Senate Committee of Reference Report
Committee on Finance
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February 17, 2026
After consideration on the merits, the Committee recommends the following:
SB26-046 be amended as follows, and as so amended, be referred to the Committee of the Whole with favorable recommendation:
Page 1, Line 1Amend printed bill, page 3, line 12, strike "shall may" and substitute
Page 1, Line 2"shall".
Page 1, Line 3Page 3, lines 14 and 15, strike "after July 15 or to grant or deny the
Page 1, Line 4classification to an applicant who has filed a late application after" and
Page 1, Line 5substitute "after July 15 August 15 or to grant or deny the classification
Page 1, Line 6to an applicant who has filed a late application after".
Page 1, Line 7Page 3, line 16, strike "July 15" and substitute "July 15 but no later
Page 1, Line 8than August 15".
Page 1, Line 9Page 5, after line 19 insert:
Page 1, Line 10"SECTION 4. In Colorado Revised Statutes, 39-2-109, amend
Page 1, Line 11(1)(e) and (1)(k); and repeal (2) as follows:
Page 1, Line 1239-2-109. Duties, powers, and authority.
Page 1, Line 13(1) It is the duty of the property tax administrator, and the
Page 1, Line 14administrator shall have and exercise authority:
Page 1, Line 15(e) To prepare and publish from time to time manuals, appraisal
Page 1, Line 16procedures, and instructions, after consultation with the advisory
Page 1, Line 17committee to the property tax administrator and the approval of the state
Page 1, Line 18board of equalization, concerning methods of appraising and valuing
Page 1, Line 19land, improvements, personal property, and mobile homes, and to require
Page 1, Line 20their utilization by assessors in valuing and assessing taxable property.
Page 1, Line 21Said manuals, appraisal procedures, and instructions shall must be based
Page 1, Line 22upon the three approaches to appraisal and the procedures set forth in
Page 1, Line 23section 39-1-103 (5)(a). Such manuals, appraisal procedures, and
Page 1, Line 24instructions shall be are subject to legislative review, the same as rules,
Page 2, Line 1pursuant to section 24-4-103 (8)(d). Beginning January 1, 2023, the
Page 2, Line 2administrator shall comply with subsection (2) of this section when
Page 2, Line 3modifying the manuals, appraisal procedures, and instructions.
Page 2, Line 4(k) To prepare and publish guidelines, after consultation with the
Page 2, Line 5advisory committee to the property tax administrator and approval of the
Page 2, Line 6state board of equalization, concerning the audit and compliance review
Page 2, Line 7of oil and gas leasehold properties for property tax purposes, which shall
Page 2, Line 8must be utilized by assessors, treasurers, and their agents. Such
Page 2, Line 9guidelines shall be are subject to legislative review, the same as rules,
Page 2, Line 10pursuant to section 24-4-103 (8)(d). Beginning January 1, 2023, the
Page 2, Line 11administrator shall comply with subsection (2) of this section when
Page 2, Line 12modifying the guidelines.
Page 2, Line 13(2) (a) As used in this subsection (2), "property tax materials"
Page 2, Line 14means the manuals, appraisal procedures, instructions, and guidelines that
Page 2, Line 15the administrator prepares and publishes under the authority conferred by
Page 2, Line 16subsections (1)(e) and (1)(k) of this section.
Page 2, Line 17(b) Prior to proposing any changes to the property tax materials,
Page 2, Line 18the administrator shall conduct a public hearing described in subsection
Page 2, Line 19(2)(d) of this section. No less than two weeks prior to the hearing, the
Page 2, Line 20administrator shall publish notice of the proposed changes to the property
Page 2, Line 21tax materials. The administrator must include in the notice:
Page 2, Line 22(I) The date, time, and place of the hearing; and
Page 2, Line 23(II) Either the terms or substance of the proposed change or a
Page 2, Line 24description of the subjects and issues involved.
