SB 24-111 CO

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Became Law

For property tax years commencing on or after January 1, 2025, the act creates a new subclass of residential real property called qualified-senior primary residence real property, which includes residential real property that as of the assessment date is used as the primary residence of an owner-occupier, as defined in the act, if: The owner-occupier applies to the county assessor for the classification in the manner required by the act; The owner-occupier previously qualified for the property tax exemption for qualifying seniors (exemption) for a different property for a property tax year commencing on or after January 1, 2020, and does not qualify for the exemption for the current property tax year; and The circumstances that qualify the property for the classification have not changed since the filing of the application. The act also: Classifies property that might otherwise be classified as multi-family residential real property that contains a unit that qualifies as qualified-senior primary residence real property as multi-family qualified-senior primary residence real property and treats such property as qualified-senior primary residence real property; For property tax years commencing on or after January 1, 2025, but before January 1, 2027, sets the valuation for assessment for qualified-senior primary residence real property at 7.15% of the amount equal to the actual value of the property minus the lesser of 50% of the first $200,000 of that actual value or the amount that causes the valuation for assessment of the property to be $1,000; Establishes the processes by which an owner-occupier of residential real property may apply to have the owner-occupier's primary residence classified as qualified-senior primary residence real property and by which such an application is approved or denied; For property tax years commencing on or after January 1, 2025, but before January 1, 2027, requires the state to reimburse local governmental entities that levy property taxes for total property tax revenue lost due solely to the reduced valuation for assessment of qualified-senior primary residence real property as compared to the valuation for assessment of other residential real property and specifies the process by which the proper amount of reimbursement is calculated and reimbursement is made; and For state fiscal years in which excess state revenues are required to be refunded pursuant to the Taxpayer's Bill of Rights, establishes the reimbursement to local governmental entities as a means of refunding such excess state revenues. APPROVED by Governor May 14, 2024 EFFECTIVE August 7, 2024(Note: This summary applies to this bill as enacted.)

• Chris Kolker Democratic · primary
• Chris Hansen · primary
• Sheila Lieder Democratic · primary
• Mary Young · primary

1. May 14, 2024 Governor Signed · executive
2. May 10, 2024 Sent to the Governor · executive
3. May 10, 2024 Signed by the President of the Senate · upper
4. May 10, 2024 Signed by the Speaker of the House · lower
5. May 8, 2024 Senate Considered House Amendments - Result was to Concur - Repass · upper
6. May 8, 2024 House Third Reading Passed - No Amendments · lower
7. May 7, 2024 House Second Reading Passed with Amendments - Committee · lower
8. May 6, 2024 House Committee on Appropriations Refer Amended to House Committee of the Whole · lower
9. Apr 18, 2024 House Committee on Finance Refer Amended to Appropriations · lower
10. Mar 25, 2024 Introduced In House - Assigned to Finance · lower
11. Mar 20, 2024 Senate Third Reading Passed - No Amendments · upper
12. Mar 19, 2024 Senate Second Reading Passed with Amendments - Committee · upper
13. Mar 15, 2024 Senate Committee on Appropriations Refer Unamended to Senate Committee of the Whole · upper
14. Feb 27, 2024 Senate Committee on Finance Refer Amended to Appropriations · upper
15. Feb 5, 2024 Introduced In Senate - Assigned to Finance · upper