Section 7 establishes a reimbursement mechanism for certain local governmental entities other than school districts to account for property tax revenue lost as a result of the reductions in valuation in the bill for the 2024 property tax year.

The reimbursement mechanism requires the state to reimburse local governments in an amount equal to the decrease, if any, in assessed value between the 2022 and 2024 property tax years multiplied by the local governments' mill levy rate fromthe2022propertytaxyear.Section7createsafundoutofwhichthe statemakesthereimbursementsandrequiresthestatetreasurertotransfer tothefundanamountequaltoonepercentoftheamountappropriatedfor expenditure from the general fund for state fiscal year 2024-25.

Section makes a corresponding reduction to the amount of the unrestricted general fund year-end balance that must be retained as a reserve for state fiscal year 2024-25.

Property tax deferral program.

The existing property tax deferral program allows any person to defer the payment of the portion of real property taxes on the person's homestead that exceeds the tax-growth cap, which is an amount equal to the average of the person's real property taxes paid for the preceding 2 property tax years for the samehomestead,increasedby4%.Beginningwiththe2025 propertytax year, section 8 removes the 4% tax-growth cap.

Accordingly, beginning with the 2025 property tax year, a person may defer the payment of the portion of real propertytaxes on the person's homestead that exceeds the average of the person's real property taxes paid for the preceding 2 property tax years for the same homestead.

Be it enacted by the General Assembly of the State of Colorado:

SECTION1.

InColoradoRevisedStatutes,addpart17toarticle 1 of title 29 as follows:

PART 17 PROPERTY TAX REVENUE LIMIT 29-1-1701.

Definitions.

A S USED IN THIS PART 17,UNLESS THE -4- 233 CONTEXT OTHERWISE REQUIRES :

(1) "LOCAL GOVERNMENTAL ENTITY "MEANS A GOVERNMENTAL ENTITYAUTHORIZEDBYLAWTOIMPOSEADVALOREMTAXESONTAXABLE PROPERTY LOCATED WITHIN ITS TERRITORIAL LIMI;EXCEPT THAT THE TERM EXCLUDES ANY :

(a) SCHOOL DISTRIC;

(b) C OUNTY ,CITY AND COUNTY ,CITY,OR TOWN THAT HAS ADOPTED A HOME RULE CHARTER ;

(c) L OCAL GOVERNMENT THAT IS SUBJECT TO AND HAS NOT RECEIVEDVOTERAPPROVALTOEXCEEDTHEREVENUELIMITSETFORTHIN SECTION 29-1-301AND (d) LOCALGOVERNMENTTHATDOESNOTHAVEVOTERAPPROVAL TO COLLECT,RETAIN,AND SPEND ,WITHOUT REGARD TO ANY SPENDING , REVENUE ,OR OTHER LIMITATION CONTAINED WITHIN SECTION 20 OF ARTICLE X OF THE STATE CONSTITUTION ,ALL REVENUE FROM THE IMPOSITION OF AD VALOREM PROPERTY TAXES LEVIED IN ANY YEAR SUBSEQUENT TO THE APPROVAL .

(2) "PROPERTY TAX LIMIT " MEANS THE ANNUAL LIMIT ESTABLISHED IN SECTION 29-1-1702AND CALCULATED PURSUANT TO SECTION29-1-1703ONALOCALGOVERNMENTALENTITY 'SPROPERTYTAX REVENUE .

(3) "QUALIFIED PROPERTY TAX REVENUE " MEANS A LOCAL GOVERNMENTALENTITY 'SPROPERTYTAXREVENUE FORAPROPERTYTAX YEAR EXCLUSIVE OF PROPERTY TAX REVENUE THAT IS FROM THE FOLLOWING SOURCES AND IS USED FOR THE FOLLOWING PURPOSE:

(a) PROPERTY TAX REVENUE FROM THE INCREASED VALUATION FOR ASSESSMENT WITHIN THE TAXING ENTITY FOR THE PRECEDING -5- 233 PROPERTYTAXYEARTHATISATTRIBUTABLETONEWCONSTRUCTIONAND PERSONAL PROPERTY CONNECTED THEREWITH , AS DEFINED BY THE PROPERTY TAX ADMINISTRATOR IN MANUALS PREPARED PURSUANT TO SECTION 39-2-109 (1)(e);

(b) PROPERTY TAX REVENUE FROM THE INCREASED VALUATION FOR ASSESSMENT ATTRIBUTABLE TO A CHANGE IN LAW FOR A PROPERTY TAX CLASSIFICATION OR TO THE ANNEXATION OR INCLUSION OF ADDITIONAL LAND , THE IMPROVEMENTS THEREON , AND PERSONAL PROPERTY CONNECTED THEREWITH WITHIN THE TAXING ENTITY FOR THE PRECEDING PROPERTY TAX YEAR;

(c) ICREASED PROPERTY TAX REVENUE ATTRIBUTABLE TO THE EXPIRATION OF THE USE OF THE LOCAL GOVERNMENTAL ENTITY S INCREMENTALTAXREVENUESDIVERTEDFORTHEPURPOSESOFPART 1OF ARTICLE25 OFTITLE31 OROTHERTAXINCREMENTFINANCINGPURPOSES ;

(d) PROPERTY TAX REVENUE FOR PROPERTY THAT WAS OMITTED FROM THE ASSESSMENT ROLL IN THE PRECEDING PROPERTY TAX YEA;

(e)PROPERTYTAXREVENUEABATEDORREFUNDEDBYTHELOCAL GOVERNMENTAL ENTITY DURING THE PROPERTY TAX YEAR ;

(f) PROPERTY TAX REVENUE ATTRIBUTABLE TO PREVIOUSLY LEGALLY EXEMPT FEDERAL PROPERTY THAT BECOMES TAXABLE ,IF SUCH PROPERTY CAUSES AN INCREASE IN THE LEVELOFSERVICES PROVIDED BY THE LOCAL GOVERNMENTAL ENTITY ;

(g) PROPERTY TAX REVENUE FROM PRODUCING MINES OR LANDS OR LEASEHOLDS PRODUCING OIL OR GA;

(h) AN AMOUNT TO PROVIDE FOR THE PAYMENT OF BONDS THAT ARE OUTSTANDING AS OF THE EFFECTIVE DATE OF THIS P17TAND THE INTEREST THEREON,OR FOR THE PAYMENT OFANY OTHER CONTRACTUAL -6- 233 OBLIGATION THAT HAS BEEN APPROVED BY A MAJORITY OF THE LOCAL GOVERNMENTALENTITY 'SVOTERSVOTINGTHEREONOUTSTANDINGASOF THE EFFECTIVE DATE OF THIS PART 17;

AND BONDS OR OTHER CONTRACTUALOBLIGATIONSISSUEDINACCORDANCEWITHTHEEXISTING VOTED AUTHORIZATION OF A LOCAL GOVERNMENTAL ENTITY APPROVED BYAMAJORITY OFTHE LOCALGOVERNMENTALENTITY 'SVOTERSVOTING THEREON IN ACCORDANCE WITH ARTICLE X SECTION20 OF THE STATE CONSTITUTION AS OF THE EFFECTIVE DATE OF THIS P17;OR (i) PROPERTY TAX REVENUE ATTRIBUTABLE TO A LOCAL GOVERNMENTAL ENTITY INCREASING THE TOTAL NUMBER OF MILLS IT LEVIES UPON RECEIVING THE APPROVAL OF THE MAJORITY OF THE LOCAL GOVERNMENTALENTITY 'SVOTERSFORSUCHANINCREASEINANELECTION OCCURRING ON OR AFTER ANUARY 1, 2025.

29-1-1702.

