CO HB1005

Modifies the residential property tax valuation reduction mechanism from Senate Bill 24-233, effective for property tax years commencing January 1, 2025 and thereafter.

Replaces the fixed $70,000 cap (adjusted for inflation) with a sliding scale based on county median property values determined by the county assessor.

Provides a 15% valuation reduction for properties valued below 70% of county median, while properties at or above 70% of median receive a graduated reduction using a formula combining 15% of 70% of median value minus 9% of the excess value above that threshold.

Defines "county median property value" as the median actual value of residential real property in a county as determined by the county assessor as of the most recent assessment cycle.

Takes effect only if Senate Bill 24-233 becomes law and neither of two competing November 5, 2024 ballot initiatives (one reducing valuations for assessment, one requiring voter approval for excess property tax revenue) are approved by voters.