Colorado laws and statutes
2023 Final Property Tax Legislation
In November of 2023, the Governor signed Senate Bill 23B-001. This legislation was enacted in response to the failure of Proposition HH in the November elections. For tax year 2023 the following adjustments were made to property values:
- Values were adjusted down by $55,000 for Residential Property.
- Values were adjusted down by $30,000 for Commercial Property.
- Residential Assessment rate dropped from 6.75% to 6.7%
Important: These adjustments are for tax year 2023 only.
The value adjustments and residential assessment rate change will be reflected in the tax bill you receive in January of 2024. When the Assessor website is updated in February of 2024, your un-adjusted market value will be reflected. Your value will be the same as the Notice of Value you received last May unless you had New Construction, Demolished Property, or property that changed classification as of January 1, 2024.
2023 Assessment Rates and Property Tax Adjustments
(Revised December 4, 2023)
In November of 2023, the Governor signed Senate Bill 23B-001, which amended the residential assessment rates for tax year 2023. They have been reduced from 6.765% to 6.7% . All other 2023 assessment rates will remain the same as adjusted in Senate Bill 22-238.
Senate Bill 23B-001 also increased the value reduction for residential property outlined in SB22-238. The residential property values have been adjusted from a $15,000 downward adjustment to a $55,000 downward adjustment. Commercial values will remain at a $30,000 downward adjustment as outlined in SB22-238. These are adjustments to actual value as long as the adjustment does not bring the value below $1000 assessed value.
Examples:
- A restaurant with an actual value of $150,000 will receive a -$30,000 Adjustment bringing the new value to $120,000 actual value or $33,480 Assessed. ($120,000 x .279 Assessment rate = $33,480)
- A residence with an actual value of $430,000 will receive a -$55,000 Adjustment bringing the new value to $375,000 or $25,130. ($375,000 X.067 Assessment rate =$25,130)
In May of 2022, the Governor signed Senate Bill 22-238 which amended assessment rates for Residential, Multi-Family, Commercial, Industrial, Vacant Land, and Personal Property for tax year 2023. New assessment rates for tax year 2023 are as follows:
- Vacant Land 27.9%
- Residential Property 6.765% (Revised to 6.7% due to Senate Bill 23B-001)
- Multi- Family property 6.765% (Revised to 6.7% due to Senate Bill 23B-001)
- Commercial property 27.9%
- Personal Property 27.9%
- Renewable energy 26.4%
- Agricultural property 26.4%
- Other Ag 27.9%
- Oil and Gas production 87.5%
- Oil and Gas personal property 27.9%
- All other property not mentioned above 27.9%
Senate Bill 22-238 also allows for property value adjustments in tax year 2023 as follows:
- Property classified as Commercial improvements will receive up to a -$30,000 adjustment to the actual value if the adjustment does not bring the value below $1,000 Assessed Value.
Examples:
-
- A restaurant with an actual value of $150,000 will receive a -$30,000 Adjustment bringing the new value to $120,000 actual value or $33,480 Assessed. ($120,000 x .279 Assessment rate = $33,480)
- An office valued at $33,000 will not receive the adjustment, as the adjusted actual value would be $3,000 with an assessed value of $837. ($3,000 X .279 Assessment rate = $837)
- Property classified as Residential will receive up to a -$55,000 Adjustment to the actual value if the adjustment does not bring the value below $1,000 Assessed Value.
Examples
-
- A residence with an actual value of $430,000 will receive a -$55,000 Adjustment bringing the new value to $375,000 or $25,130. ($375,000 X.067 Assessment rate =$25,130)
- A residence with an actual value of $60,000 would not receive an adjustment of -$55,000. $60,000 – $55,000 =$5,000 Actual Value. $5,000 x .067 Assessment Rate = $340 which is under the $1000 assessed value limit.
Finally, HB 22-1223 was signed by the Governor on June 2nd, 2022. This bill exempts property with all the following conditions; from property tax for tax year 2022:
- Manufactured housing as defined in C.R.S. 39-1-102 (7.8)
“Manufactured home” means any preconstructed building unit or combination of preconstructed building units that:
(a) Includes electrical, mechanical, or plumbing services that are fabricated, formed, or
assembled at a location other than the residential site of the completed home;
(b) Is designed and used for residential occupancy in either temporary or permanent
locations;
(c) Is constructed in compliance with the “National Manufactured Housing Construction
and Safety Standards Act of 1974”, 42 U.S.C. sec. 5401 et seq., as amended;
(d) Does not have motive power;
(e) Is not licensed as a vehicle; and
(f) Is eligible for a certificate of title pursuant to part 1 of article 29 of title 38, C.R.S.
