SB 23B-006

Senate Bill 23B-006, also known as the Real Property Valuation Cap, limits how much property values can increase for tax purposes in Colorado. Specifically, it caps the value increase at 6% between 2022 and 2023 for properties that don't have special circumstances causing a higher valuation. This affects homeowners and businesses by potentially lowering their property taxes if their property value would otherwise rise more than 6%. The bill has been signed into law, meaning this cap is now in effect for the specified period.

Official Summary

The bill ensures that the actual value of property used for purposes of valuation for assessment does not increase by more than 6% between 2022 and 2023 for property that does not have an unusual condition that results in an increase in actual value.(Note: This summary applies to this bill as introduced.)