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Legislative Year: 2022 Change
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Bill Detail: SB22-238

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Title 2023 And 2024 Property Tax
Status Governor Signed (05/16/2022)
Bill Subjects
  • Fiscal Policy & Taxes
  • Local Government
House Sponsors P. Neville (R)
M. Weissman (D)
Senate Sponsors B. Rankin (R)
C. Hansen (D)
House Committee Appropriations
Senate Committee Appropriations
Date Introduced 05/02/2022
Summary

For the 2023 property tax year:
  • Section 1 of the bill reduces the valuation for assessment
of nonresidential property, excluding agricultural and
renewable energy production nonresidential property, from
29% of the actual value of the property to 27.9% of the
actual value of the property;
  • Section 2 reduces the valuation for assessment of
residential property, including multi-family residential
property, to 6.765% of the actual value of the property; and
  • Sections 1 and 3 reduce the actual value used for purposes
of the valuation for assessment of commercial real property
by $30,000 and of residential real property by $15,000, but
in either case to no less than $1,000.
For the 2024 property tax year:
  • Section 1 continues the valuation for assessment of real
and personal property that is classified as agricultural
property or renewable energy production property at 26.4%
of the actual value of the property;
  • Section 2 establishes the valuation for assessment for all
residential real property other than multi-family residential
real property as a percentage of the actual value of the
property based on there being a specific modification
determined by the property tax administrator; and
  • Section 2 also establishes the valuation for assessment for
multi-family residential real property as 6.8% of the actual
value of the property.
Section 4 requires the adjustment of the ratio of valuation for
assessment for all residential real property other than multi-family
residential real property for the 2024 property tax year, so that the
aggregate decrease in local government property tax revenue during the
2023 and 2024 property tax years, as a result of the bill, equals $700
million.
Section 5 requires the state treasurer to reimburse counties for the
reduction in property tax revenue resulting from the bill during the 2023
property tax year and requires the property tax administrator to report this
amount to the general assembly. The state treasurer is required to fully
reimburse any county that:
  • Received an increase of less than 10% in assessed value of
real property between the 2022 and 2023 property tax
years; and
  • Has a population of 300,000 or less.
The state treasurer is also required to reimburse a county 90% of the
amount of the reduction if the county:
  • Received an increase of 10% or more in assessed value of
real property between the 2022 and 2023 property tax
years; and
  • Has a population of 300,000 or less.
Lastly, the state treasurer is also required to reimburse any county that
does not qualify for full or 90% reimbursement 65% of the amount of the
reduction. County treasurers must then distribute these reimbursements
to the local governmental entities, excluding school districts, within the
treasurer's county as if the revenue had been regularly paid as property
tax.
For school districts, section 6 requires the state treasurer to
transfer $200 million from the general fund to the public school fund to
offset school district property tax revenue reductions.
Section 5 also requires the property tax administrator to prepare
a report that identifies the aggregate reduction in local government
property tax revenue during the 2023 property tax year resulting from the
bill.

Committee Reports
with Amendments
Full Text
Full Text of Bill (pdf) (most recent)
Fiscal Notes Fiscal Notes (05/05/2022) (most recent)  
Additional Bill Documents Bill Documents
Including:
  • Past bill versions
  • Past fiscal notes
  • Committee activity and documents
  • Bill History
 
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Votes House and Senate Votes
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