CO SB078

Classifies residential storage condominium units as residential improvements, allowing them to be assessed at the residential rate of 7.96% instead of the nonresidential rate of 29%.

Defines a residential storage condominium unit as a unit under the Colorado Common Interest Ownership Act used by its owner to store items from their Colorado residence and not used for business-related storage.

Requires owners to submit an affidavit of intended use to their county assessor on or before March 1 each property tax year, signed under penalty of perjury in the second degree, with the affidavit carrying over to subsequent years unless the assessor receives notice of a change.

Imposes penalties for knowingly providing false information on the affidavit, including loss of residential classification, repayment of unpaid property taxes, and upon perjury conviction, payment of twice the unpaid taxes plus interest calculated from the affidavit filing date.

Directs the property tax administrator to establish the affidavit form and publish standards for assessors to determine if properties qualify as residential storage condominium units, with applicability to all property tax years commencing on or after January 1, 2018.