Propertytaxlimitimposition-temporaryproperty taxcredit-refund.(1) FRPROPERTYTAXYEARSCOMMENCINGONAND AFTER JANUARY 1, 2025,A LOCAL GOVERNMENTAL ENTITY S QUALIFIED PROPERTYTAXREVENUEFORAPROPERTYTAXYEARMUSTNOTINCREASE BY MORE THAN THE PROPERTY TAX LIMI.

(2) (a) T O PREVENT THE LOCAL GOVERNMENTAL ENTITY S QUALIFIEDPROPERTYTAXREVENUEFROMEXCEEDINGTHEPROPERTYTAX LIMIT,A LOCAL GOVERNMENTAL ENTITY S GOVERNING BODY SHALL EITHER:

(I) EACTATEMPORARYPROPERTYTAXCREDITTHATISUPTOTHE NUMBER OF MILLS NECESSARY TO PREVENT THE LOCAL GOVERNMENTAL ENTITY'S QUALIFIED PROPERTY TAX REVENUE FROM EXCEEDING THE PROPERTY TAX LIMIT;OR (II) TMPORARILYREDUCETHEMILLLEVYIMPOSEDBYTHELOCAL -7- 233 GOVERNMENT ENTITY .

(b) NEITHERATEMPORARYPROPERTYTAXCREDIT ENACTEDBYA LOCAL GOVERNMENTAL ENTITY PURSUANT TO SUBSECTION (2)(a)(IOF THISSECTIONNORATEMPORARYREDUCTIONBYALOCALGOVERNMENTAL ENTITYPURSUANTTOSUBSECTION (2)(a)(IOFTHISSECTIONOFTHEMILL LEVY IMPOSED BY THE LOCAL GOVERNMENTAL ENTITY CHANGES THE UNDERLYING MILL LEVY IMPOSED BY A LOCAL GOVERNMENTAL ENTITY .

T HEREFORE,REDUCING OR ELIMINATING A TEMPORARY PROPERTY TAX CREDITORATEMPORARYMILLLEVYREDUCTIONDOESNOTREQUIREPRIOR VOTER APPROVAL UNDER SECTION 20 (4)(aOF ARTICLEX OF THE STATE CONSTITUTION .

(3) IF A LOCAL GOVERNMENTAL ENTITY S QUALIFIED PROPERTY TAX REVENUE EXCEEDS THE PROPERTY TAX LIMIT FOR A PROPERTY TAX YEAR AND THE LOCAL GOVERNMENTAL ENTITY DOES NOT COMPLY WITH SUBSECTION (2) OF THIS SECTIO, THEN THE LOCAL GOVERNMENTAL ENTITYSHALLREFUNDANYQUALIFIEDPROPERTYTAXREVENUEINEXCESS OF THE PROPERTY TAX LIMIT FOR THE PROPERTY TAX YEA.

29-1-1703.

Property tax limit calculation - definition.

(1) A LOCAL GOVERNMENTAL ENTITY S PROPERTY TAX LIMIT FOR A PROPERTY TAX YEAR IS EQUAL TO THE LOCAL GOVERNMENTAL ENTITYS BASE YEAR QUALIFIEDPROPERTYTAXREVENUEINCREASEDFOREACHYEARSINCETHE BASEYEAR ,INCLUDINGTHERELEVANTPROPERTYTAXYEAR ,BYFIVEAND ONE HALF PERCENT .

(2) AS USED IN THIS SECTI,UNLESS THE CONTEXT OTHERWISE REQUIRES, BASE YEAR "MEANS :

(a) EXCEPT AS OTHERWISE PROVIDED IN SUBSECTION (2)(b)OF THIS SECTION:

-8- 233 (I) FOR A LOCAL GOVERNMENTAL ENTITY THAT HAD QUALIFIED PROPERTY TAX REVENUE FOR THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1, 2023,THE LOCAL GOVERNMENTAL ENTITY S QUALIFIED PROPERTY TAX REVENUE FOR THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1, 2023PLUS ANY MONEY THAT THE LOCAL GOVERNMENTAL ENTITY RECEIVED PURSUANT TO SECTION39-3-210OR (II) FR A LOCAL GOVERNMENTAL ENTITY THAT DID NOT HAVE QUALIFIED PROPERTY TAX REVENUE FOR THE PROPERTY TAX YEAR COMMENCINGON ANUARY 1,2023,THELOCALGOVERNMENTALENTITY S QUALIFIEDPROPERTYTAXREVENUEFORTHEFIRSTYEARTHATTHELOCAL GOVERNMENTAL ENTITY HAD PROPERTY TAX REVENUE ;OR (b) FOR A LOCAL GOVERNMENTAL ENTITY THAT TEMPORARILY WAIVES THE PROPERTY LIMIT PURSUANT TO SECTION 29-1-1704,THE LOCALGOVERNMENTALENTITY SQUALIFIEDPROPERTYTAXREVENUEFOR THE MOST RECENT PROPERTY TAX YEAR FOR WHICH THE LOCAL GOVERNMENTAL ENTITY TEMPORARILY WAIVED THE PROPERTY LIMIT PURSUANT TO SECTION 29-1-1704.

29-1-1704.

Voter approval of property limit waiver.

AL GOVERNMENTAL ENTITY 'S GOVERNING BODY MAY SUBMIT TO THE LOCAL GOVERNMENTAL ENTITY S ELECTORS THE QUESTION OF WHETHER THE LOCAL GOVERNMENTAL ENTITY MAY WAIVE THE PROPERTY TAX LIMIT ESTABLISHED IN SECTION 29-1-1702IN CONNECTION WITH A SINGLE PROPERTY TAX YEAR A SPECIFIED NUMBER OF PROPERTY TAX YEAR,OR ALL FUTURE PROPERTY TAX YEARS .

F THE MAJORITY OF THE LOCAL GOVERNMENTAL ENTITY S VOTERS VOTING THEREON APPROVE SUCH A REQUEST ,THE LOCAL GOVERNMENTAL ENTITY IS NOT SUBJECT TO THE PROPERTYTAXLIMITESTABLISHEDINSECTION 29-1-1702FORTHEPERIOD -9- 233 OF PROPERTY TAX YEARS FOR WHICH VOTERS APPROVED WAIVING THE PROPERTY TAX LIMIT.

29-1-1705.

Prior obligations not impaired - voter-approval of mill increases.

(1) NING IN THIS PAR17 IMPAIR:

(a) THE OBLIGATIONS OF ANY BONDS OR OTHER FORMS OF INDEBTEDNESS THAT ARE OUTSTANDING AS OF THE EFFECTIVE DATE OF THIS PART 17, OR THE REFUNDING THEREOF , ISSUED BY A LOCAL GOVERNMENTALENTITYOROTHERWISEINVALIDATESANYSUCHBONDOR THE OBLIGATIONS OR REFUNDING THEREOF;OR (b) THE EXISTING VOTED AUTHORIZATION OF A LOCAL GOVERNMENTAL ENTITY APPROVED BY A MAJORITY OF THE LOCAL GOVERNMENTAL ENTITY S VOTERS VOTING THEREON IN ACCORDANCE WITH ARTICLE X SECTION 20 OF THE STATE CONSTITUTION AS OF THE EFFECTIVEDATEOFTHISPART 17.ASESTABLISHEDINSECTION 29-1-1701 (3)(h),HE IMPOSITION OF A LEVY TO PROVIDE FOR THE PAYMENT:OF (I) BNDSTHATAREOUTSTANDINGASOFTHEEFFECTIVEDATEOF THIS PART17AND THE INTEREST THEREON,OR FOR THE PAYMENT OFANY OTHER CONTRACTUAL OBLIGATION OUTSTANDING AS OF THE EFFECTIVE DATE OF THIS PAR17 THAT HAS BEEN APPROVED BY A MAJORITY OF THE LOCAL GOVERNMENTAL ENTITY 'S VOTERS VOTING THEREON;AND (II) BONDS OR OTHER CONTRACTUAL OBLIGATIONS ISSUED IN ACCORDANCE WITH THE EXISTING VOTED AUTHORIZATION OF A LOCAL GOVERNMENTAL ENTITY APPROVED BY A MAJORITY OF THE LOCAL GOVERNMENTAL ENTITY S VOTERS VOTING THEREON IN ACCORDANCE WITH ARTICLE X SECTION 20 OF THE STATE CONSTITUTION AS OF THE EFFECTIVE DATE OF THIS PAR17IS NOT INCLUDED IN THE CALCULATION OF THE PROPERTY TAX LIMI.

