A Bill for an Act
Page 1, Line 101Concerning the elimination of state property tax
Page 1, Line 102reimbursement for a taxpayer that owes ad valorem
Page 1, Line 103property tax on property that has been destroyed by a
Page 1, Line 104natural cause.
Bill Summary
(Note: This summary applies to this bill as introduced and does not reflect any amendments that may be subsequently adopted. If this bill passes third reading in the house of introduction, a bill summary that applies to the reengrossed version of this bill will be available at http://leg.colorado.gov/.)
Joint Budget Committee. Current law allows the owner of real or business personal property that was destroyed by a natural cause, as determined by the county assessor, to be reimbursed by the state in an amount equal to the amount of property tax levied on the destroyed property in the property tax year in which the natural cause destroyed the property (reimbursement program). Beginning with property tax year 2025, the bill ends the reimbursement program.
Page 2, Line 1Be it enacted by the General Assembly of the State of Colorado:
Page 2, Line 2SECTION 1. In Colorado Revised Statutes, 39-1-123, amend (1) and (2)(a)(II); and add (7) as follows:
Page 2, Line 339-1-123. Property tax reimbursement - property destroyed
Page 2, Line 4by natural cause - repeal. (1) Eligibility. For property tax years
Page 2, Line 5commencing on or after January 1, 2013, but before January 1, 2025,
Page 2, Line 6real or business personal property listed on a single schedule that was
Page 2, Line 7destroyed by a natural cause as defined in section 39-1-102 (8.4), as
Page 2, Line 8determined by the county assessor in the county in which the property is
Page 2, Line 9located,
shall bePage 2, Line 10equal to the property tax liability applicable to the destroyed property in the property tax year in which the natural cause occurred.
Page 2, Line 11(2) Report of destroyed properties. (a) (II) For property tax
Page 2, Line 12years commencing on or after January 1, 2014, but before January 1,
Page 2, Line 132025, on or before December 15 of the applicable property tax year, the
Page 2, Line 14assessor of each county with property destroyed by a natural cause shall
Page 2, Line 15forward to the applicable county treasurer a report of the taxable real or
Page 2, Line 16business personal property in the county that was destroyed by a natural
Page 2, Line 17cause through November of the year. The report must include the
Page 2, Line 18information specified in
paragraph (b) of this subsection (2)Page 2, Line 19(7) Repeal.This section is repealed, effective July 1, 2025.
Page 2, Line 20SECTION 2. Safety clause. The general assembly finds,
Page 3, Line 1determines, and declares that this act is necessary for the immediate
Page 3, Line 2preservation of the public peace, health, or safety or for appropriations for
Page 3, Line 3the support and maintenance of the departments of the state and state institutions.