SB24-002 Summary

• Authorizes Colorado counties and municipalities to establish property tax incentive programs offering credits or rebates to address areas of specific local concern related to real property use.

• Defines "area of specific local concern" as diminishing or unavailable property uses determined necessary for health, safety, welfare, equity, housing access, or education, but excludes uses that harm disproportionately impacted communities or prevent meeting greenhouse gas emission reduction goals.

• Requires local governments to adopt programs by resolution or ordinance at public hearings with at least 30 days' notice to other affected jurisdictions and must include findings on need and specific qualification criteria for participants.

• Mandates that program participation opportunities be equally available to all owners of the same class of real property within the jurisdiction whose property use qualifies.

• Requires annual evaluation and public reporting of program effectiveness, with optional one-year renewals if programs continue demonstrating effectiveness in addressing identified local concerns.