C.R.S.
Section 39-1-104.2
Residential real property
- valuation for assessment
- legislative declaration
- definitions
(1)
As used in this section, unless the context otherwise requires:(a)
“Multi-family residential real property” means residential real property that is a duplex, triplex, or multi-structure of four or more units, all of which are based on the class codes established in the manual published by the administrator. Multi-family residential real property is a subclass of residential real property for purposes of the ratio of valuation for assessment.(a.3)
[Editor’s note:(a.7)
[Editor’s note:(b)
“Target percentage” means the percentage of aggregate statewide valuation for assessment represented by the valuation for assessment which is attributable to residential real property in the year immediately preceding the year in which a change in the level of value occurs.(2)
After careful consideration of all available information, the general assembly hereby finds and declares that the action of the first session of the fifty-sixth general assembly which set the ratio of valuation for assessment for residential real property at eighteen percent has produced a deviation from the intent of section 3 of article X of the state constitution which ensures that the percentage of the aggregate statewide valuation for assessment which is attributable to residential real property shall remain the same as it was in the year immediately preceding the year in which a change occurs in the level of value used in determining actual value. Therefore, the general assembly finds that legislation is necessary for the following purposes: To adjust the residential rate for 1988; to ensure that deviations from the constitutional mandate set forth in section 3 of article X of the state constitution shall not be perpetuated into this or any future year; and to provide a process for future adjustments in the ratio of valuation for assessment for residential real property.(3)
Intentionally left blank —Ed.(a)
The general assembly, pursuant to the authority granted in section 3 of article X of the state constitution, finds and declares that, for the property tax years commencing on or after January 1, 1987, but before January 1, 1989, the percentage of aggregate statewide valuation for assessment which is attributable to residential real property fails to remain as it was in the property tax year commencing January 1, 1986, when the aggregate statewide valuation for assessment was based on the 1985 aggregate statewide valuation for assessment plus the increased valuation for assessment attributable to new construction and to increased volume of mineral and oil and gas production which occurred during 1986. Therefore, for the property tax year commencing January 1, 1988, the ratio of valuation for assessment for residential real property shall be sixteen percent of actual value.(b)
The general assembly, pursuant to the authority granted in section 3 of article X of the state constitution, finds and declares that, for the property tax years commencing on or after January 1, 1989, but before January 1, 1991, the percentage of aggregate statewide valuation for assessment which is attributable to residential real property fails to remain as it was in the property tax year commencing January 1, 1988, when the aggregate statewide valuation for assessment was based on the 1987 aggregate statewide valuation for assessment. Therefore, the administrator having determined pursuant to subsection (4) of this section that the target percentage is 44.51 percent, for the property tax years commencing on or after January 1, 1989, but before January 1, 1991, the ratio of valuation for assessment for residential real property shall be fifteen percent of actual value.(c)
The general assembly, pursuant to the authority granted in section 3 of article X of the state constitution, finds and declares that, for the property tax years commencing on or after January 1, 1991, but before January 1, 1993, the percentage of aggregate statewide valuation for assessment which is attributable to residential real property fails to remain as it was in the property tax year commencing January 1, 1990, when the aggregate statewide valuation for assessment was based on the 1989 aggregate statewide valuation for assessment. Therefore, the administrator having determined pursuant to subsection (4) of this section that the target percentage is 44.57 percent, for the property tax years commencing on or after January 1, 1991, but before January 1, 1993, the ratio of valuation for assessment for residential real property shall be 14.34 percent of actual value.(d)
Pursuant to the authority granted in section 3 of article X of the state constitution, the general assembly finds and declares that, for the property tax years commencing on or after January 1, 1993, but before January 1, 1995, the percentage of aggregate statewide valuation for assessment which is attributable to residential real property will fail to remain as it was in the property tax year commencing January 1, 1992, when the aggregate statewide valuation for assessment was based on the 1991 aggregate statewide valuation for assessment. Therefore, the administrator having determined pursuant to subsection (4) of this section that the target percentage is 44.73 percent, the ratio of valuation for assessment for residential real property shall be 12.86 percent of actual value for the property tax years commencing on or after January 1, 1993, but before January 1, 1995.(e)
