme Court's decision affirming a property owner's constitutional right to the value of their property in excess of their tax debt.
The task force is required to convene by June 15, 2024; meet at least once a month during the 2024 legislative interim, or more often as directed by the chairperson; and submit a report with its findings and on or before October 1, 2024. The task force is repealed, effective January 1, 2025.
Signed by Governor Jared Polis: Currently not signed
Effective Date: Upon Signature
Effective Property Tax Year: 2024
SB24-233 - Property Tax
Starting in 2025, this bill establishes a new 5.5% property tax growth limit on local governments, using property tax year 2023 as the base year for qualified revenue. The property tax revenue limit is equal to the base year's qualified property tax revenue increased for each year since the base year by 5.5%.
County assessors will need to supply the information necessary to allow all local governments in their county the ability to establish their base year revenue limit. The base year is 2023, if the local government had qualifying property tax revenue for that year. Otherwise, it is he first year the local government has qualifying revenue.
Local governments that are still limited by either the current 5.5% limit (29-1-301) or by the Tabor limit (section 20 of article X in the state constitution) are excluded from this new limit.
| Property Type/Tax Year | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|
| Vacant | 27.9% | 29% | 29% | 29% |
| Residential | 6.7% of the adjusted actual value^ | NA | NA | NA |
| Residential Schools | NA | 7.15%* | 7.15% | 7.15% or adjusted by SBOE** |
| Residential Local Govs (LG’s) | NA | 6.4% | 6.95% of the adjusted actual value^ | 6.95% of the adjusted actual value^ |
| Qualified-Senior Primary Residential Schools | NA | 7.15% of the adjusted actual value^ | 7.15% of the adjusted actual value^ | NA |
| Qualified-Senior Primary Residential LG’s | NA | 6.4% of the adjusted actual value^ | 6.95% of the adjusted actual value^ | NA |
| Commercial Improved | 27.9% of the adjusted actual value^ | 27% | 25% | 25% |
| Commercial Other | 27.9% | 29% | 29% | 29% |
| Commercial Improved Renewables | 26.4% of the adjusted actual value^ | 27% | 25% | 25% |
| Industrial | 27.9% | 29% | 29% | 29% |
| Ag (Real & Personal) | 26.4% | 27% | 25% | 25% |
| Natural Resources | 27.9% | 29% | 29% | 29% |
| Mining | No Change | No Change | No Change | No Change |
| O&G | No Change | No Change | No Change | No Change |
| State Assessed | 27.9% | 29% | 29% | 29% |
| State Assessed Renewables | 26.4% | 29% | 29% | 29% |
| Personal Property | 27.9% | 29% | 29% | 29% |
*For property tax year 2025, if it is not possible for an assessor to calculate the assessed value using two different assessment rates, then the school assessed value is approximated by multiplying the 6.4% by 111.71875%.
**Starting in 2027, the residential assessment rate for schools may be temporarily reduced annually in order for the total local share of statewide total program to equal 60%. The State Board of Equalization (SBOE) will report to the General Assembly the necessary assessment rate that provides the balancing percentage.
^ Adjusted Actual Values:
- For property tax year 2024, the residential actual value adjustment is the actual value minus $55k, with a $1k assessed value minimum.
- For property tax year 2024, the commercial improved and commercial renewables improved actual value adjustment is the actual value minus $30k, with a $1k assessed value minimum.
- For property tax years 2026 and following, the residential adjustment is the actual value minus 10% of the first $700k, with a $1k minimum assessed value. This only applies when calculating the LG assessed value.
- For property tax years 2025 and 2026, the qualified-senior primary residential adjustment for schools is 50% of the first $200k of the actual value, with a $1k minimum assessed value.
- At this time, for 2025, the qualified-senior primary residential adjustment for local governments will first be 10% of the first $700k of the actual value, plus then 50% of the first $200k of the adjusted actual value, with a $1k minimum assessed value. We believe that the 10% adjustment is subject to change.
- For property tax year 2026, the qualified-senior primary residential adjustment for local governments will first be 10% of the first $700k of the actual value, plus then 50% of the first $200k of the adjusted actual value, with a $1k minimum assessed value.
Starting in 2027, the $700k limit to the adjustment of actual value for residential property will be increased for inflation in each subsequent reassessment cycle. The Property Tax Administrator (PTA) will publish the inflation adjusted value used for the maximum adjustment.
The portable senior exemption is a 2-year program, for property tax years 2025 and 2026. It is also qualified by having sufficient excess state revenue. For details of the portable senior exemption, see the write-up for SB24-111.
This bill establishes a reimbursement mechanism for local governments, except for schools. Assessors shall report to the PTA, no later than March 1, 2025, the necessary information for every local government that had a decrease in assessed value of real property between property tax year 2022 and property tax year 2024. The reimbursement will be based on the loss in value and the 2022 modified mill levy (2022 mill levy less the mills for bonds and/or contractual obligations). If there is insufficient funds, the State Treasurer will proportionally reduce the amounts.
Starting in 2025, the property tax deferral program (§39-3.5-101) is modified to eliminate the 4 percent growth cap on what can be deferred.
Signed by Governor Jared Polis: May 14, 2024
Effective Date: Upon Signature
Effective Property Tax Year: 2024