SB 116 CO
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Summary
This bill makes changes to Colorado's property tax system effective January 1, 2027. It ends the qualified-senior primary residence property tax classification and adjusts the administrative requirements for county assessors, county treasurers, and the state property tax administrator to align with that end date. The bill also modifies the state property tax exemption for business personal property by setting it at $58,000 without future inflation adjustments, and fixes the reimbursement for property tax losses due to the exemption at the 2026 level for subsequent years.
AI-generated plain-language summary of the bill (from the OpenStates abstract — no full text available yet) — neutral, and may be imperfect.
Official abstract
Under current law, residential real property that is classified as qualified-senior primary residence real property is subject to a reduced valuation for assessment for property tax years beginning on or after January 1, 2025, but before January 1, 2027. The act ends the qualified-senior primary residence real property classification for property tax years beginning on or after January 1, 2027, and changes related requirements for county assessors, county treasurers, and the property tax administrator so that the classification and all related administrative and reporting requirements end on dates that align with the end of the reduced valuation for assessment. The act changes the state property tax exemption for business personal property, commencing on and after January 1, 2027, by setting the exemption at $58,000, without an adjustment for inflation. The act also sets the reimbursement for property tax losses due to the exemption, for property tax years beginning on and after January 1, 2027, at the reimbursement amount for the 2026 property tax year.(Note: This summary applies to this bill as enacted.)
Sponsors (2)
- M. Weissman Democratic · sponsor
- Y. Zokaie Democratic · sponsor
5 coauthors / cosponsors
- J. Coleman Democratic · cosponsor
- L. Cutter Democratic · cosponsor
- T. Exum Democratic · cosponsor
- J. Gonzales Democratic · cosponsor
- I. Jodeh Democratic · cosponsor
Action history (15)
- Jun 2, 2026 Governor Signed · executive
- May 21, 2026 Sent to the Governor · executive
- May 21, 2026 Signed by the Speaker of the House · lower
- May 21, 2026 Signed by the President of the Senate · upper
- May 11, 2026 House Third Reading Passed - No Amendments · lower
- May 9, 2026 House Third Reading Laid Over Daily - No Amendments · lower
- May 8, 2026 House Second Reading Special Order - Passed - No Amendments · lower
- May 8, 2026 House Committee on Appropriations Refer Unamended to House Committee of the Whole · lower
- May 7, 2026 House Committee on Finance Refer Unamended to Appropriations · lower
- Apr 27, 2026 Introduced In House - Assigned to Finance · lower
- Apr 27, 2026 Senate Third Reading Passed - No Amendments · upper
- Apr 24, 2026 Senate Second Reading Special Order - Passed with Amendments - Committee · upper
- Apr 24, 2026 Senate Committee on Appropriations Refer Amended to Senate Committee of the Whole · upper
- Apr 14, 2026 Senate Committee on Finance Refer Amended to Appropriations · upper
- Feb 19, 2026 Introduced In Senate - Assigned to Finance · upper
Full text
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