CO HB1001

Establishes a state reimbursement program for property taxes owed on real and business personal property destroyed by natural causes, effective for tax years beginning January 1, 2013 and later.

Requires county assessors to report destroyed properties to county treasurers by specified deadlines, including legal descriptions, owner names, destruction dates, and prorated tax amounts owed.

County treasurers must verify eligible property tax amounts within 30 days and submit reports to the state treasurer, which then issues reimbursement warrants to cover the full property tax liability.

County treasurers must credit or pay the property tax bills within 30 days of receiving state reimbursement, waive interest on unpaid taxes, and issue refunds to taxpayers whose taxes were already paid.

Appropriates $2,221,828 from the general fund to the department of treasury for fiscal year 2014-2015 to fund reimbursements, with the finance committees to review the program during the 2007 legislative session.