Senate Bill 23-303 Summary

• Reduces property tax valuations for residential and nonresidential properties through temporary reductions to be phased in from 2023-2032, with lower percentages applied to primary residences and senior properties.

• Establishes a ballot measure ("Proposition HH") for November 7, 2023, asking voters to authorize the state to retain and spend surplus revenue up to a specified cap to backfill lost local government tax revenue and fund school districts.

• Creates new property tax classifications including "primary residence real property" and "qualified-senior primary residence real property" requiring owner-occupier applications by March 15 annually, with enhanced tax relief for seniors.

• Establishes a $128 million local government backfill cash fund and reimbursement formulas for counties and local governments based on property value growth rates, with varying percentages for high and low-growth areas.

• Requires postponed tax certification and levy deadlines for 2023 tax year (from December to January 2024) and establishes voter approval requirement for bill effectiveness.