HB 1293 Summary

• Creates the Land Assessment and Classification Task Force to study property tax assessment and classification of agricultural and residential land in Colorado.

• Task force consists of nine members: the property tax administrator, four agricultural property owners/lessees actively farming or ranching, two county commissioners (one from each side of continental divide), and two county assessors from different sides of the divide.

• Task force must meet at least four times with first meeting by August 2, 2010, hold public meetings, and submit written findings and recommendations to legislative committees by October 15, 2010.

• Task force will study the current classification system, fiscal and land use impacts, and propose potential statutory modifications to ensure land is valued based on actual use.

• Agricultural property is assessed at 29 percent of actual value based on productive capacity, while residential property is assessed at less than 8 percent of market value; the task force will examine whether this classification system adequately protects actively farmed land while preventing undue benefits to non-agricultural property.

• Section automatically repeals effective July 1, 2012.