HB 18-1387

House Bill 18-1387, which has been signed into law, changes how oil and gas companies can get refunds for property taxes that were charged incorrectly. Previously, these companies could receive a refund plus interest if they filed a petition within two years of the tax being levied. Now, if the error was due to an incorrect statement by the company itself and the refund is given within six months after filing the petition, no interest will be added to the refund amount. This affects oil and gas companies in Colorado that have paid property taxes on their leaseholds or lands based on erroneous information they provided. The bill's signed status means it has become law and is now enforceable.

Official Summary

If property taxes are levied erroneously or illegally on oil and gas leaseholds and lands and a taxpayer has not protested the valuation within the time permitted by law, then the taxpayer has 2 years from the start of the property tax year to file a petition for an abatement or refund. The board of county commissioners is required to abate the taxes, and the taxpayer is entitled to a refund for the incorrect amount and refund interest equal to 1% per month from the date a complete abatement petition is filed. The bill eliminates the refund interest related to a property tax abatement if the property tax was erroneously levied and collected as a result of an error made in an oil and gas owner or operator statement and if the taxpayer receives the abatement or refund on or before the date six months after the date that the complete abatement petition is filed. (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.) , Read More

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