Bill Summary for Bill Number SB05-232

Final
BILL SUMMARY for SB05-232

HOUSE COMMITTEE ON FINANCE

Votes:

Action Taken:

Refer SB 05-232 to the Committee of the Whole. Th

PASS

02:15 PM -- Senate Bill 05-232 - Concerning Modifications to the State's Property Tax Deferral Program

Representative Pommer, prime sponsor, explained Senate Bill 05-232 changes the qualification requirements for the state's property tax deferral program for taxes deferred on or after January 1, 2006. Currently, the state requires that a property cannot have a lien less than five years old on the property unless certain conditions are met. The bill would instead apply a debt ratio to determine eligibility for the program. Representative Pommer explained under the bill, a property would qualify if the total value of all liens is less than 75 percent of the value of the home, unless the holders of all mortgages or deeds of trust on the property subordinate to the lien of the state for deferred taxes. The bill defines the value of the home as the actual value as determined by the county assessor. The bill also creates an allowance for continued deferment of property taxes for the surviving spouse of a person called into military service.

02:15 PM -- Mr. Ben Stein, Deputy State Treasurer, testified in support of the measure and clarified the provisions in the bill.

02:24 PM -- Mr. Bob Hullinghorst, Boulder County Treasurer, testified in support of the measure.


BILL:	SB05-232
TIME:	02:31:19 PM
MOVED:	Frangas
MOTION:	Refer SB 05-232 to the Committee of the Whole. The motion passed on a 9-0-4 vote.
SECONDED:	Jahn
		VOTE
	Benefield	Yes
	Cloer	Excused
	Crane	Yes
	Frangas	Yes
	Garcia	Yes
	Jahn	Yes
	Marshall	Excused
	Massey	Excused
	May M.	Yes
	McCluskey	Excused
	Witwer	Yes
	Judd	Yes
	Vigil	Yes
Not Final YES: 9 NO: 0 EXC: 4 ABS: 0 FINAL ACTION: PASS

02:32 PM

Adjourn.