HB 24B-1001: Property Tax Summary

• Reduces valuation for assessment percentages for residential and nonresidential property starting January 1, 2025, with personal and nonresidential property dropping from 29% to 27% of actual value in 2025, then to 26% in 2026, and 25% by 2027.

• Establishes a property tax limit of 5.25% annual growth for local governmental entities and 6% for school districts (or greater of school factor growth), with temporary reductions to residential valuations for school districts when limits would be exceeded.

• Implements a reimbursement fund to compensate local governments for revenue lost due to valuation reductions, with warrants issued to county treasurers by April 15, 2025 and 2026.

• Requires the Commission on Property Tax to evaluate the equity of valuations established under this bill and SB 24-233, with a report due by May 1, 2025.

• Repeals various provisions effective July 1, 2025 or 2026 and conditions the bill's effectiveness on related ballot initiatives being withdrawn or failing at the November 5, 2024 election.