CO SB089

Prohibits Colorado state entities from contractually obligating themselves to make payments in lieu of property taxes equal to what non-tax-exempt entities would pay, effective upon enactment.

Creates an exception allowing the state to enter agreements that mitigate some revenue loss resulting from tax-exempt entity ownership of property, unless specifically authorized by law.

Applies the prohibition to three categories of tax-exempt state property: public libraries and government property under section 39-3-105; installment sales and lease-purchase agreements under section 39-3-124(1)(a); and lease or rental agreements for at least one year under section 39-3-124(1)(b)(I)(A).

Requires state entities, political subdivisions, and higher education institutions to file copies of lease or rental agreements with county assessors' offices and notify them of early terminations.

Designates this act as necessary for immediate preservation of public peace, health, and safety.