HCR24B-1002 Summary

• Submits a constitutional amendment to Colorado voters on November 5, 2024, to restore essential components of the Gallagher Amendment concerning property tax valuation.

• Establishes 2026 as the base year for determining the percentage of statewide assessed value attributable to residential real property, requiring that percentage to remain constant in subsequent reassessment cycles.

• Mandates the General Assembly to periodically adjust the valuation for assessment of residential real property to maintain the statewide proportion established in 2026.

• Permanently fixes the valuation for assessment of nonresidential property (except producing mines and oil/gas operations) at the rates specified in law for the 2026 property tax year.

• Requires 55% voter approval for the amendment to become part of the Colorado Constitution.