HB 23-1184 Summary

• Expands property tax exemptions for nonprofit housing providers acquiring property for low-income housing by extending the maximum exemption period from 5 to 10 years for providers claiming the exemption for the first time, effective January 1, 2024.

• Modifies the definition of "low-income applicant" for property tax years beginning January 1, 2024 to include households at or below 100% of area median income (or 120% in rural resort communities), expanding eligibility beyond the previous 80% threshold.

• Creates new property tax exemption for community land trusts and nonprofit affordable homeownership developers that hold real property used for affordable homeownership, with the land leased to homeowners through a "land lease" arrangement.

• Requires land held by community land trusts or nonprofit affordable homeownership developers to be split into separate taxable parcels from improvements, with only the land qualifying for exemption while improvements remain taxable.

• Effective January 1, 2024, the bill takes effect following the 90-day period after legislative adjournment, subject to potential referendum petition under Colorado's constitution.