Additional Property Tax Relief for Homeowners

The bill provides additional property tax relief for certain homeowners by reducing the valuation for assessment (valuation) for residential real property for the purpose of a levy imposed by a local governmental entity other than a school district, enacted in Senate Bill 24-233, as follows: For qualified-senior primary residence real property: For the 2025 property tax year, the valuation is reduced from 6.4% of the amount equal to the actual value of the property minus either 50% of the first $200,000 of that actual value plus the lesser of 10% of that actual value or $70,000 or the amount that causes the valuation to be $1,000 to 6.4% of the amount equal to the actual value of the property minus either 50% of the first $200,000 of that actual value plus the lesser of 15% of that actual value or $55,000 or the amount that causes the valuation to be $1,000; and For the 2026 property tax year, the valuation is reduced from 6.95% of the amount equal to the actual value of the property minus either 50% of the first $200,000 of that actual value plus the lesser of 10% of that actual value or $70,000 or the amount that causes the valuation to be $1,000 to 6.95% of the amount equal to the actual value of the property minus either 50% of the first $200,000 of that actual value plus the lesser of 15% of that actual value or $55,000 or the amount that causes the valuation to be $1,000; For all residential real property other than qualified-senior primary residence real property, for the 2026 property tax year and each succeeding property tax year, the valuation is reduced from 6.95% of the amount equal to the actual value of the property minus the lesser of 10% of that actual value or $70,000 as increased for inflation in the first year of each subsequent reassessment cycle to 6.95% of the amount equal to the actual value of the property minus the lesser of 15% of that actual value or $55,000 as increased for inflation in the first year of each subsequent reassessment cycle. The bill takes effect only if Senate Bill 24-233 becomes law. Senate Bill 24-233 becomes law only if neither of the following occur: An initiative that reduces valuations for assessment is approved by the people at the general election held on November 5, 2024; and An initiative that requires voter approval for retaining property tax revenue that exceeds a limit is approved by the people at the general election held on November 5, 2024.(Note: This summary applies to this bill as introduced.)