-10- 233 (2) NOTHINGINTHISPART 17PREVENTSALOCALGOVERNMENTAL ENTITY FROM SUBMITTING TO THE LOCAL GOVERNMENTAL ENTITY S ELECTORS THE QUESTION OF WHETHER TO INCREASE THE TOTAL NUMBER OF MILLS LEVIED BY THE LOCAL GOVERNMENTAL ENTITY AND ,UPON A MAJORITY OF THE LOCAL GOVERNMENTAL ENTITY S VOTERS VOTING TO APPROVE SUCH A REQUEST ,INCREASING THE TOTAL NUMBER OF MILLS LEVIED BY THE LOCAL GOVERNMENTAL ENTITY ACCORDINGLY .

AS ESTABLISHED IN SECTION 29-1-1701 (3)(i)PROPERTY TAX REVENUE ATTRIBUTABLE TO A LOCAL GOVERNMENTAL ENTITY INCREASING THE TOTAL NUMBER OF MILLS IT LEVIES UPON RECEIVING THE APPROVAL OF THEMAJORITYOFTHELOCALGOVERNMENTALENTITY SVOTERSFORSUCH ANINCREASEINANELECTIONOCCURRINGONORAFTER JANUARY 1,2025, IS NOT INCLUDED IN THE CALCULATION OF THE PROPERTY TAX LIM.

A LOCAL GOVERNMENTAL ENTITY MAY ALSO SUBMIT TO THE LOCAL GOVERNMENT ENTITY S ELECTORS THE QUESTION OF WHETHER TO INCREASE THE TOTAL NUMBER OF MILLS LEVIED BY THE LOCAL GOVERNMENTAL ENTITY IN SUCH A WAY THAT THE MILLS INCREASE TO MATCH THE LOCAL GOVERNMENTAL ENTITY 'S PROPERTY TAX LIMIT ESTABLISHED PURSUANT TO SECTION29-1-1702AND ,UPON A MAJORITY OF THE LOCAL GOVERNMENTAL ENTITY S VOTERS VOTING TO APPROVE SUCH A REQUEST,INCREASING THE TOTAL NUMBER OF MILLS LEVIED BY THE LOCAL GOVERNMENTAL ENTITY ACCORDINGLY .

SECTION 2.

In Colorado Revised Statutes, 39-1-104, amend (1.8)(b) introductoryportion and (1.8)(c);

and add (1.8)(b.5) as follows:

39-1-104.

Valuationforassessment-definitions.(1.8) (b) The valuation for assessment of all nonresidential property that is not specified in subsection (1), or(a)OR (1.8)(b.5) of this section is -11- 233 twenty-nine percent of the actual value thereof;

except that, for the property tax year commencing on January 1, 2023, the valuation for assessment of this property is temporarily reduced to:

(b.5) TEVALUATIONFORASSESSMENTFORALLPROPERTYLISTED BY THE ASSESSOR UNDER ANY IMPROVED COMMERCIAL SUBCLASS CODES IS:

(I) FOR THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1, 2024, TEMPORARILY REDUCED TO TWENTY -SEVEN AND NINE TENTHS PERCENTOFTHEAMOUNTEQUALTOTHEACTUALVALUEOFTHEPROPERTY MINUSTHELESSEROFTHIRTYTHOUSANDDOLLARSORTHEAMOUNTTHAT CAUSES THE VALUATION FOR ASSESSMENT OF THE PROPERTY TO BE ONE THOUSAND DOLLARS ;

(II) FR THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1, 2025, TEMPORARILY REDUCED TO TWENTY SEVEN PERCENT OF THE ACTUAL VALUE OF THE PROPERTY ;

(III) FR THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1, 2026,TEMPORARILY REDUCED TO TWENTY -SIX PERCENT OF THE ACTUAL VALUE OF THE PROPERTY;AND (IV) F OR PROPERTY TAX YEARS COMMENCING ON OR AFTER JANUARY 1, 2027REDUCED TO TWENTY -FIVE PERCENT OF THE ACTUAL VALUE OF THE PROPERTY.

(c) The actual value of real and personal property specified in subsection(1.8)(a),or.8)(bOR (1.8)(b.5)ofthissectionisdetermined by the assessor and the administrator in the manner prescribed by law, and a valuation for assessment percentage is uniformly applied, without exception, to the actual value, so determined, of the various classes and subclasses of real and personal property located within the territorial -12- 233 limits of the authority levying a property tax, and all property taxes are levied against the aggregate valuation for assessment resulting from the application of the percentage.

SECTION 3.

In Colorado Revised Statutes, 39-1-104.2, amend (1)(a), (1)(b), (3)(q), and (3)(r);

and add (1)(c), (1)(d), (3)(s), and (3)(t) as follows:

Multi-family residential real property is a subclass of residential real property for purposes of the ratio of valuationforassessment.NFLATION"MEANSTHEANNUALPERCENTAGE CHANGE IN THE UUNITED NITEDSTATESSTATES DEPARTMENT OF LABOR S'S BUREAU OF LABOR STATISTICS CONSUMER PRICE INDE,ORINDEOR A SUCCESSOR INDE,FORINDEX,FOR D ENVER-AENVER-AURORA URORA-LAKEWOOD-LAKEWOOD FOR ALL ITEMS PAID BY URBAN CONSUMERS .

(b)(a.5) "Target"Qualified-senior percentage"primary meansresidence thereal percentageproperty" ofmeans aggregateproperty statewidethat valuation for assessment represented by the valuation for assessment which is attributableclassified toas residentialsuch realunder propertysection in39-1-104.6. the year immediately preceding the year in which a change in the level of value occurs."LOCAL GOVERNMENTAL ENTITY "MEANS A GOVERNMENTAL ENTITYAUTHORIZEDBYLAWTOIMPOSEADVALOREMTAXESONTAXABLE PROPERTY LOCATED WITHIN ITS TERRITORIAL LIMI;EXCEPT THAT THE TERM EXCLUDES SCHOOL DISTRICTS.

-13-GOVERNMENTALENTITY 233"MEANSAGOVERNMENTALENTITYAUTHORIZED (c)BYLAWTOIMPOSEADVALOREMTAXESONTAXABLEPROPERTYLOCATED "MWITHIN ULTIFAMILYITS RESIDENTIALTERRITORIAL REALLIMIT;EXCEPT PROPERTY " MEANS RESIDENTIAL REAL PROPERTY THAT IS A DUPLEX , TRIPLEX, OR MULTI-STRUCTUREOFFOURORMOREUNITS ,ALLOFWHICHAREBASEDON THE CLASSTERM CODESEXCLUDES ESTABLISHEDSCHOOL INDISTRICT. THE MANUAL PUBLISHED BY THE ADMINISTRATOR .