Pursuant to the authority granted in section 3 of article X of the state constitution, the general assembly finds and declares that, for the property tax years commencing on or after January 1, 1995, but before January 1, 1997, the percentage of aggregate statewide valuation for assessment that is attributable to residential real property will fail to remain as it was in the property tax year commencing January 1, 1994, when the aggregate statewide valuation for assessment was based on the 1993 aggregate statewide valuation for assessment. Therefore, the administrator having determined pursuant to subsection (4) of this section that the target percentage is 45.29 percent, the ratio of valuation for assessment for residential real property shall be 10.36 percent of actual value for the property tax years commencing on or after January 1, 1995, but before January 1, 1997.(f)
Pursuant to the authority granted in section 3 of article X of the state constitution, the general assembly finds and declares that, for the property tax years commencing on or after January 1, 1997, but before January 1, 1999, the percentage of aggregate statewide valuation for assessment that is attributable to residential real property will fail to remain as it was in the property tax year commencing January 1, 1996, when the aggregate statewide valuation for assessment was based on the 1995 aggregate statewide valuation for assessment. Therefore, the administrator having determined pursuant to subsection (4) of this section that the target percentage is 46.17 percent, the ratio of valuation for assessment for residential real property shall be 9.74 percent of actual value for the property tax years commencing on or after January 1, 1997, but before January 1, 1999.(g)
Pursuant to the authority granted in section 3 of article X of the state constitution, the general assembly finds and declares that, for the property tax years commencing on or after January 1, 1999, but before January 1, 2001, the percentage of aggregate statewide valuation for assessment that is attributable to residential real property will fail to remain as it was in the property tax year commencing January 1, 1998, when the aggregate statewide valuation for assessment was based on the 1997 aggregate statewide valuation for assessment. Therefore, the administrator having determined pursuant to subsection (4) of this section that the target percentage is 46.49 percent, the ratio of valuation for assessment for residential real property shall be 9.74 percent of actual value for the property tax years commencing on or after January 1, 1999, but before January 1, 2001.(h)
Pursuant to the authority granted in section 3 of article X of the state constitution, the general assembly finds and declares that, for the property tax years commencing on or after January 1, 2001, but before January 1, 2003, the percentage of aggregate statewide valuation for assessment that is attributable to residential real property will fail to remain as it was in the property tax year commencing January 1, 2000, when the aggregate statewide valuation for assessment was based on the 1999 aggregate statewide valuation for assessment. Therefore, the administrator having determined pursuant to subsection (4) of this section that the target percentage is 46.61 percent, the ratio of valuation for assessment for residential real property shall be 9.15 percent of actual value for the property tax years commencing on or after January 1, 2001, but before January 1, 2003.(i)
Pursuant to the authority granted in section 3 of article X of the state constitution, the general assembly finds and declares that, for the property tax years commencing on or after January 1, 2003, but before January 1, 2005, the percentage of aggregate statewide valuation for assessment that is attributable to residential real property will not remain as it was in the property tax year commencing January 1, 2002, when the aggregate statewide valuation for assessment was based on the 2001 aggregate statewide valuation for assessment. Therefore, the administrator having determined pursuant to subsection (4) of this section that the target percentage is 47.08 percent, the ratio of valuation for assessment for residential real property shall be 7.96 percent of actual value for the property tax years commencing on or after January 1, 2003, but before January 1, 2005.(j)
Pursuant to the authority granted in section 3 of article X of the state constitution, the general assembly finds and declares that, for the property tax years commencing on or after January 1, 2005, but before January 1, 2007, the percentage of aggregate statewide valuation for assessment that is attributable to residential real property will not remain as it was in the property tax year commencing January 1, 2004, when the aggregate statewide valuation for assessment was based on the 2003 aggregate statewide valuation for assessment. Therefore, the administrator having determined pursuant to subsection (4) of this section that the target percentage is 47.22 percent, the ratio of valuation for assessment for residential real property shall be 7.96 percent of actual value for the property tax years commencing on or after January 1, 2005, but before January 1, 2007.(k)
