Second Regular Session
Sixty-first General Assembly
LLS NO. R980132.01 GWF
STATE OF COLORADO
BY REPRESENTATIVE Pfiffner;
also SENATOR Coffman.
FINANCE
HOUSE CONCURRENT RESOLUTION 98-1003
SUBMITTING TO THE REGISTERED ELECTORS OF THE STATE
OF COLORADO AN AMENDMENT TO SECTION 3 (1) OF ARTICLE X OF THE
CONSTITUTION OF THE STATE OF COLORADO, CONCERNING PROPERTY TAX
REFORM, AND, IN CONNECTION THEREWITH, MODIFYING THE VALUATION
FOR ASSESSMENT PERCENTAGES FOR CERTAIN CLASSIFICATIONS OF PROPERTY
AND ESTABLISHING A HOMESTEAD EXEMPTION FOR A PORTION OF THE ACTUAL
VALUE OF OWNEROCCUPIED RESIDENTIAL PROPERTY USED AS A PRIMARY
RESIDENCE.
Resolution Summary
(Note: This summary applies to this resolution
as introduced and does not necessarily reflect any amendments
that may be subsequently adopted.)
For property tax years commencing on or after January 1, 2000:
$ Eliminates the requirement that the general assembly annually adjust the ratio of valuation for assessment for residential real property so that the percentage of the aggregate statewide valuation for assessment that is attributable to residential real property remains the same as it was in 1985;
$ Specifies that residential property shall be valued for assessment at 10% of its actual value;
$ Reduces the valuation for assessment ratio for industrial and commercial real property from 29% to 15% of actual value;
$ Reduces the valuation for assessment ratio for personal property from 29% to 15% of actual value;
$ Establishes a homestead exemption for the first $50,000 of the actual value, or an amount equal to 20% of the actual value, whichever is less, of residential real property that is owneroccupied and used as a primary residence.
Specifies that these amendments to the state constitution
take effect only upon voter approval of House Bill 98___,
enacted at the second regular session of the sixtyfirst
general assembly, at the 1998 general election.
Be It Resolved by the House of Representatives of the Sixtyfirst General Assembly of the State of Colorado, the Senate concurring herein:
SECTION 1. At the next election at which such question may be submitted, there shall be submitted to registered electors of the state of Colorado, for their approval or rejection, the following amendment to the constitution of the state of Colorado, to wit:
Section 3 (1) (b) of article X of the constitution of the state of Colorado is amended, and the said section 3 (1) is further amended BY THE ADDITION OF A NEW PARAGRAPH, to read:
Section 3. Uniform taxation exemptions. (1) (b) (I) (A) FOR PROPERTY TAX YEARS COMMENCING PRIOR TO JANUARY 1, 2000, residential real property, which shall include all residential dwelling units and the land, as defined by law, on which such units are located, and mobile home parks, but shall not include hotels and motels, shall be valued for assessment at twentyone percent of its actual value. For the property tax year commencing January 1, 1985, the general assembly shall determine the percentage of the aggregate statewide valuation for assessment which is attributable to residential real property. For each subsequent year COMMENCING PRIOR TO JANUARY 1, 2000, the general assembly shall again determine the percentage of the aggregate statewide valuation for assessment which is attributable to each class of taxable property, after adding in the increased valuation for assessment attributable to new construction and to increased volume of mineral and oil and gas production. For each year COMMENCING PRIOR TO JANUARY 1, 2000, in which there is a change in the level of value used in determining actual value, the general assembly shall adjust the ratio of valuation for assessment for residential real property which is set forth in this paragraph (b) as is necessary to insure that the percentage of the aggregate statewide valuation for assessment which is attributable to residential real property shall remain the same as it was in the year immediately preceding the year in which such change occurs. Such adjusted ratio shall be the ratio of valuation for assessment for residential real property for those years for which such new level of value is used.
(B) FOR PROPERTY TAX YEARS COMMENCING ON OR AFTER JANUARY 1, 2000, RESIDENTIAL REAL PROPERTY, WHICH SHALL INCLUDE ALL RESIDENTIAL DWELLING UNITS AND THE LAND, AS DEFINED BY LAW, ON WHICH SUCH UNITS ARE LOCATED, AND MOBILE HOME PARKS, BUT SHALL NOT INCLUDE HOTELS AND MOTELS, SHALL BE VALUED FOR ASSESSMENT AT TEN PERCENT OF ITS ACTUAL VALUE.
