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Bill > SB111

CO SB111

CO SB111
Senior Primary Residence Prop Tax Reduction

summary

Introduced
02/05/2024
In Committee
05/06/2024
Crossed Over
05/10/2024
Passed
05/10/2024
Dead
Signed/Enacted/Adopted
05/14/2024

Introduced Session

2024 Regular Session

Bill Summary

CONCERNING A REDUCTION IN THE VALUATION FOR ASSESSMENT OF QUALIFIED-SENIOR PRIMARY RESIDENCE REAL PROPERTY.

AI Summary

This bill proposes to reduce the valuation for assessment of qualified-senior primary residence real property, which is a subclass of residential real property, for property tax years commencing on or after January 1, 2025, but before January 1, 2027. The valuation for assessment would be reduced to 7.15% of the amount equal to the actual value of the property minus the lesser of 50% of the first two hundred thousand dollars of that actual value or the amount that causes the valuation for assessment of the property to be one thousand dollars. The state would reimburse local governments for the lost property tax revenue resulting from this reduction. The bill also includes provisions for applying for the qualified-senior primary residence real property classification, penalties for providing false information, and reporting and reimbursement requirements.

Committee Categories

Budget and Finance

Sponsors (62)

Chris Hansen (D)*,  Chris Kolker (D)*,  Sheila Lieder (D)*,  Mary Young (D)*,  Jennifer Bacon (D),  Shannon Bird (D),  Andrew Boesenecker (D),  Jeff Bridges (D),  Kyle Brown (D),  Janet Buckner (D),  Chad Clifford (D),  James Coleman (D),  Lisa Cutter (D),  Lindsey Daugherty (D),  Monica Duran (D),  Regina English (D),  Elisabeth Epps (D),  Tony Exum (D),  Steve Fenberg (D),  Rhonda Fields (D),  Lisa Frizell (R),  Meg Froelich (D),  Joann Ginal (D),  Julie Gonzales (D),  Eliza Hamrick (D),  Tim Hernández (D),  Nick Hinrichsen (D),  Sonya Jaquez Lewis (D),  Iman Jodeh (D),  Junie Joseph (D),  Chris Kennedy (D),  Cathy Kipp (D),  Mandy Lindsay (D),  William Lindstedt (D),  Meghan Lukens (D),  Mike Lynch (R),  Janice Marchman (D),  Bob Marshall (D),  Julia Marvin (D),  Tisha Mauro (D),  Julie McCluskie (D),  Barbara McLachlan (D),  Dafna Michaelson Jenet (D),  Kyle Mullica (D),  Jennifer Parenti (D),  Kevin Priola (D),  Naquetta Ricks (D),  Dylan Roberts (D),  Emily Sirota (D),  Marc Snyder (D),  Tammy Story (D),  Tom Sullivan (D),  Brianna Titone (D),  Alex Valdez (D),  Elizabeth Velasco (D),  Stephanie Vigil (D),  Ron Weinberg (R),  Michael Weissman (D),  Jenny Willford (D),  Faith Winter (D),  Steven Woodrow (D),  Rachel Zenzinger (D), 

Last Action

Governor Signed (on 05/14/2024)

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Document Type Source Location
State Bill Page https://leg.colorado.gov/bills/sb24-111
Fiscal Note FN5 https://leg.colorado.gov/sites/default/files/documents/2024A/bills/fn/2024a_sb111_f1.pdf
BillText https://leg.colorado.gov/sites/default/files/documents/2024A/bills/2024a_111_enr.pdf
BillText https://leg.colorado.gov/sites/default/files/documents/2024A/bills/2024a_111_rr2.pdf
BillText https://leg.colorado.gov/sites/default/files/documents/2024A/bills/2024a_111_rev.pdf
Fiscal Note FN4 https://leg.colorado.gov/sites/default/files/documents/2024A/bills/fn/2024a_sb111_r4.pdf
House Appropriations Amendment L.007 https://s3-us-west-2.amazonaws.com/leg.colorado.gov/2024A/amendments/789A5E3EECA2237387258B14008008B9/SB111_L.007.pdf
Fiscal Note/Analysis - Budget Staff Analysis SA2 https://leg.colorado.gov/sites/default/files/documents/2024A/bills/fn/2024a_sb0111_hse.pdf
Fiscal Note FN3 https://leg.colorado.gov/sites/default/files/documents/2024A/bills/fn/2024a_sb111_r3.pdf
House Finance Amendment L.003 https://s3-us-west-2.amazonaws.com/leg.colorado.gov/2024A/amendments/9BC478AD2BFA57AF87258AF9004E180B/SB111_L.003.pdf
Fiscal Note MEMO1 https://leg.colorado.gov/sites/default/files/documents/2024A/bills/fn/2024a_sb111_l_003.pdf
Fiscal Note FN2 https://leg.colorado.gov/sites/default/files/documents/2024A/bills/fn/2024a_sb111_r1.pdf
BillText https://leg.colorado.gov/sites/default/files/documents/2024A/bills/2024a_111_ren.pdf
BillText https://leg.colorado.gov/sites/default/files/documents/2024A/bills/2024a_111_eng.pdf
Fiscal Note/Analysis - Budget Staff Analysis SA1 https://leg.colorado.gov/sites/default/files/documents/2024A/bills/fn/2024a_sb0111_sen.pdf
Senate Finance Amendment L.002 https://s3-us-west-2.amazonaws.com/leg.colorado.gov/2024A/amendments/525168E90CABC45E87258AD0006891F7/SB111_L.002.pdf
Senate Finance Amendment L.001 https://s3-us-west-2.amazonaws.com/leg.colorado.gov/2024A/amendments/98B1F2C70CA1460287258ACD00025B7A/SB111_L.001.pdf
Fiscal Note FN1 https://leg.colorado.gov/sites/default/files/documents/2024A/bills/fn/2024a_sb111_00.pdf
BillText https://leg.colorado.gov/sites/default/files/documents/2024A/bills/2024a_111_01.pdf
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