"MULTI-FAMILY(b) RESIDENTIAL"Target REALpercentage" PROPERTY"means ISthe Apercentage SUBCLASSof OFaggregate RESIDENTIALstatewide REALvaluation PROPERTYfor FORassessment PURPOSESrepresented OFby THEthe RATIOvaluation OFfor VALUATIONassessment FORwhich ASSESSMENT.is attributable to residential real property in the year immediately preceding the year in which a change in the level of value occurs.

(d)"M "TULTIFAMILY ARGETRESIDENTIAL PERCENTAGEREAL "PROPERTY" MEANS THERESIDENTIAL PERCENTAGEREAL OFPROPERTY AGGREGATETHAT STATEWIDE VALUATION FOR ASSESSMENT REPRESENTED BY THE VALUATION FOR ASSESSMENT WHICH IS ATTRIBUTABLE TO RESIDENTIALREALPROPERTYINTHEYEARIMMEDIATELYPRECEDINGTHE YEAR IN WHICH A CHANGEDUPLEX IN, THETRIPLEX, LEVEL OF VALUE OCCU.S (3) (q) FR PROPERTY TAX YEARS COMMENCING ON OR AFTERMULTI-STRUCTUREOFFOURORMOREUNITS JANUARYALLOFWHICHAREBASEDON 1,THE 2019,ANDCLASS BEFORECODES ANUARYESTABLISHED 1,IN 2025,THE theMANUAL valuationPUBLISHED forBY assessmentformulti-familyresidentialrealpropertyis7.15percentoftheTHE actualADMINISTRATOR value. of the property;

for"MULTIFAMILY propertyRESIDENTIAL taxREAL yearsPROPERTY commencing"IS onA orSUBCLASS afterOF JanuaryRESIDENTIAL 1,REAL 2019;ceptPROPERTY thatFOR thePURPOSES valuationOF forTHE assessmentRATIO ofOF thisVALUATION propertyFOR isASSESSMENT. temporarily reduced as follows:

(I)(c) For"QUALIFIED-SENIOR thePRIMARY propertyRESIDENCE taxREAL yearsPROPERTY" commencingMEANS onPROPERTY JanuaryTHAT 1,IS 2022,CLASSIFIED andAS January1,SUCH 2024,eUNDER valuationSECTION for39-1-104.6. assessment for multi-family residentialrealpropertyistemporarilyreducedto6.8percentoftheactual value of the property;

and(d) (II)"TARGET ForPERCENTAGE the" propertyMEANS taxTHE yearPERCENTAGE commencingOF on-2- JanuaryAGGREGATE 1,STATEWIDE 2023,VALUATION ANDFOR JANUARYASSESSMENT 1,REPRESENTED 2024,BY theTHE valuationVALUATION forFOR assessmentASSESSMENT forWHICH multi-familyIS residentialATTRIBUTABLE realTO propertyRESIDENTIALREALPROPERTYINTHEYEARIMMEDIATELYPRECEDINGTHE isYEAR temporarilyIN reducedWHICH toA 6.7CHANGE percentIN ofTHE theLEVEL amountOF equalVALUE toOCCUR. the actual value of the propertyminus the lesser of fifty-five thousand dollars or the amount that causes the -14- 233 valuation for assessment of the property to be one thousand dollars.

(r)(3) F(q) ORExcept PROPERTYas TAXotherwise YEARSprovided COMMENCINGin ONsubsection OR(3)(s) AFTERof JANUARYthis 1,section,ORPROPERTYTAXYEARSCOMMENCING 2022,ANDON BEFOREORAFTER ANUARY 1,1,2019,AND 2025,BEFORE JANUARY 1,2025, the valuation for assessment for allmulti-family residential real property otheris than7.15 multi-familypercent residentialrealpropertyis7.15percentoftheactualvalueoftheproperty;of the actual value of the property;

for propertytaxyearscommencingon or after January1, 2019;

(I) For the property tax years commencing on January 1, 2022, and January1, 2024,e valuation for assessment for multi-family residentialrealpropertyistemporarilyreducedto6.8percentoftheactual value of the property;

and (II) For the property tax yearS commencing on January 1, 2023, AND JANUARY 1, 2024, the valuation for assessment for multi-family residential real property is temporarily reduced to 6.7 percent of the amount equal to the actual value of the propertyminus the lesser of fifty-five thousand dollars or the amount that causes the valuation for assessment of the property to be one thousand dollars.

(r) Except as otherwise provided in subsection (3)(s) of this section,ORPROPERTYTAX YEARS COMMENCINGONORAFTER ANUARY 1,2022,AND BEFORE JANUARY 1,2025, the valuation for assessment for all residential real property other than multi-family residential real propertyis7.15percentoftheactualvalueoftheproperty;exceptthatthe valuation for assessment of this property is temporarily reduced as follows:

(II) For the property tax YEARSyearS commencing on January 1, 2023,AND JANUARY 1,2024, the ratio of valuation for assessment for all residential real propertyother than multi-familyresidential real property is 6.7 percent of the amount equal to the actual value of the property minus the lesser of fifty-five thousand dollars or the amount that causes the valuation for assessment of the property to be one thousand dollars.

-3- (s) (I) FFor THEproperty PROPERTYtax TAXyears YEARcommencing COMMENCINGon ONor JANUARYafter 1,2025,THEJanuary VALUATION1, FOR2025, ALLbut RESIDENTIALbefore REALJanuary PROPERTY1, :S2027, (A)if Fthere ORare THEsufficient PURPOSEexcess OFstate Arevenues, LEVYthe IMPOSEDvaluation BYfor Aassessment LOCALfor GOVERNMENTALqualified-senior ENTITYprimary ,residence 6.PERCENTreal OFproperty, THEincluding ACTUALmulti-family VALUEqualified-senior OFprimary THEresidence PROPERTYreal ;ANDproperty, -15-is: 233 (B) FORTHE PURPOSE OFALEVYIMPOSEDBYASCHOOLDISTRICT , 7.15PERCENT OF THE ACTUAL VALUE OF THE PROPERT.

(II)7.15 Ipercent ITof ISthe ADMINISTRATIVELYamount INFEASIBLEequal TOto CALCULATEthe TWOactual DIFFERENTVALUATIONSFORASSESSMENTFORTHESAMEPROPERTYBASEDvalue ONTHESAMEACTUALVALUEof ,BUTWITHTWODIFFERENTPERCENTAGESOFthe THATproperty ACTUALminus VALUATIONthe FORlesser ASSESSMENTof ,fifty ANpercent ASSESSORof MAYthe DETERMINEfirst THEtwo VALUEhundred OFthousand Adollars PROPERTYof UNDERthat SUBSECTIONactual (3)(s)(I)(B)value OFor THISthe SECTIONamount BYthat CALCULATIN106.716418%causes OFthe ANvaluation AMOUNTfor EQUALassessment TOof 6.7PERCENTthe OFproperty THEto ACTUALbe VALUEone OFthousand THEdollars. PROPERT.

