Senate Bill 20-223 Summary

• Establishes a moratorium beginning January 1, 2020 on changing the ratio of valuation for assessment for any class of property for property tax purposes.

• Repeals the automatic adjustment mechanism in Colorado law (sections 39-1-104(1.5), 39-1-104.2(4), (5), and (6)) that previously allowed the residential assessment rate to be adjusted annually based on changes in property values.

• Sets the residential real property assessment ratio at 7.15 percent of actual value for tax years commencing on or after January 1, 2019, with no future automatic adjustments unless the General Assembly acts.

• Changes references in statute from assessment percentages specified in the state constitution to assessment percentages specified in state law.

• The bill's substantive provisions (Sections 1-4) take effect only if Colorado voters approve a related ballot measure in November 2020; otherwise only the safety clause takes effect immediately.