(II) FOR PROPERTY TAX YEARS COMMENCING ON OR AFTER JANUARY 1, 2000, INDUSTRIAL AND COMMERCIAL REAL PROPERTY, AS DEFINED BY LAW, SHALL BE VALUED FOR ASSESSMENT AT FIFTEEN PERCENT OF ITS ACTUAL VALUE.
(III) FOR PROPERTY TAX YEARS COMMENCING ON OR AFTER JANUARY 1, 2000, PERSONAL PROPERTY, AS DEFINED BY LAW, SHALL BE VALUED FOR ASSESSMENT AT FIFTEEN PERCENT OF ITS ACTUAL VALUE.
(IV) All other taxable property shall be valued for assessment at twentynine percent of its actual value. However, the valuation for assessment for producing mines, as defined by law, and lands or leaseholds producing oil or gas, as defined by law, shall be a portion of the actual annual or actual average annual production therefrom, based upon the value of the unprocessed material, according to procedures prescribed by law for different types of minerals. Nonproducing unpatented mining claims, which are possessory interests in real property by virtue of leases from the United States of America, shall be exempt from property taxation.
(V) THIS PARAGRAPH (b), AS AMENDED, SHALL TAKE EFFECT FOLLOWING THE APPROVAL OF HOUSE BILL 98____, ENACTED AT THE SECOND REGULAR SESSION OF THE SIXTYFIRST GENERAL ASSEMBLY, BY THE REGISTERED ELECTORS AT THE 1998 GENERAL ELECTION. THIS PARAGRAPH (b), AS AMENDED, SHALL NOT TAKE EFFECT IF THE REGISTERED ELECTORS AT THE 1998 GENERAL ELECTION DISAPPROVE HOUSE BILL 98____, ENACTED AT THE SECOND REGULAR SESSION OF THE SIXTYFIRST GENERAL ASSEMBLY.
(e) (I) FOR PROPERTY TAX YEARS COMMENCING ON OR AFTER JANUARY 1, 2000, THE FIRST FIFTY THOUSAND DOLLARS OF THE ACTUAL VALUE OR AN AMOUNT EQUAL TO TWENTY PERCENT OF THE ACTUAL VALUE, WHICHEVER IS LESS, OF RESIDENTIAL REAL PROPERTY THAT, AS OF THE ASSESSMENT DATE, IS OWNEROCCUPIED AND IS USED AS THE PRIMARY RESIDENCE OF THE OWNER SHALL BE EXEMPT FROM PROPERTY TAXATION.
(II) THIS PARAGRAPH (e) SHALL TAKE EFFECT FOLLOWING THE APPROVAL OF HOUSE BILL 98____, ENACTED AT THE SECOND REGULAR SESSION OF THE SIXTYFIRST GENERAL ASSEMBLY, BY THE REGISTERED ELECTORS AT THE 1998 GENERAL ELECTION. THIS PARAGRAPH (e), SHALL NOT TAKE EFFECT IF THE REGISTERED ELECTORS AT THE 1998 GENERAL ELECTION DISAPPROVE HOUSE BILL 98____, ENACTED AT THE SECOND REGULAR SESSION OF THE SIXTYFIRST GENERAL ASSEMBLY.
SECTION 2. Each elector voting at said election and desirous of voting for or against said amendment shall cast a vote as provided by law either "Yes" or "No" on the proposition: "AN AMENDMENT TO SECTION 3 (1) OF ARTICLE X OF THE CONSTITUTION OF THE STATE OF COLORADO, CONCERNING PROPERTY TAX REFORM, AND, IN CONNECTION THEREWITH, MODIFYING THE VALUATION FOR ASSESSMENT PERCENTAGES FOR CERTAIN CLASSIFICATIONS OF PROPERTY AND ESTABLISHING A HOMESTEAD EXEMPTION FOR A PORTION OF THE ACTUAL VALUE OF OWNEROCCUPIED RESIDENTIAL PROPERTY USED AS A PRIMARY RESIDENCE."
SECTION 3. The votes cast for the adoption or rejection of said amendment shall be canvassed and the result determined in the manner provided by law for the canvassing of votes for representatives in Congress, and if a majority of the electors voting on the question shall have voted "Yes", the said amendment shall become a part of the state constitution.