BILL SUMMARY for HB09-1360
SENATE COMMITTEE ON FINANCE
|Votes: View--> ||Action Taken: |
|Refer House Bill 09-1360 to the Committee of the W||PASS|
12:09 PM -- House Bill 09-1360
Senator Sandoval, prime sponsor, presented House Bill 09-1360 which addresses taxes for residential real property. Section 3 (1) (b) of Article X of the State Constitution, otherwise known as the Gallagher Amendment, requires the General Assembly to establish the ratio of valuation of assessment for residential real property, or the residential assessment rate, every two years at a rate that satisfies the requirements of the amendment. The bill establishes the residential assessment rate at 7.96 percent for tax years 2009 and 2010, the same rate in place since 2003. Senator Sandoval explained the provisions of the bill and referred questions to Ms. JoAnn Groff.
The following person testified:
12:09 PM -- Ms. JoAnn Groff, the Colorado Property Tax Administrator, testified and was available to answer committee questions. She distributed a handout about the residential assessment rate (Attachment E). Ms. Groff explained that the law compels that every two years, the Office of the Property Tax Administrator must conduct a study about the residential assessment rate. She stated the recent study illustrates that the assessment rate would actually be 8.85 percent if the provisions of the Gallagher Amendment were applied. However, she explained that TABOR stipulates that any increase of an assessment ratio must go to a vote of the people. Ms. Groff continued, saying that the legislature has maintained the rate at 7.96 percent. She responded to questions from the committee about the increase in the assessment rate, and discussed residential values and the current economic environment.
Senator Hudak closed public testimony.
|TIME: || 12:14:58 PM|
|MOTION:||Refer House Bill 09-1360 to the Committee of the Whole. The motion passed 6-0, with one excused. |
Final YES: 6 NO: 0 EXC: 1 ABS: 0 FINAL ACTION: PASS