CO HB1283

Allows residential land to maintain its property tax classification for the year of destruction, demolition, or relocation of residential improvements, plus one subsequent property tax year if the assessor determines the owner intends to rebuild or locate a new residential improvement on the land.

Assessors may consider building permits, land development permits, construction plans, or owner efforts to obtain financing when determining intent to rebuild.

The residential land classification changes according to current use if a new residential improvement is not constructed within the specified timeframe, the original classification was erroneous, or a change of use occurs (excluding temporary loss from destruction or demolition).

Applies to residential improvements destroyed, demolished, or relocated on or after January 1, 2018.

Takes effect August 8, 2018, unless a referendum petition is filed, in which case approval by voters at the November 2018 general election is required.