(t)(A) (I)FOR FRTHE PURPOSE OF A LEVY IMPOSED BY A LOCAL GOVERNMENTAL ENTITY , 6.95PERCENT OF THE AMOUNT EQUAL TO THE ACTUALVALUEOFTHEPROPERTYMINUSTHELESSEROFFIFTYPERCENTOF THEFIRSTTWOHUNDREDTHOUSANDDOLLARSOFTHATACTUALVALUEOR THE AMOUNT THAT CAUSES THE VALUATION FOR ASSESSMENT OF THE PROPERTY TAXTO YEARSBE COMMENCINGONE ONTHOUSAND ORDOLLARS;AND AFTER(B) JANUARYFORTHE 1,2026,THEVALUATIONFORASSESSMENTFORALLRESIDENTIALPURPOSEOFALEVYIMPOSEDBYASCHOOLDISTRICT REAL, 7.15PERCENT OF THE AMOUNT EQUAL TO THE ACTUAL VALUE OF THE PROPERTY I:MINUS EITHER FIFTY PERCENT OF THE FIRST TWO HUNDRED THOUSAND DOLLARS OF THAT ACTUAL VALUE PLUS THE LESSER OF TEN PERCENT OF THE ACTUAL VALUE OF THE PROPERTY OR SEVENTY THOUSAND DOLLARS AS INCREASED FORINFLATIONINTHE FIRST YEAR OF EACHSUBSEQUENTREASSESSMENTCYCLEORTHE AMOUNT THAT CAUSES THEVALUATIONFORASSESSMENTOFTHEPROPERTYTOBEONETHOUSAND DOLLARS .

(A)(II) FFR OR THE PURPOSEPROPERTY OFTAX AYEAR LEVYCOMMENCING IMPOSEDON BYJANUARY A1, LOCAL2025, GOVERNMENTALIF ENTITYIT ,IS 6.9PERCENTADMINISTRATIVELY OFINFEASIBLE THE AMOUNT EQUAL TO THECALCULATE ACTUALTWO VALUEDIFFERENTVALUATIONSFORASSESSMENTFORTHESAMEPROPERTYBASED OFON THETWO PROPERTYDIFFERENT MINUSPERCENTAGES THEOF LESSERACTUAL OFVALUE,AN TENASSESSOR PERCENTMAY OFDETERMINE THE ACTUAL VALUE OF THEA PROPERTY ORUNDER SEVENTYSUBSECTION(3)(s)(I)(B) THOUSANDOF DOLLARSTHIS ASSECTION INCREASEDBY FORCALCULATING INFLATION102.877697842% INOF THEAN FIRSTAMOUNT YEAREQUAL TO 6.95PERCENT OF EACHTHE SUBSEQUENTAMOUNT REASSESSMENTEQUAL CYCLETO ;ANDTHE (B)ACTUAL FORTHEVALUE PURPOSEOF OFALEVYIMPOSEDBYASCHOOLDISTRICTTHE ,MINUS 7.15EITHER FIFTY PERCENT OF THE AMOUNTFIRST EQUALTWO TOHUNDRED THETHOUSAND ACTUALDOLLARS VALUE OF THETHAT PROPERTYACTUAL ;EXCEPTVALUE THATPLUS THE VALUATIONLESSER FOROF ASSESSMENTTEN FORPERCENT THE PURPOSE OF ATHE LEVYACTUAL IMPOSEDVALUE BYOF ATHE SCHOOLPROPERTY DISTRICTOR MAYSEVENTY BETHOUSAND TEMPORARILYDOLLARS REDUCEDAS INCREASED FOR AINFLATION PROPERTYINTHE TAXFIRST YEAR ASOF SETEACHSUBSEQUENTREASSESSMENTCYCLEORTHE FORTHAMOUNT INTHAT SECTIONCAUSES 39-1-104.6.THEVALUATIONFORASSESSMENTOFTHEPROPERTYTOBEONETHOUSAND DOLLARS .

(II)(III) FORTE REASSESSMENTGENERAL CYCLESASSEMBLY COMMENCINGFINDS ONAND ORDECLARES AFTERTHAT JANUARYANY 1,MODIFICATIONTOTHEVALUATIONFORASSESSMENTESTABLISHEDINTHIS 2027THESUBSECTION (3)(sTHAT WOULD RESULT IN A PROPERTY TAX ADMINISTRATORINCREASE SHALLWOULD PUBLISHREQUIRE THEPRIOR INFLATIONVOTER ADJUSTEDAPPROVAL VALUEUNDER USEDSECTION TO20 CALCULATE(4)(aOF THEARTICLEX VALUATIONOF -16-THE 233STATE FORASSESSMENTPURSUANTTOSUBSECTIONCONSTITUTIO. (3)(t)(I)(OFTHISSECTION.

(III)(t) TE(I) GENERALF ASSEMBLYTHE FINDSPROPERTY ANDTAX DECLARESYEAR THATCOMMENCING ANYON MODIFICATIONTOTHEVALUATIONFORASSESSMENTESTABLISHEDINTHISJANUARY SUBSECTION-4- (3)(t)THAT1, WOULD2025THE RESULTVALUATION INFOR AALL RESIDENTIAL REAL PROPERTY TAXOTHER INCREASETHAN WOULDQUALIFIED-SENIOR REQUIREPRIMARY PRIORRESIDENCE VOTERREAL APPROVALPROPERTY UNDER:S SECTION(A) 20F (4)(aOFOR ARTICLETHE XPURPOSE OF A LEVY IMPOSED BY A LOCAL GOVERNMENTAL ENTITY , 6.PERCENT OF THE STATEACTUAL CONSTITUTIO.VALUE OF THE PROPERTY ;AND (B) FORTHE PURPOSEOFALEVYIMPOSEDBYASCHOOLDISTRICT , 7.15PERCENT OF THE ACTUAL VALUE OF THE PROPERT.

SECTION4.(II) I IT IS ADMINISTRATIVELY INFEASIBLE TO CALCULATE TWO DIFFERENTVALUATIONSFORASSESSMENTFORTHESAMEPROPERTYBASED ONTHESAMEACTUALVALUE BUTWITHTWODIFFERENTPERCENTAGESOF THAT ACTUAL VALUE ,AN ASSESSOR MAY DETERMINE THE VALUE OF A PROPERTY UNDER SUBSECTION (3)(t)(I)(BOF THIS SECTION BY CALCULATING 106.716418% OF AN AMOUNT EQUAL TO 6.7PERCENT OF THE ACTUAL VALUE OF THE PROPERTY.

InColoradoRevisedStatutes,repeal39-1-104.4as(u) follows:(I) FR PROPERTY TAX YEARS COMMENCING ON OR AFTER JANUARY 1,2026,THEVALUATIONFORALLRESIDENTIALREALPROPERTY OTHER THAN QUALIFIEDSENIOR PRIMARY RESIDENCE REAL PROPERTY :S (A) FOR THE PURPOSE OF A LEVY IMPOSED BY A LOCAL GOVERNMENTAL ENTITY , 6.95PERCENT OF THE AMOUNT EQUAL TO THE ACTUAL VALUE OF THE PROPERTY MINUS THE LESSER OF TEN PERCENT OF THE ACTUAL VALUE OF THE PROPERTY OR SEVENTY THOUSAND DOLLARS AS INCREASED FOR INFLATION IN THE FIRST YEAR OF EACH SUBSEQUENT REASSESSMENT CYCLE ;AND (B) FORTHE PURPOSEOFALEVYIMPOSEDBYASCHOOLDISTRICT , 7.15PERCENT OF THE AMOUNT EQUAL TO THE ACTUAL VALUE OF THE PROPERTY ;EXCEPT THAT THE VALUATION FOR ASSESSMENT FOR THE PURPOSE OF A LEVY IMPOSED BY A SCHOOL DISTRICT MAY BE TEMPORARILY REDUCED FOR A PROPERTY TAX YEAR AS SET FORTH IN SECTION39-1-104.6.

39-1-104.4.(II) FOR REASSESSMENT CYCLES COMMENCING ON OR AFTER JANUARY 1, 2027THE PROPERTY TAX ADMINISTRATOR SHALL PUBLISH THE INFLATION ADJUSTED VALUE USED TO CALCULATE THE VALUATION FORASSESSMENTPURSUANTTOSUBSECTION (3)(u)(I)(OFTHISSECTION.

