HB 24B-1004

Abstract

The bill provides additional property tax relief for certain homeowners by reducing the valuation for assessment (valuation) for residential real property for the purpose of a levy imposed by a local governmental entity other than a school district, enacted in Senate Bill 24-233, as follows: For qualified-senior primary residence real property: For the 2025 property tax year, the valuation is reduced from 6.4% of the amount equal to the actual value of the property minus either 50% of the first $200,000 of that actual value plus the lesser of 10% of that actual value or $70,000 or the amount that causes the valuation to be $1,000 to 6.4% of the amount equal to the actual value of the property minus either 50% of the first $200,000 of that actual value plus the lesser of 15% of that actual value or $55,000 or the amount that causes the valuation to be $1,000; and For the 2026 property tax year, the valuation is reduced from 6.95% of the amount equal to the actual value of the property minus either 50% of the first $200,000 of that actual value plus the lesser of 10% of that actual value or $70,000 or the amount that causes the valuation to be $1,000 to 6.95% of the amount equal to the actual value of the property minus either 50% of the first $200,000 of that actual value plus the lesser of 15% of that actual value or $55,000 or the amount that causes the valuation to be $1,000; For all residential real property other than qualified-senior primary residence real property, for the 2026 property tax year and each succeeding property tax year, the valuation is reduced from 6.95% of the amount equal to the actual value of the property minus the lesser of 10% of that actual value or $70,000 as increased for inflation in the first year of each subsequent reassessment cycle to 6.95% of the amount equal to the actual value of the property minus the lesser of 15% of that actual value or $55,000 as increased for inflation in the first year of each subsequent reassessment cycle. The bill takes effect only if Senate Bill 24-233 becomes law. Senate Bill 24-233 becomes law only if neither of the following occur: An initiative that reduces valuations for assessment is approved by the people at the general election held on November 5, 2024; and An initiative that requires voter approval for retaining property tax revenue that exceeds a limit is approved by the people at the general election held on November 5, 2024.(Note: This summary applies to this bill as introduced.)