CO SB132

Modifies Colorado property tax law for property tax years commencing on or after January 1, 2014, to grant county assessors sole discretion to classify two acres or less of land with a residential improvement as agricultural land.

Eliminates the requirement that a residential improvement must be integral to an agricultural operation to qualify for agricultural land classification on parcels of two acres or less.

Grants assessors sole discretion to determine whether a residential improvement qualifies as integral to an agricultural operation, allowing classification if an occupant regularly conducts, supervises, or administers material aspects of the agricultural operation or is a spouse, parent, grandparent, sibling, or child of such an individual.

Becomes effective January 1, 2014, unless a referendum petition is filed within 90 days after final adjournment, in which case voter approval at the November 2014 general election is required.