HB 25-1095

HB 25-1095, a Colorado bill that has been signed into law, requires property owners who are appealing the valuation of their nonresidential properties (excluding agricultural land) to provide detailed documentation. This includes full copies of all leases and any market data used to determine the requested property value during appeals or protests to the county assessor. The new requirements ensure that appraisals follow professional standards, impacting businesses and commercial property owners who seek to challenge their property tax assessments. Since it has been signed into law, this bill is now enforceable and will affect how these types of property tax appeals are handled in Colorado.

Official Summary

The bill requires that, for protests to the county assessor and at hearings for property tax appeals concerning nonresidential real property that is not agricultural property, the requested valuation that is set forth by a petitioner or a petitioner's agent or representative for that property be made in compliance with the uniform standards of professional appraisal practice. Current law requires that any petitioner appealing either a valuation of rent-producing commercial real property to the board of assessment appeals or a denial of an abatement of taxes provide certain documentation and data regarding the property. The bill requires that, in addition to these existing requirements, the petitioner also provide full copies of all leases that are in place as of the date of valuation and any market data that the petitioner has relied on in determining the valuation that the petitioner is requesting in their appeal. (Note: This summary applies to this bill as introduced.)