Colorado Legislative Council Staff

NO FISCAL IMPACT

TITLE:            CONCERNING THE MODIFICATION OF THE TIME PERIOD USED TO DETERMINE THE LEVEL OF VALUE FOR CLASSES OF TAXABLE REAL PROPERTY WHEN COMPARABLE VALUATION DATA IS NOT AVAILABLE FOR THE ONE-AND-ONE-HALF-YEAR PERIOD PRIOR TO JULY 1 IMMEDIATELY PRECEDING ANY REGULAR BIENNIAL PROPERTY TAX ASSESSMENT DATE.

Summary of Assessment

            Under current law, for purposes of determining the actual value of taxable real property, the assessor applies applicable factors for the one-and-one-half-year period immediately prior to July 1, immediately preceding the assessment date. Beginning with the property tax year commencing January 1, 1999, this bill requires that if comparable valuation data is not available from the one-and-one-half-year period, the six-month period immediately preceding the one-and-one-half-year period, and as many preceding six-month periods within the five-year period immediately prior to July 1, immediately preceding the assessment date as are necessary to obtain adequate comparable valuation date must be used in determining the level of value.

            The bill will not affect revenues or expenditures of the state or units of local government local level. The bill provides statutory guidance to assessors to value taxable real property when comparable valuation data is not available within the time period required by current law. The bill would become effective 90 days after adjournment unless a referendum petition is filed.

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            Local Affairs