Adjustment(III) ofTE residentialGENERAL rate.ASSEMBLY FINDS AND DECLARES THAT ANY MODIFICATIONTOTHEVALUATIONFORASSESSMENTESTABLISHEDINTHIS SUBSECTION (3)(uTHAT WOULD RESULT IN A PROPERTY TAX INCREASE WOULD REQUIRE PRIOR VOTER APPROVAL UNDER SECTION 20 (4)(aOF ARTICLEX OF THE STATE CONSTITUTIO.".

(1)Renumber Thesucceeding valuationsections foraccordingly. assessment for residential real property other than multi-family residentialrealpropertyforthepropertytaxyearcommencingonJanuary 1, 2024, is equal to the percentage necessaryfor the following to equal a total of seven hundred million dollars:

(a)Page The18, aggregateline reduction25, ofstrike local" government property tax revenue during the propertytax year commencing on January1, 2023, as a result of the changes made in Senate Bill 22-238, enacted in 2022, exclusive of anychanges made in Senate Bill 23B-001, enacted in 2023, that reduced valuations for assessment set forth pursuant to sections 39-1-104 (1)(b) and (1.8)(b),substituACT". 39-1-104.2 (3)(q)(II) and (3)(r)(II), and 39-3-104.3 (2);

and-5- (b)Page The19, aggregateafter reductionline of24 localinsert: government property tax revenue during the propertytax year commencing on January1, 2024, as a result of the reduced valuations for assessment set forth pursuant to sections 39-1-104 (1.8)(a) and 39-1-104.2 (3)(q)(I) and (3)(r)(III)for the property tax year commencing on January 1, 2024.

(2)"SECTION On7. or before March 21, 2024, based on the information availableonthatdate,thepropertytaxadministratorshallsubmitareport -17- 233 to the general assembly calculating the ratio of valuation for assessment specified in subsection (1) of this section.

SECTION 5.

(1) F QUALIFYING PROPERTY TAX YEARS ,THE VALUATIONFORASSESSMENTFORALLRESIDENTIALREALPROPERTY ,FORFOR THEPURPOSEOFALEVYIMPOSEDBYASCHOOLDISTRICT ,ISEQUALTOTHE LESSER OF:

(a) SEVEN AND FIFTEEN HUNDREDTHS PERCENT OF THE ACTUAL VALUE OF THE PROPERTY;OR (b) THE PERCENTAGE OF THE ACTUAL VALUE OF THE PROPERTY NECESSARY FOR THE LOCAL SHARE OF STATEWIDE TOTAL PROGRAM TO EQUAL SIXTY PERCENT OF THE TOTAL PROGRAM DETERMINED PURSUANT TO ARTICLE 54 OF TITLE22 FOR THE SCHOOL DISTRICT BUDGET YEAR DURING WHICH THE QUALIFYING PROPERTY TAX YEARREVENUE BEGIN,BASEDDIVIDEDBYWEIGHTEDTOTALPROGRAMTOEQUALZEROANDSIX ON-TENTHS. THE BEST AVAILABLE INFORMATION WHEN THE STATE BOARD OF EQUALIZATION DETERMINES THE PERCENTAGE OF ACTUAL VALUE.

(2) (a) EGISLATIVELGISLATIVE COUNCIL STAFF SHALL NOTIFY THE STATE BOARD OF EQUALIZATION OF THE FIRST YEAR AFTE2026 IN WHICH THE LOCAL SHARE OF TOTAL PROGRAM IS EQUAL TO OR GREATER THAN SIXTY PERCENTOFTHETOTALPROGRAMDETERMINEDPURSUANTTOARTICLE 54 OF TITLE22.

(b) NONOLATERTHANONEWEEKAFTERTHEANNUALPUBLICSCHOOL LATERFINANCEACTBECOMESLAW THAN,LEGISLATIVECOUNCILSTAFFSHALLPROVIDE THREETHESTATEBOARDOFEQUALIZATIONWITHTHEINFORMATIONNECESSARY BUSINESSTO DAYSCALCULATE AFTER THE ANNUALBALANCING PUBLICSCHOOLFINANCEACTPERCENTAGE ,becomeslaw,legislativecouncilstaffshallFOR provideA theQUALIFYING statePROPERTY boardTAX ofYEAR equalizatione. information necessaryto calculate the balancing percentage for a qualifying property tax year.

-18- 233 (c) NNO O LATER THAN THREE WEEKS AFTER RECEIVING THE INFORMATION PROVIDED BY LEGISLATIVE COUNCIL STAFF PURSUANT TO SUBSECTION (2)OF THIS SECTION,THESECTIO,THE STATE BOARD OF EQUALIZATION SHALL SUBMIT A REPORT TO THE GENERAL ASSEMBLY THAT CALCULATES THE BALANCING PERCENTAGE .

(3) IFI THE BALANCING PERCENTAGE IS LOWER THAN SEVEN AND FIFTEEN HUNDREDTHS PERCENT ,THEN,THEN,FOR ,FOR THAT PROPERTY TAX YEAR , THE VALUATION FOR ASSESSMENT FOR RESIDENTIALREALPROPERTYRESIDENTIALREAL PROPERTY FOR THEPURPOSEOFALEVYIMPOSEDBYASCHOOLDISTRICTISTEMPORARILY REDUCEDINACCORDANCEWITHSUBSECTION (1)(bOFTHISSECTION(1)(bOFTHISSECTION.THE .THE VALUATION FOR ASSESSMENT FOR THIS PROPERTY IS SEVEN AND FIFTEEN HUNDREDTHSPERCENTOFTHEACTUALVALUEOFTHEPROPERTYFORTHE NEXTPROPERTYTAXYEAR ,BUTTHEVALUATIONFORASSESSMENTMAYBEBUTTHEVALUATIONFORASSESSMENTMAYBE REDUCED AGAIN FOR THAT PROPERTY TAX YEAR IN ACCORDANCE WITH SUBSECTION (1)(b)OF(1)(bOF THIS SECTIO.

(4) AS USED IN THIS SECTIO,UNLESSSECTI,UNLESS THE CONTEXT OTHERWISE REQUIRESREQUIRES: :

(a) "BALANCING PERCENTAGE ""MEANS MEANS THE PERCENTAGE OF THE ACTUAL VALUE OF ALL RESIDENTIAL REAL PROPERTY DESCRIBED IN -6- SUBSECTION (1)(b)OF(1)(bOF THIS SECTIO.

(b) "QUALIFYING PROPERTY TAX YEAR"YEAR"MEANS MEANS A PROPERTY TAX YEAR COMMENCING AFTER LEGISLATIVE COUNCIL STAFF HAS PROVIDED THE STATE BOARD OF EQUALIZATION WITH THE NOTICE DESCRIBED IN SUBSECTION (2)OF THIS SECTIO.

SECTION(c) 6."STATEWIDE SCHOOL DISTRICT PROPERTY TAX REVENUE " MEANSTHETOTALAMOUNTOFPROPERTYTAXREVENUEESTIMATEDTOBE RETAINEDBYALLOFTHESCHOOLDISTRICTSINTHESTATEINCONNECTION WITHDISTRICTTOTALPROGRAMFUNDINGFORTHE CURRENT QUALIFYING PROPERTY TAX YEAR .

In(d) Colorado"W RevisedEIGHTED Statutes,TOTAL addPROGRAM 39-3-211" asMEANS follows:STATEWIDE TOTAL PROGRAM AS CALCULATED PURSUANT TO SECTION 22-54-103.3.

39-3-211.SECTION8.

ReportingInColoradoRevised ofStatutes, assessedas valueadded reductionsby -Senate -19-Bill 23324-111 reimbursement39-1-104.6, ofadd local(10)(c) governmentalas entitiesfollows: - local governmental entity backfill cash fund - creation - legislative declaration - definitions - repeal.

