Bill > HB1095

This bill modifies requirements for property tax appeals involving nonresidential real property by mandating that any requested property valuation must be prepared in compliance with the Uniform Standards of Professional Appraisal Practice (USPAP), which are defined under Colorado law. Specifically, when a property owner (petitioner) protests a property assessment or appeals to the board of assessment appeals, they must now provide full copies of all leases in place as of the date of valuation and any market data used to determine their requested valuation. The bill applies to nonresidential properties that are not agricultural, and requires that both the initial protest to the county assessor and subsequent appeal hearings adhere to these new documentation standards. The USPAP requirements aim to ensure that property valuations are conducted using consistent, professional methodologies. The bill will take effect after the standard 90-day legislative period, or potentially after a voter referendum, and will apply to property tax notices, protests, and appeals received on or after its effective date.

Budget and Finance

https://leg.colorado.gov/bills/hb25-1095