HB 23B-1004

House Bill 23B-1004, which has been signed into law, aims to provide property tax relief for homeowners in Colorado by increasing the amount that can be subtracted from a home's value when calculating property taxes. For the 2023 tax year, this subtraction increases from $15,000 to $115,000, which means lower property tax bills for many residents. Additionally, the bill requires a committee to study and propose long-term solutions for addressing property taxation issues in the state. This change affects homeowners who pay residential property taxes and simplifies some deadlines related to these changes.

Official Summary

Valuation changes. Currently, there are temporary reductions in the valuation of multi-family residential real property and all other residential real property. For the 2023 property tax year, the valuation is 6.765% of the amount equal to the actual value minus the lesser of $15,000 or the amount that causes the valuation to be $1,000 (alternate amount). Section 1 of the bill reduces these valuations for the 2023 property tax year by increasing the subtraction amount from $15,000 to $115,000 or the alternate amount. Section 2 makes a conforming amendment related to the 2023 property tax year which is tied to the 2024 property tax year assessment rate. Property tax deadlines and conforming amendments. Sections 3 to 8 delay deadlines as necessary due to the valuation changes for the 2023 property tax year and make conforming amendments related to the valuation changes. Long-term solution. Section 9 requires the legislative oversight committee concerning tax policy to study and report to the general assembly regarding a long-term solution to address property taxation in the state.(Note: This summary applies to this bill as introduced.)

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