Pursuant to the authority granted in section 3 of article X of the state constitution, the general assembly finds and declares that, for the property tax years commencing on or after January 1, 2007, but before January 1, 2009, the percentage of aggregate statewide valuation for assessment that is attributable to residential real property will not remain as it was in the property tax year commencing January 1, 2006, when the aggregate statewide valuation for assessment was based on the 2005 aggregate statewide valuation for assessment. Therefore, the administrator having determined pursuant to subsection (4) of this section that the target percentage is 47.43 percent, the ratio of valuation for assessment for residential real property shall be 7.96 percent of actual value for the property tax years commencing on or after January 1, 2007, but before January 1, 2009.(l)
Pursuant to the authority granted in section 3 of article X of the state constitution, the general assembly finds and declares that, for the property tax years commencing on or after January 1, 2009, but before January 1, 2011, the percentage of aggregate statewide valuation for assessment that is attributable to residential real property will not remain as it was in the property tax year commencing January 1, 2008, when the aggregate statewide valuation for assessment was based on the 2007 aggregate statewide valuation for assessment. Therefore, the administrator having determined pursuant to subsection (4) of this section that the target percentage is 46.82 percent, the ratio of valuation for assessment for residential real property shall be 7.96 percent of actual value for the property tax years commencing on or after January 1, 2009, but before January 1, 2011.(m)
Pursuant to the authority granted in section 3 of article X of the state constitution, the general assembly finds and declares that, for the property tax years commencing on or after January 1, 2011, but before January 1, 2013, the percentage of aggregate statewide valuation for assessment that is attributable to residential real property will not remain as it was in the property tax year commencing January 1, 2010, when the aggregate statewide valuation for assessment was based on the 2009 aggregate statewide valuation for assessment. Therefore, the administrator having determined pursuant to subsection (4) of this section that the target percentage is 46.53 percent, the ratio of valuation for assessment for residential real property shall be 7.96 percent of actual value for the property tax years commencing on or after January 1, 2011, but before January 1, 2013.(n)
Based on the determination by the administrator that the target percentage is 45.86 percent, the ratio of valuation for assessment for residential real property is 7.96 percent of actual value for the property tax years commencing on or after January 1, 2013, but before January 1, 2015.(o)
Based on the determination by the administrator that the target percentage is 45.67 percent, the ratio of valuation for assessment for residential real property is 7.96 percent of actual value for the property tax years commencing on or after January 1, 2015, but before January 1, 2017.(p)
Based on the determination by the administrator that the target percentage is 45.76 percent, the ratio of valuation for assessment for residential real property is 7.2 percent of actual value for property tax years commencing on or after January 1, 2017, but before January 1, 2019.(q)
[Editor’s note:(I)
For the property tax years commencing on January 1, 2022, and January 1, 2024, the ratio of valuation for assessment for multi-family residential real property is temporarily reduced to 6.8 percent of actual value; and(II)
For the property tax year commencing on January 1, 2023, the ratio of valuation for assessment for multi-family residential real property is temporarily reduced to 6.765 percent of actual value.(q)
[Editor’s note:(I)
For the property tax year commencing on January 1, 2022, the valuation for assessment for multi-family residential real property is 6.8 percent of the actual value thereof;(II)
For the property tax year commencing on January 1, 2023, the valuation for assessment for multi-family residential real property is 6.7 percent of the amount equal to the actual value of the property minus the lesser of fifty thousand dollars or the amount that causes the valuation for assessment of the property to be one thousand dollars; and(III)
For the property tax years commencing on and after January 1, 2024, but before January 1, 2033, the valuation for assessment for multi-family residential real property is 6.7 percent of the amount equal to the actual value of the property minus the lesser of forty thousand dollars or the amount that causes the valuation for assessment of the property to be one thousand dollars.(r)
[Editor’s note:(I)
