SB 22-164

Senate Bill 22-164, also known as the Correction Property Tax Disclosure Information Metropolitan District bill, fixes a mistake in previous legislation by ensuring that property sellers provide new home buyers with accurate tax information from the county treasurer instead of the incorrect reference to the county assessor. This change helps ensure that buyers are well-informed about additional taxes they might have to pay due to overlapping taxing entities when purchasing newly built homes within metropolitan districts. Since the bill has been signed, it is now law and affects property transactions in these areas.

Official Summary

In 2021, the general assembly enacted legislation, SB 21-262, concerning transparency for special districts, that, among other things, required the disclosure of property tax information to purchasers of newly constructed residences within the boundaries of metropolitan districts. As part of this required disclosure, SB 21-262 required the owner of the property to provide to the seller a copy of the most current county assessor's property tax certificate. The county assessors do not issue tax certificates. The tax certificate is issued by the county treasurer. The act corrects this incorrect statutory reference by requiring that each owner of real property that sells real property that includes a newly constructed residence, concurrently with or prior to the execution of a contract to sell the property, provide to the purchaser of the property a copy of the most current certificate of taxes due or tax statement issued by the county treasurer that is applicable to the property as an estimate of the sum of additional mill levies levied by other taxing entities that overlap the property in which the newly constructed residence is located. (Note: This summary applies to this bill as enacted.)

Votes