(1)39-1-104.6. TNERALASSEMBLY FINDS AND DECLARES THAT :

(a)Qualified-senior MOSTprimary SCHOOLresidencereal DISTRICTSproperty RELY- ONvaluation Afor COMBINATIONassessment OF- STATEreimbursement ANDLOCALSOURCESOFREVENUETOPAYFORTOTALPROGRAMFUNDINGto ;local governments for reducedvaluation-temporarymechanismforrefundingexcessstate revenues - legislative declaration - definitions.

(b)(10) STATEReimbursement REVENUEas MAKESrefund UPof THEexcess DIFFERENCEstate BETWEENrevenues. THE FULL AMOUNT OF A SCHOOL DISTRICTS TOTAL PROGRAM FUNDING AND THE AMOUNT OF A SCHOOL DISTRICTS TOTAL PROGRAM FUNDING THAT THE SCHOOL DISTRICT PAYS FOR WITH ITS PROPERTY TAX REVEN;E (c) TEAMOUNTOFSTATEREVENUENECESSARYTOMAKEUPTHE DIFFERENCE BETWEENTHE FULLAMOUNT OFA SCHOOLDISTRICT S TOTAL PROGRAM FUNDING AND THE AMOUNT OF A SCHOOL DISTRICT S TOTAL PROGRAM FUNDING THAT THE SCHOOL DISTRICT PAYS FOR WITH ITS PROPERTY TAX REVENUE IS ANNUALLY DETERMINED BY THE GENERAL ASSEMBLY IN THE ANNUAL PUBLIC SCHOOL FINANCE AC.

(d)(S TEREFOREUSED ,ITISTHEGENERALASSEMBLYIN 'SEXPECTATIONANDTHIS INTENTSUBSECTION THAT,ALTHOUGH(10),UNLESS SCHOOLTHE DISTRICTCONTEXT PROPERTYOTHERWISE TAXREQUIRES, REVENUE ISLOST REDUCEDAS BYA SENATERESULTOFTHECLASSIFICATIONOFREALPROPERTYASQUALIFIED B-SENIOR ILL24-233,PRIMARY THERESIDENCE GENERALREAL ASSEMBLYPROPERTY"MEANS WILLREVENUE INCREASETHAT THEIS AMOUNTLOST OFAS STATEA REVENUERESULT THATOF ITCERTAIN ANNUALLYRESIDENTIAL DISTRIBUTESPROPERTIES TOBEING SCHOOLCLASSIFIED DISTRICTSAS IN"QUALIFIED-SENIOR ORDERPRIMARY TORESIDENCE MAINTAINREAL ORPROPERT",AND INCREASEHAVING SCHOOLA DISTRICTVALUATION TOTALFOR PROGRAMASSESSMENT FUNDING;ANDDETERMINED (e)PURSUANT THETO GENERALSECTION ASSEMBLY39-1-104.2(3)(s),THERTHANBEINGCLASSIFIEDAS WILL"ALLRESIDENTIAL REIMBURSEREAL LOCALPROPERTY GOVERNMENTALENTITIESTHATRELYONPROPERTYTAXREVENUEOTHEROTHER THAN SCHOOLQUALIFIED DISTRICTS,-SENIOR ATPRIMARY LEASTRESIDENCE INREAL PARTPROPERTY ," THROUGHAND THEHAVING REIMBURSEMENTA DESCRIBEDVALUATION INFOR THISASSESSMENT SECTIO.DETERMINED PURSUANT TO SECTION 39-1-104.2 (3)(AND (3)(u).".

(2)Renumber ASsucceeding USEDsections INaccordingly. THIS SECTI,UNLESS THE CONTEXT OTHERWISE -20- 233 REQUIRES:

(a)Page "COUNTY20, "INCLUDESline A22, CITYstrike AND". COUNTY.

(b)Page "FND20, "MEANSTHELOCALGOVERNMENTALENTITYBACKFILLline CASH26, FUNDstrike CREATED"ON." INand SUBSECTION(7)(a)OFsubstituSECTION;AND "(f) ISTHEINTENTOFTHEGENERALASSEMBLYTOREVIEWBOTH THEIMPACTOFTHEPROPERTYTAXREVENUEREDUCTIONSIN SENATE BILL 24-233AND THE REIMBURSEMENT DESCRIBED IN THIS SECTIO.SECTION ON LOCAL GOVERNMENTAL ENTITIES TO ENSURE THAT LOCAL GOVERNMENTAL ENTITIESCANMAINTAINTHECURRENTLEVELOFCRITICALSERVICESTHEY PROVIDE.".

(c)Page "LOCAL24, GOVERNMENTALline ENTITY17, "strike MEANS"$351,661,729" Aand GOVERNMENTALsubstitute ENTITYAUTHORIZEDBYLAWTOIMPOSEADVALOREMTAXESONTAXABLE"$378,861,731". PROPERTY LOCATED WITHIN ITS TERRITORIAL LIMIT;EXCEPT THAT THE TERM EXCLUDES SCHOOL DISTRICTS.

(3)-7- FORPage THE25, PROPERTYafter TAXline YEAR18 COMMENCINGinsert: ON JANUARY 1, 2024,EACH ASSESSOR SHALL :

(a)"SECTION14. CALCULATE THE DECREASE ,IF ANY,IN THE TOTAL ASSESSED VALUE OF REAL PROPERTY FOR EACH LOCAL GOVERNMENTAL ENTITY WITHIN THE ASSESSOR S COUNTY BETWEEN THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1, 2022,AND THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1, 2024AND (b) DETERMINEEACHLOCALGOVERNMENTALENTITY SMILLLEVY FOR THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1, 2022, EXCLUDING ANY MILLS LEVIED TO PROVIDE FOR THE PAYMENT OF BONDS AND INTEREST THEREON OR FOR THE PAYMENT OF ANY OTHER CONTRACTUALOBLIGATIONTHATHASBEENAPPROVEDBYAMAJORITYOF THE LOCAL GOVERNMENTAL ENTITY 'S VOTERS VOTING THEREON.

(4)Effectivedate.(1) NOLATERTHANExceptasotherwiseprovided Min ARCHthis 1,2025,ANASSESSORSHALLREPORTsection, THEthis AMOUNTSact CALCULATEDtakes PURSUANTeffect TOupon SUBSECTIONpassage. (3)(aOF THIS SECTION,AS APPLICABLE,THE BASIS FOR THE AMOUNTS ,AND THE MILL LEVIESDETERMINEDPURSUANTTOSUBSECTION (3)(bOFTHISSECTIONTO THE ADMINISTRATOR .

HE(2) ADMINISTRATORSection MAY3 REQUIREof ANthis ASSESSORact TOPROVIDEADDITIONALINFORMATIONASNECESSARYTOEVALUATETHEtakes -21-effect 233only ACCURACYif OFSenate THEBill AMOUNTS24-111 REPORTEDdoes .not become law.

HE(3) ADMINISTRATORSections SHALL4 CONFIRMand THAT8 THEof REPORTEDthis AMOUNTSact AREtake CORRECTeffect ORonly RECTIFYif THESenate AMOUNTSIFNECESSARYBill .THEADMINISTRATORSHALLTHENFORWARDTHE24-111 CORRECTbecomes AMOUNTSlaw, FORin Awhich COUNTYcase TOTHEsections STATE4 TREASURERTOand ENABLE8 THEtake STATEeffect TREASURERon TOthe ISSUEeffective Adate REIMBURSEMENTof WARRANTthis TOact Aor TREASURERSenate INBill ACCORDANCE24-111, WITHwhichever SUBSECTIONis (5)OFlater. THIS SECTI.N (5) (a) N LATER THAN APRIL15, 2025,THE STATE TREASURER SHALL ISSUE A WARRANT,TO BE PAID UPON DEMAND FROM THE FUN,TO EACH TREASURER THAT IS EQUAL TO THE TOTAL REIMBURSEMENT AMOUNTS SET FORTH IN SUBSECTION(6)OF THIS SECTION FOR ALL LOCAL GOVERNMENTAL ENTITIES WITHIN THE TREASURER'S COUNTY.

