Colorado Legislative Council Staff

NO FISCAL IMPACT

TITLE:            CONCERNING THE ADJUSTMENT OF THE RATIO OF VALUATION FOR ASSESSMENT FOR RESIDENTIAL REAL PROPERTY.

Summary of Assessment

            Section 3 of Article X of the State Constitution requires the General Assembly to establish the ratio of valuation of assessment for residential real property on a bi-annual basis which ensures that the percentage of the aggregate statewide valuation for assessment which is attributable to residential real property remains the same as it was in the year immediately preceding the year in which a change occurs in the level of value used in determining actual value. This bill establishes the ratio of valuation of assessment for residential real property (known as the residential assessment rate) for the 1999 and 2000 property tax years at 9.74 percent of actual value. The current residential assessment rate is also 9.74 percent of actual value.

            Since the bill implements requirements set forth in the State Constitution, the bill is assessed as having no fiscal impact. For the 1999 calendar year, the total assessed value of residential real property at a residential assessment rate of 9.74 percent is estimated at $21.7 billion. The actual value of residential real property is estimated to be $222.9 billion.

            The bill would become effective upon signature of the Governor.

Departments Contacted

            Legislative Council    Local Affairs