SB 21-293 Summary

• Repeals a 2020 moratorium on changing property tax assessment ratios, allowing the state to restructure assessment rates for different property classes and subclasses.

• Temporarily reduces assessment rates for 2022-2023 tax years: agricultural/renewable energy property from 29% to 26.4%, multi-family residential from 7.15% to 6.8%, and other residential property from 7.15% to 6.95%.

• Establishes lodging property (hotels, motels, bed & breakfasts) and renewable energy production property as nonresidential subclasses with 29% assessment rates.

• Expands the property tax deferral program beginning January 1, 2023 to allow homeowners to defer property tax increases exceeding a "tax-growth cap" (previous two years' average taxes plus 4%), with $100 minimum and $10,000 lifetime limit per person.

• Requires the Governor's Office to commission a study of the deferral program by January 1, 2022, exploring low-interest loan program options and expanded eligibility; appropriates $75,000 for implementation.