These 13 bills were introduced on day one of the 2024 special session
DENVER (KDVR) – State legislators returned to the Colorado State Capitol on Monday for a special session aimed at property tax reform in the state.
Gov. Jared Polis called the session earlier in August. This is the second time a special session aimed at property tax reform has been called in the last two years, with the last one called in Nov. 2023 after a failed ballot initiative.
The main bill
The first bill introduced in the special session, HB24B-1001, is simply titled “Property Tax” and is the main deal reached between Polis’ office and supporters of two property tax-centered ballot initiatives.
The bill was pre-released on Friday ahead of the session start and includes a new residential property tax rate between 6.3% and 6.4% in the first year, with a drop to 6.25% the next year.
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The bill would make the commercial tax rate 25%. Additionally, the tax limit for local governments – not including school districts where the limit is 6% – would be lowered to 5.25% from the 5.5% it is right now.
While this was the main bill introduced for the special session, it was not the only one, with 13 already introduced as of Monday morning, the first day of the special session.
The other bills
Given the special session was called explicitly for property tax reform, all of the bills deal with that topic in one way or another.
The way the bills tackle the issue, however, varies.
Property assessment changes
Several bills deal with residential property valuation and assessment rates.
These bills, HB24B-1002, HB24B-1004 and HB24B-1005, are entirely contingent on voters approving another property tax bill, SB24-233, in November of this year.
This is because they deal directly with changes included in that bill.
Another bill, HB24B-1007, also deals with assessment valuation, specifically for accessible property, but is not dependent upon SB24-233 being approved.
Tax relief for certain businesses
HB24B-1003 modifies what qualifies as personal property for the personal property tax exemption for businesses.
Property tax exemptions for certain groups
HB24B-1006 expands the property tax exemptions for qualifying seniors, veterans with disabilities and the surviving spouses of those who died while in the armed forces or veterans who died because of a service-related injury or disease.
Specifically, instead of the exemptions being limited to 50% of the first $200,000 of a home, it would be 50% of half of the actual home value or 50% of half of the state median home value, whichever is less.
Tax code task force
HB24B-1008 would create a tax code legislative task force to make recommendations for the future.
Proposed amendments
Four proposed amendments were introduced on Monday. All of these would need to be approved by two-thirds of the legislature before going to voters, where it would need a 55% majority vote to become law.
Of the four, two were rejected before the end of the first day.
One of the ones still under consideration would restore the Gallagher Amendment, which was repealed by voters in 2020. The amendment established a formula for both residential and commercial property taxes.
The other would require that local voters have a say in statewide tax initiatives that impact them on a local scale before they go into effect.
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