CO SB144

Limits annual actual value increases for most real property classes to 6% per reassessment cycle, with the 2021 cycle capped at 106% of 2020 values, the 2023 cycle at 106% of 2021 calculated values, and the 2025 cycle at 106% of 2023 calculated values.

Applies the 6% cap to property assessment base valuations for the 2025 reassessment cycle forward, but explicitly excludes application to property tax liability calculations for the 2021 and 2023 reassessment cycles.

Exempts properties with unusual conditions from the valuation caps, defined as on-site improvements, structural additions or remodeling, land use changes, condominium conversions (when 51% of units sold to bona fide purchasers), new regulations, oil and gas equipment installation, or damage from natural disasters, accidents, vandalism, fire, or explosions.

Excludes certain property types from the caps, including producing mines, oil and gas leaseholds, public utility operating property, and mobile homes.

Takes effect 90 days after final adjournment of the general assembly, or if subject to a referendum petition, only upon approval by voters in the November 2024 general election.