SB 25-259

Senate Bill 25-259 ends a state program that reimbursed property owners for taxes on real estate or business personal property destroyed by natural disasters, effective January 1, 2025. The law will be fully repealed by July 1, 2025, meaning no more reimbursements will be given after this date. This affects property owners who have suffered losses due to events like fires or floods and relied on the program for financial relief. Since the bill has been signed into law, it is now official and will begin its phase-out period as scheduled.

Official Summary

Effective January 1, 2025, the act terminates a program that has allowed the owner of real or business personal property that was destroyed by a natural cause to be reimbursed by the state for the amount of property tax levied on the destroyed property in the property tax year in which it was destroyed. The program statute is repealed, effective July 1, 2025. (Note: This summary applies to this bill as enacted.)

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