HB 24-1179

House Bill 24-1179 updates the property tax assessment process in Colorado for the year 2023. It requires county assessors to create new, accurate abstracts of property values by February 20, 2024, because previous assessments were made inaccurate due to changes in how residential properties are valued. This affects all property owners whose taxes are based on these assessments. The bill has been signed into law and is now effective, meaning county assessors must comply with the new requirements immediately.

Official Summary

A county assessor is required to complete an assessment roll of all taxable property within the assessor's county and an accompanying abstract of assessment (abstract) on or before either August 25 or November 21 of every year, depending on certain conditions. During the first extraordinary session of the seventy-fourth general assembly, the general assembly enacted, and the governor signed on November 20, 2023, Senate Bill 23B-001, which modified the valuation for assessment for residential real property for the 2023 property tax year and accordingly rendered inaccurate the abstracts completed on or before August 25, 2023, and November 21, 2023. The act requires a county assessor to prepare an updated abstract and file a copy of that abstract, along with updated versions of other information that a county assessor is required to append to an abstract, with the property tax administrator no later than February 20, 2024. APPROVED by Governor February 15, 2024 EFFECTIVE February 15, 2024(Note: This summary applies to this bill as enacted.)

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