SB 22-220: Property Tax Deferral Program

• Transfers administration of the property tax deferral program from county treasurers to the state treasurer, who may contract with a third-party administrator to handle program operations.

• Expands deferral eligibility beginning January 1, 2023 to allow homeowners not otherwise qualified (not age 65+ or military) to defer property taxes exceeding their tax-growth cap.

• Requires the state treasurer to issue and record certificates of deferral with county clerks and recorders; eliminates county recording fees for deferral certificates.

• Changes interest accrual date from April 30 to May 1 and establishes a three-year grace period for properties damaged by natural causes before requiring deferral repayment.

• Appropriates $1,725,883 to the department of treasury for 2022-23 fiscal year, including $788,184 for personal services (16.0 FTE) and $937,699 for operating expenses.