CO SB227

Establishes that a residential storage condominium unit qualifies as a "residential improvement" for property tax purposes, reducing the assessment ratio from 29% (nonresidential) to 7.96% (residential).

Defines a residential storage condominium unit as a building unit over 400 square feet (or any size if within the same common interest community as the owner's residence) that is used to store items related to the owner's Colorado residence and not for business purposes.

Requires owners to submit an annual affidavit of intended use by March 1 of each property tax year, along with documentation proving ownership of both the storage unit and the owner's residence.

Limits each residence to one qualifying residential storage condominium unit and allows assessors to inspect units to verify compliance; owners must grant reasonable access for inspections.

Takes effect for all property tax years commencing on or after January 1, 2016, subject to potential referendum challenge requiring voter approval in November 2016.