CO SB001

Reduces residential property tax valuations from 6.765% to 6.7% of actual value minus the lesser of $50,000 or the amount that brings valuation to $1,000 for the 2023 property tax year.

State reimburses local governments $65 million total for property tax revenue lost, with fire districts fully reimbursed and entities with 13.5%+ assessed value increases receiving no reimbursement.

Transfers $146 million from the general fund to the state education fund to offset school district property tax revenue reductions.

Delays property tax-related deadlines for 2023 tax year by approximately 2-3 weeks, with most deadlines moving from December 2023 to January 2024, all repealing July 1, 2025.

Modifies local government budget procedures for 2024 fiscal year to allow appropriation changes due to valuation adjustments without standard notice requirements.