- Or mobile home as defined in C.R.S. 39-1-102(8)
“Mobile home” means a manufactured home built prior to the adoption of the “National Manufactured Housing Construction and Safety Standards Act of 1974”, 42 U.S.C.
sec. 5401 et seq., as amended.
- Actual Value as determined by the Assessor is $28,000 or less
- Has not been purged to the land.
2023 Modification to Notice of Value
In May of 2022, the Governor signed House Bill 22-1416 which will modify the Notice of Value that you will see in May of 2023. Following are the changes with a short summary:
- Protest period extended for real property: The protest period has been extended from May 2 – June 1st to May 2 – June 8th. All other protest dates remain the same.
- Language regarding abatements: If you have missed the protest date of June 8; you may file for an abatement of taxes in the following January. This has always been true, however the language has not been included on the Notice of Value.
- Estimated Taxes: Your Notice of Value will include the estimated taxes based on the 2023 Actual Value pre-adjustments (see 2023 Assessment Rate and Property Tax Adjustments) and calculated using the 2022 mill levy. Please note that you may not protest your value based on the property tax estimate. This is from Colorado Revised Statute 39-5-121(1)(a)(I)
…The assessor shall include in the notice an estimate of the taxes, or an estimated range of the taxes, owed for the current property tax year. The notice must clearly state that the tax amount is merely an estimate based upon the best available information. The notice must state, in bold-faced type, that the taxpayer has the right to protest any adjustment in valuation but not the estimate of taxes if such an estimate is included in the notice…
2022 Assessment Rate Modifications
In April of 2021, the Governor signed Senate Bill 21-293 which both amended assessment rates for agricultural property and residential property; and added new assessment rates for multi-family and renewable energy property. The assessment rates for tax years 2022 and 2023 are as follows:
- Residential Property 6.95%
- Multi- Family property 6.8%
- Renewable energy 26.4%
- Agricultural property 26.4% (This does not include the classification for Agri-Business also known as Other Ag)
- Personal Property 29%
- Oil and Gas production 87.5%
- All other property not mentioned above 29%
The assessment rates of Residential, Multi Family, Renewable Energy, and Ag will return to the following assessment rates in tax year 2024 barring any other legislative action:
- Residential Property 7.15%
- Multi Family 7.15%
- Renewable Energy 29%
- Ag 29%
The new subclasses of Multi Family and Renewable energy are classified in accordance with C.R.S 39-1-102 & 39-1-104. That classification is further explained by the Division of Property Tax as follows:
- Multi-Family
“Section 39-1-104.2(a) defines multi-family residential real property to mean residential real property that is a duplex, triplex or multi-structure of four or more units. Section 39-1-104.2(3)(q) temporarily reduces the assessment rate for residential multi-family property from 7.15% to 6.80% of actual value for property tax years 2022 and 2023. Section 39-1-104.2(3)(r) temporarily reduces the assessment rate for all residential real property, other than multi-family, from 7.15% to 6.95% of actual value for property tax years 2022 and 2023.” - Renewable Energy
“Real property associated with renewable energy personal property valued under §39-5-104.7, C.R.S. is assigned to this subclass. This includes onsite improvements such as fencing or buildings and land owned by the renewable energy facility. Leased land associated with a locally assessed renewable energy facility, other than solar, should be classified according to its current use and assigned to the corresponding subclass. However, leased land associated with a locally assessed solar energy facility should continue to be classified as it was prior to
the installation of the solar energy facility in accordance with §§ 39-5-104.7(2)(b) and 39-4-102(1.5)(c), C.R.S. - Renewable Energy Personal Property
Locally assessed renewable energy personal property is assigned to this subclass. Examples include: photovoltaic (solar), hydroelectric, wind turbine, biomass, and geothermal personal property.
If you have questions regarding this information, please contact the Assessor’s office at 970-945-9134 or our Contact Form.