SB 24-002

Senate Bill 24-002 allows county and municipal governments in Colorado to create programs that offer property tax credits or rebates to residents who participate in initiatives aimed at addressing specific local issues. These issues could include preserving affordable housing, improving access to education, or other concerns deemed necessary for the community's well-being by local officials. The bill requires these programs to be approved through public hearings and must benefit everyone equally within the same property class. It became law when signed by the governor and will take effect on August 7, 2024. This means that starting in August, counties and municipalities can start setting up such tax relief programs for residents who help address local concerns.

Official Summary

The act authorizes a board of county commissioners to establish an incentive program to offer limited county property tax credits or rebates to participants in a program designed to directly improve an area of specific local concern related to the use of real property in the county. An "area of specific local concern" is defined in the act as a use of real property in the county that is determined by the board of county commissioners to be diminishing or unavailable based on verifiable data and which use the board of county commissioners finds and declares necessary for the preservation of the health, safety, or welfare of the residents of the county, including as to matters of equity, access to housing, and access to education. An "area of specific local concern" does not include a use of real property in a county that harms or may reasonably be expected to harm a disproportionately impacted community or prevents or may reasonably be expected to prevent meeting minimum greenhouse gas emission reduction goals and deadlines. An incentive program must be established by resolution or ordinance adopted by a board of county commissioners at a public hearing, which resolution or ordinance must include the board's findings and determinations regarding the specific area of local concern and specific criteria for the qualification of program participants. The county must provide notice of the hearing, including specified information regarding the incentive program, to the clerk of each municipality that is wholly or partly located in the county and that may be impacted by the incentive program. Each such municipality must be allowed to submit written comments and provide testimony at the hearing. Incentive programs must be evaluated on an annual basis and may be renewed only if determined to be effective. An incentive program must be uniformly applied among all owners of the same class of real or commercial property. The act also authorizes municipalities to establish an incentive program offering limited municipal property tax credits or rebates to participants in a program designed to directly improve an area of specific local concern related to the use of real property in the municipality. A municipal incentive program is subject to the same substantive and procedural requirements as a county program, including the requirement to provide notice of the public hearing regarding the incentive program, and an opportunity to submit written comments and provide testimony at such hearing, to each county that includes all or any portion of the municipality and that may be impacted by the incentive program. APPROVED by Governor March 15, 2024 EFFECTIVE August 7, 2024(Note: This summary applies to this bill as enacted.)

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