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Bill Detail: SB20-SCR001

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Title Repeal Property Tax Assessment Rates
Status Signed by the President of the Senate (06/23/2020)
Bill Subjects
  • Fiscal Policy & Taxes
  • Local Government
House Sponsors D. Esgar (D)
M. Soper (R)
Senate Sponsors J. Tate (R)
C. Hansen (D)
House Committee Appropriations
Senate Committee Finance
Date Introduced 06/01/2020
Description

Property tax in Colorado is generally equal to the actual value of
property multiplied by an assessment rate, and the resulting assessed
value is multiplied by each applicable local government's mill levy. The
assessment rate for residential real property is established by the general
assembly in accordance with a provision of the state constitution that is
commonly known as the Gallagher Amendment and is limited by
section 20 of article X of the state constitution (TABOR). Under the
Gallagher Amendment, there are 2 important classes of property for the
purposes of determining the residential assessment rate: residential
property and nonresidential property. The assessment rate for most
nonresidential property is fixed in the state constitution at 29%. The
residential assessment rate was initially set at 21%, but the rate has been
adjusted prior to each 2-year reassessment cycle to keep the percentage
of aggregate statewide assessed value attributable to residential property
the same as it was in the year immediately preceding the new
reassessment cycle. Currently, the residential assessment rate is 7.15%.
The concurrent resolution repeals the Gallagher Amendment so
that the general assembly will no longer be required to establish the
residential assessment rate based on the formula expressed in the
Gallagher Amendment. The resolution also repeals the reference to the
residential rate of 21%, which last applied in 1986, prior to the first
adjustment required by the Gallagher Amendment. Finally, the resolution
repeals the 29% assessment rate that applies for all nonresidential
property, excluding producing mines and lands or leaseholds producing
oil or gas.

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