CO SB305

Creates a 22-member Property Tax Task Force consisting of 17 voting members (legislators, county assessors, school board representatives, and local government officials) and 5 non-voting members (representatives from business and real estate organizations)

Task force must convene by July 15, 2023, meet at least 4 times in 2023 and at least 8 times annually thereafter to develop a permanent and sustainable property tax structure for Colorado

Task force shall submit reports to the General Assembly by November 1 each year through 2026, with recommendations for short-term and long-term property tax relief for homeowners and businesses

Task force may disband after submitting its first report if a majority votes that it has fulfilled its purposes; the task force is automatically repealed on November 1, 2026

Addresses concerns about property tax increases due to rising property values, with residential assessed values expected to increase 38.5% from $71 billion to $98.3 billion between 2021 and 2025