CO SB070

Eliminates the ownership requirement for property tax exemption on property used solely and exclusively for religious purposes, allowing leased property to qualify for exemption if used by a lessee for religious purposes.

Amends exemption application and annual reporting requirements to include the name of any lessee and references to lessee obligations regarding religious use and income reporting.

Appropriates $100,926 to the department of local affairs for the 2018-19 fiscal year to implement the act, including funding for an additional 1.7 FTE for the division of property taxation.

Effective August 8, 2018, unless a referendum petition is filed, in which case the act takes effect only upon voter approval at the November 2018 general election.

Applies to property tax years commencing after the effective date of the act.