(b)(3) EACHSection TREASURER6 SHALLof DISTRIBUTEthis THEact TOTALtakes AMOUNTeffect RECEIVEDonly FROMif THEHouse STATEBill TREASURER24-1448 TOdoes THEnot LOCALbecome GOVERNMENTALlaw. ENTITIES,EXCLUDING SCHOOL DISTRICTS , WITHIN THE TREASURER S COUNTYASIFTHEAMOUNTHADBEENREGULARLYPAIDASPROPERTYTAX SO THAT THE LOCAL GOVERNMENTAL ENTITIES RECEIVE THE AMOUNTS DETERMINED PURSUANT TO SUBSECTION (6)OF THIS SECTIO.

W(4) HENSection DISTRIBUTING7 THEthis TOTALact AMOUNTtakes RECEIVEDeffect FROMonly THEif STATEHouse TREASURERBill ,24-1448 EACHbecomes TREASURERlaw,inwhichcasesection7takeseffectontheeffectivedate SHALLof PROVIDEthis EACHact LOCALor GOVERNMENTALHouse ENTITYBill WITH24-1148, Awhichever STATEMENTis OFlater.". THE AMOUNT DISTRIBUTED TO THE LOCAL GOVERNMENTAL ENTITY THAT REPRESENTS THEREIMBURSEMENTRECEIVEDUNDERSUBSECTION (6)OFTHISSECTION .

(6)Renumber (a)succeeding FRsection EACHaccordingly. LOCAL GOVERNMENTAL ENTITY THAT HAD A DECREASE IN TOTAL ASSESSED VALUE OF REAL PROPERTY FROM THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1, 2022, TO THE PROPERTYTAXYEARCOMMENCINGON JANUARY 1,2024,THEAMOUNTOF REIMBURSEMENT IS AN AMOUNT EQUAL TO THAT DECREASE IN TOTAL -22- 233 ASSESSED VALUE MULTIPLIED BY THE LOCAL GOVERNMENTAL ENTITY S MILL LEVY FOR THE PROPERTY TAX YEAR COMMENCING ON JANUARY 1, 2022,EXCLUDING ANY MILLS LEVIED TO PROVIDE FOR THE PAYMENT OF BONDS AND INTEREST THEREON OR FOR THE PAYMENT OF ANY OTHER CONTRACTUALOBLIGATIONTHATHASBEENAPPROVEDBYAMAJORITYOF THE LOCAL GOVERNMENTAL ENTITY 'S VOTERS VOTING THEREON.

(b)** THE*** REIMBURSEMENT** AMOUNTS*** SET** FORTH-8- IN THIS SECTION AREBASEDONTHEAMOUNTSTHATTHEADMINISTRATORREPORTSTOTHE TREASURER IN ACCORDANCE WITH SUBSECTION (4)OF THIS SECTIO.

(7) (a) TE LOCALGOVERNMENTALENTITY BACKFILLCASH FUND IS HEREBY CREATED IN THE STATE TREASURY.

THE FUND CONSISTS OF MONEY TRANSFERRED TO THE FUND IN ACCORDANCE WITH SUBSECTION (7)(b)OF THIS SECTION.

THE STATE TREASURER SHALL CREDIT ALL INTEREST AND INCOME DERIVED FROM THE DEPOSIT AND INVESTMENT OF MONEY IN THE LOCAL GOVERNMENTAL ENTITY BACKFILL CASH FUND TO THE FUND .

(b) ON A PRIL1, 2025THE STATE TREASURER SHALL TRANSFER FROMTHESUSTAINABLEREBUILDINGPROGRAMFUNDCREATEDINSECTION 24-38.5-115(7)TO THE LOCAL GOVERNMENTAL ENTITY BACKFILL CASH FUND TEN MILLION THREE HUNDRED ELEVEN THOUSAND TWO HUNDRED THIRTY-THREE DOLLARS .

(c) T HE MONEY IN THE FUND IS AVAILABLE FOR THE STATE TREASURER TO PAY THE WARRANTS REQUIRED TO BE ISSUED IN ACCORDANCE WITH SUBSECTION (5)OF THIS SECTIO.

(d) A FTER ISSUING EVERY WARRANT REQUIRED PURSUANT TO SUBSECTION (5)OF THIS SECTIO,THE STATE TREASURER SHALL CREDIT ANYUNEXPENDEDANDUNENCUMBEREDMONEYREMAININGINTHEFUND -23- 233 AT THE END OF A FISCAL YEAR TO THE GENERAL FUN.

(8) THIS SECTION IS REPEALE,EFFECTIVEJULY 1, 2026.

SECTION 7.

In Colorado Revised Statutes, 39-3.5-101, amend (3.5) as follows:

39-3.5-101.

Definitions.

As used in this article 3.5, unless the context otherwise requires:

(3.5) "Tax-growth cap" means:

(a) FOR PROPERTY TAX YEARS COMMENCING BEFORE JANUARY 1, 2025, an amount equal to the average of a person's real property taxes paid on the same homestead for the two propertytax years preceding the year a deferral is claimed, increased by four percent;

(b) FOR PROPERTY TAX YEARS COMMENCING ON OR AFTER JANUARY 1, 2025,AN AMOUNT EQUAL TO THE AVERAGE OF A PERSON S REAL PROPERTY TAXES PAID ON THE SAME HOMESTEAD FOR THE TWO PROPERTY TAX YEARS PRECEDING THE YEAR A DEFERRAL IS CLAIMED.

SECTION 8.

Appropriation.

For the 2024-25 state fiscal year, $351,661,729 is appropriated to the department of education.

This appropriationisfromthestateeducationfundcreatedinsection17(4)(a) of article IX of the state constitution.

To implement this act, the departmentmayusethisappropriationforthestateshareofdistricts'total program funding.

SECTION 9.

Appropriation.

(1) For the 2024-25 state fiscal year, $151,698 is appropriated to the department of local affairs.

This appropriation is from the general fund.

To implement this act, the department may use this appropriation as follows:

(a) $38,972 for the division of property taxation, which amount is based on an assumption that the department will require an additional -24- 233 0.5 FTE;

and (b) $112,726forthepurchaseofinformationtechnologyservices.

(2) For the 2024-25 state fiscal year, $112,726 is appropriated to theofficeofthegovernorforusebytheofficeofinformationtechnology, which amount is based on an assumption that the office will require an additional 1.0 FTE.

This appropriation is from reappropriated funds received from the department of local affairs under subsection (1)(b) of this section.

To implement this act, the office mayuse this appropriation to provide information technology services for the department of local affairs.

SECTION 10.

Appropriation.

(1) For the 2024-25 state fiscal year, $108,971 is appropriated to the department of the treasury for use by the administration division.

This appropriation is from the general fund.

To implement this act, the division may use this appropriation as follows:

(a) $31,661 for personal services, which amount is based on an assumption that the division will require an additional 0.5 FTE;

and (b) $77,310 for operating expenses.

SECTION 11.

Safety clause.

The general assembly finds, determines, and declares that this act is necessary for the immediate preservationofthepublicpeace,health,orsafetyorforappropriationsfor the support and maintenance of the departments of the state and state institutions.

-25- 233