Colo. Rev. Stat. § 29-1-1701

Current through 11/5/2024 election

Section 29-1-1701 - Definitions

As used in this part 17, unless the context otherwise requires:

(1) "Local government" means a governmental entity authorized by law to impose ad valorem taxes on taxable property located within its territorial limits; except that the term excludes any:

(a) and (b) (Deleted by amendment, L. 2024, Second Extraordinary Session.)

(c) Local governmental entity that is subject to and has not received voter approval to exceed the revenue limit set forth in section 29-1-301 for that property tax year; and

(d) Local governmental entity or school district that does not have voter approval 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, the majority of the local governmental entity or school district's revenue from the imposition of ad valorem property taxes levied in any year subsequent to the approval.

(1.5) "Local governmental entity" means a local government authorized by law to impose ad valorem taxes on taxable property located within its territorial limits; except that the term excludes any:

(a) School district; and

(b) City and county, city, or town that has adopted a home rule charter.

(2) "Property tax limit" means, as applicable, the annual limit on a local governmental entity's qualified property tax revenue that is established in sections 29-1-1702 (1) and 29-1-1703 (1) and calculated pursuant to section 29-1-1703 (1) or the annual limit on a school district's qualified local share property tax revenue that is established in sections 29-1-1702.5 (2) and 29-1-1703 (3) and calculated pursuant to section 29-1-1703 (3).

(2.5)

(a) "Qualified local share property tax revenue" means the total amount of property tax revenue estimated to be retained by all school districts in the state in connection with district total program funding from a property tax year exclusive of property tax revenue that is from any of the following sources or is used for any of the following purposes:

(I) The increased valuation for assessment within a school district for the preceding property tax year that is attributable to new construction and personal property connected therewith, as defined by the property tax administrator in manuals prepared pursuant to section 39-2-109 (1)(e);

(II) 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 a school district for the preceding property tax year;

(III) Increased property tax revenue attributable to the expiration of the use of a school district's incremental tax revenues diverted for the purposes of part 1 of article 25 of title 31, part 8 of article 25 of title 31, article 31 of title 30, or other tax increment financing purposes;

(IV) The valuation for assessment that was omitted from the assessment roll in the preceding property tax year;

(V) Property tax revenue abated or refunded by a school district from the property tax year;

(VI) The increase in the valuation for assessment attributable to previously legally exempt property in the previous property tax year that becomes taxable;

(VII) The increase in the valuation for assessment from producing mines or lands or leaseholds producing oil or gas in the previous property tax year;

(VIII) Property tax revenue attributable to a school district increasing the total number of mills it levies in connection with district total program funding and upon receiving the approval of the majority of a school district's voters voting thereon for such an increase in an election occurring on or after November 5, 2024;

(IX) Property tax revenue attributable to any mills a school district levies that are not levied in connection with district total program funding;

(X) Property tax revenue attributable to a change in the amount of specific ownership tax revenue paid to the district, as defined in section 22-54-103 (11), in the previous property tax year; or

(XI) Property tax revenue attributable to a change in the amount of property tax credits issued pursuant to section 22-54-106 (2.1) in the previous property tax year.

(b) Except as applied in determining the counterfactual percentage, as defined in section 29-1-1702.5 (1)(c), in determining the amount of qualified local share property tax revenue for purposes of subsections (2.5)(a)(I), (2.5)(a)(II), (2.5)(a)(IV), (2.5)(a)(VI), and (2.5)(a)(VII) of this section, the annual change in property tax revenue or valuation for assessment is assumed to be the same for the relevant property tax year as it was for the property tax year immediately preceding the relevant property tax year.

(3) "Qualified property tax revenue" means a local governmental entity's property tax revenue for a property tax year exclusive of property tax revenue that is from any of the following sources or is used for any of the following purposes:

(a) Property tax revenue from the increased valuation for assessment within the taxing entity for the preceding property tax year that is attributable to new construction and 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) Increased property tax revenue attributable to the expiration in the previous property tax year of the use of the local governmental entity's incremental tax revenues diverted for the purposes of part 1 of article 25 of title 31, part 8 of article 25 of title 31, article 31 of title 30, or other tax increment financing purposes;

(d) Property tax revenue for property that was omitted from the assessment roll in the preceding property tax year;

(e) Property tax revenue abated or refunded by the local governmental entity from the property tax year;

(f) Property tax revenue attributable to property that was legally exempt property in the previous property tax year that becomes taxable;

(g) Property tax revenue from producing mines or lands or leaseholds producing oil or gas;

(h) An amount to provide for the payment of bonds that have both been approved by a majority of the local governmental entity's voters voting thereon and are outstanding as of November 5, 2024, and the interest thereon, or for the payment of any other contractual obligation that has been approved by a majority of the local governmental entity's voters voting thereon outstanding as of November 5, 2024; and 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 section 20 of article X of the state constitution as of November 5, 2024;

(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 governmental entity's voters voting thereon for such an increase in an election occurring on or after November 5, 2024; or

(j) Property tax revenue attributable to specific ownership tax revenue paid to the local governmental entity.

(4) "Reassessment cycle" means a reassessment cycle established pursuant to section 39-1-104 (10.2).

(5) "School district" means a local government that is authorized by law to impose ad valorem taxes on taxable property located within its territorial limits and has a district total program determined by article 54 of title 22.

C.R.S. § 29-1-1701

Amended by 2024EX1 Ch. 1,§ 3, eff. 10/1/2024.

Added by 2024 Ch. 171,§ 1, eff. 10/1/2024.

Section 19 of chapter 1 (HB 24B-1001), Session Laws of Colorado 2024, Second Extraordinary Session, provides that the act changing this section takes effect only if SB 24-233 takes effect and takes effect upon the effective date of SB 24-233. SB 24-233 took effect on October 1, 2024, due to an amendment to the effective date of SB 24-233 by section 18 of chapter 1 (HB 24B-1001), Session Laws of Colorado 2024, Second Extraordinary Session.