For the property tax year commencing on January 1, 2022, the ratio of valuation for assessment for all residential real property other than multi-family residential real property is temporarily reduced to 6.95 percent of actual value;(II)
For the property tax year commencing on January 1, 2023, the ratio of valuation for assessment for all residential real property other than multi-family residential real property is 6.765 percent of actual value; and(III)
For the property tax year commencing on January 1, 2024, the ratio of valuation for assessment for all residential real property other than multi-family residential real property is temporarily established as the percentage calculated in accordance with section 39-1-104.4.(r)
[Editor’s note:(I)
For the property tax year commencing on January 1, 2022, the valuation for assessment for all residential real property other than multi-family residential real property is 6.95 percent of the actual value thereof;(II)
For the property tax year commencing on January 1, 2023, the valuation for assessment for all residential real property other than multi-family residential real property is 6.7 percent of the amount equal to the actual value of the property minus the lesser of fifty thousand dollars or the amount that causes the valuation for assessment of the property to be one thousand dollars;(III)
For the property tax year commencing on January 1, 2024, the valuation for assessment for all residential real property other than multi-family residential real property is 6.7 percent of the amount equal to the actual value of the property minus the lesser of forty thousand dollars or the amount that causes the valuation for assessment of the property to be one thousand dollars; and(IV)
For property tax years commencing on and after January 1, 2025, but before January 1, 2033:(A)
The valuation for assessment for primary residence real property, including multi-family primary residence real property, is 6.7 percent of the amount equal to the actual value of the property minus the lesser of forty thousand dollars or the amount that causes the valuation for assessment of the property to be one thousand dollars;(B)
The valuation for assessment for qualified-senior primary residence real property, including multi-family qualified-senior primary residence real property, is 6.7 percent of the amount equal to the actual value of the property minus the lesser of one hundred forty thousand dollars or the amount that causes the valuation for assessment of the property to be one thousand dollars; and(C)
The valuation for assessment for all residential real property that is not specified in subsection (3)(q)(III), (3)(r)(IV)(A), or (3)(r)(IV)(B) of this section is 6.7 percent of the actual value thereof.(3.5)
[Editor’s note:(a)
The temporary reductions in the valuations for assessment set forth in subsection (3) of this section made in Senate Bill 23-303 are contingent on the state’s authority to retain and spend state surplus up to the proposition HH cap under part 2 of article 77 of title 24. Notwithstanding any provision of subsection (3) of this section to the contrary, if, for a fiscal year commencing on or after July 1, 2023, the state is not permitted to retain and spend state surplus up to the proposition HH cap for the fiscal year for any reason, excluding a legislative enactment by the general assembly, then for the property tax year that begins during the fiscal year and all property tax years thereafter, the temporary reductions in the valuation for assessment set forth in subsection (3) of this section made in Senate Bill 23-303 do not apply.(b)
The state controller shall notify the administrator if subsection (3.5)(a) of this section applies, and the administrator shall publish notice on the website maintained by the division of property taxation in the department of local affairs that the applicable temporary reductions set forth in subsection (3) of this section made in Senate Bill 23-303 do not apply.(3.7)
Intentionally left blank —Ed.(a)
The administrator shall convene a working group with representatives, including assessors and elected county officials from small-, medium-, and large-sized counties and a representative of a statewide organization of real estate professionals, to make recommendations about ways to streamline and improve the designation of the primary residence real property in the event that voters approve the ballot issue referred in accordance with section 24-77-202. In formulating its recommendations, the working group shall consider information technology needs and administrative impacts. On or before January 1, 2024, the working group shall provide a report of its recommendations to the senate local government and housing committee, and the house of representatives transportation, housing, and local government committee; except that no report is due if the ballot issue does not pass.(b)
This subsection (3.7) is repealed, effective July 1, 2024.(4)
to (7) Repealed.
Source:
Section 39-1-104.2 — Residential real property - valuation for assessment - legislative declaration - definitions, https://leg.colorado.gov/sites/default/files/images/olls/crs2023-title-39.pdf (accessed Oct. 20, 2023).
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