SB 23-304

Senate Bill 23-304, which has been signed into law in Colorado, updates how property tax assessors value real estate. Starting January 1, 2024, assessors must consider factors like current land use, zoning rules, long-term leases, and legal restrictions when setting property values. Additionally, the bill requires larger counties (with more than 300,000 residents) to implement a new process for handling disputes about property valuations during biennial reassessments. The law also mandates that assessors provide taxpayers with detailed information on how their property's value was determined upon request. This act is now in effect as of August 7, 2023.

Official Summary

The act specifies that when a property tax assessor values real property, the property tax assessor shall consider: The current use; Existing zoning and other governmental land use or environmental regulations and restrictions; Multi-year leases or other contractual arrangements affecting the use of or income from real property; Easements and reservations of record; and Covenants, conditions, and restrictions of record. Beginning January 1, 2024, the act requires counties with a population greater than 300,000 to use an alternative procedure to determine objections and protests of property tax valuations in any year of general reassessment of real property that is valued biennially. At the request of a taxpayer, the law requires a property tax assessor to provide the taxpayer with certain data that the assessor used to determine the value of the taxpayer's property. The act clarifies that the data the assessor is required to provide must include the primary method and rates the assessor used to value the property. APPROVED by Governor May 24, 2023 EFFECTIVE August 7, 2023 NOTE: This act was passed without a safety clause and takes effect 90 days after sine die.(Note: This summary applies to this bill as enacted.)

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