CO HB1002

Bill is contingent on Senate Bill 24-233 becoming law and requires voter approval at the November 2025 statewide election to take effect.

Creates a new property classification called "qualified primary residence real property" for residential properties used as the owner-occupier's primary residence, effective for property tax years beginning January 1, 2026.

Limits the existing 10% valuation reduction (or $70,000, whichever is less) to only qualified primary residence properties; removes this reduction from other residential property classifications.

Requires owner-occupiers to file applications with county assessors by March 15 of the first tax year seeking classification, with late filing allowed only until July 15.

Establishes penalties for false information on applications, including loss of classification, repayment of unpaid taxes, and upon perjury conviction, double the unpaid taxes plus interest; also requires 60-day notification to assessor of any ownership or occupancy changes.