Page 2, Line 25(c) The administrator shall maintain a list of all persons who
Page 2, Line 26request notification of proposed changes to the property tax materials. On
Page 2, Line 27or before the date of the publication of notice required by subsection
Page 2, Line 28(2)(b) of this section, the administrator shall provide notice via email of
Page 2, Line 29the proposed changes to all persons on the list. The administrator shall not
Page 2, Line 30charge a fee for sending this email notice. Upon request of a person on
Page 2, Line 31the list, the administrator may mail the notice to the person. Any person
Page 2, Line 32on the list who requests to receive a copy of the proposed changes by mail
Page 2, Line 33must pay a fee to the administrator that is set based upon the
Page 2, Line 34administrator's actual cost of copying and mailing the proposed changes
Page 2, Line 35to the person. All fees collected by the administrator are continuously
Page 2, Line 36appropriated to the administrator solely for the purpose of defraying the
Page 2, Line 37cost of the notice.
Page 2, Line 38(d) At the place and time stated in the notice, the administrator
Page 2, Line 39shall hold a public hearing at which the administrator shall afford
Page 2, Line 40interested persons an opportunity to submit written data, views, or
Page 2, Line 41arguments and to present the same orally unless the administrator deems
Page 2, Line 42it unnecessary. The administrator shall consider all submissions when
Page 2, Line 43finalizing a proposed change to the property tax materials that the
Page 3, Line 1administrator submits to the advisory committee to the property tax
Page 3, Line 2administrator for the advisory committee's review in accordance with
Page 3, Line 3section 39-2-131 (1).
Page 3, Line 4(e) The administrator shall adopt proposed changes to the property
Page 3, Line 5tax materials consistent with the subject matter as set forth in the notice
Page 3, Line 6required by subsection (2)(b) of this section prior to consideration by the
Page 3, Line 7advisory committee to the property tax administrator.
Page 3, Line 8(f) Any interested person shall have the right to petition the
Page 3, Line 9administrator in writing for the issuance, amendment, or repeal of any
Page 3, Line 10property tax materials. The petition is open to public inspection. The
Page 3, Line 11administrator is not required to take any action based on a petition, but
Page 3, Line 12when the administrator proposes a change to the property tax materials,
Page 3, Line 13the administrator shall consider all related written petitions.".
Page 3, Line 14Renumber succeeding sections accordingly.
Page 3, Line 15Page 5, after line 26 insert:
Page 3, Line 16"SECTION 6. In Colorado Revised Statutes, 39-2-131, amend
Page 3, Line 17(3)(b) as follows:
Page 3, Line 1839-2-131. Function of the committee - notice of proposed
Page 3, Line 19changes - property tax materials - definition.
Page 3, Line 20(3) (b) As used in this subsection (3), "property tax materials" has
Page 3, Line 21the same meaning as set forth in section 39-2-109 (2)(a) means the
Page 3, Line 22manuals, appraisal procedures, instructions, and guidelines that
Page 3, Line 23the administrator prepares and publishes under the authority
Page 3, Line 24conferred by sections 39-2-109 (1)(e) and (1)(k) of this section.".
Page 3, Line 25Renumber succeeding sections accordingly.
Page 3, Line 26Strike "section 5" and substitute "section 7" on: Page 16, line 20; and
Page 3, Line 27Page 17, line 10.
Page 3, Line 28Strike "section 6" and substitute "section 8" on: Page 16, line 21; and
Page 3, Line 29Page 17, line 11.
Page 3, Line 30Strike "section 7" and substitute "section 9" on: Page 16, line 22; and
Page 3, Line 31Page 17, line 12.
Page 3, Line 32Strike "section 8" and substitute "section 10" on: Page 16, line 23; and
Page 3, Line 33Page 17, line 13.
Page 3, Line 34Strike "section 9" and substitute "section 11" on: Page 16, line 24; and
Page 4, Line 1Page 17, line 14.