Colorado § 29-1-1703 - Property tax limit calculation - definitions.

§ 29-1-1703. Property tax limit calculation - definitions.

(1) A local governmental entity's property tax limit for a property tax year is equal to the base amount of the local governmental entity's qualified property tax revenue increased by the total of the growth rate percentage and then increased by the carryover amount.

(1.5) As used in subsection (1) of this section and this subsection (1.5), unless the context otherwise requires:

(a) "Base amount of the local governmental entity's qualified property tax revenue" means the amount of qualified property tax revenue collected and lawfully retained by a local governmental entity from whichever property tax year in a previous reassessment cycle was the property tax year for which the local governmental entity collected and lawfully retained the most property tax revenue.

(b) (I) "Carryover amount" means, except as described in subsection (1.5)(b)(II) of this section, an amount equal to the difference between:

(A) The base amount of the local governmental entity's qualified property tax revenue that was applicable for the most recent reassessment cycle increased by the growth rate percentage for that reassessment cycle; and

(B) The local governmental entity's qualified property tax revenue from the year with the greatest qualified property tax revenue in the most recent reassessment cycle.

(II) There is no carryover amount for a reassessment cycle for a local governmental entity occurring after a reassessment cycle when that local governmental entity retained an amount of qualified property tax revenue equal to or greater than the total of the base amount of the local governmental entity's qualified property tax revenue for that reassessment cycle increased by the growth rate percentage for that reassessment cycle.

(c) "Growth rate percentage" means five and twenty-five hundredths percent multiplied by the number of property tax years in the current reassessment cycle.

(2) (Deleted by amendment, L. 2024, Second Extraordinary Session.)

(3) A school district's property tax limit for a property tax year is equal to the amount of total local share property tax revenue increased by the total of the growth rate percentage and then increased by the carryover amount.

(4) As used in subsection (3) of this section and this subsection (4), unless the context otherwise requires:

(a) (I) "Carryover amount" means, except as described in subsection (4)(a)(II) of this section, an amount equal to the difference between:

(A) The total local share property tax revenue that was applicable for the most recent reassessment cycle increased by the growth rate percentage for that reassessment cycle; and

(B) The qualified local share property tax revenue from the year with the greatest qualified local share property tax revenue in the most recent reassessment cycle.

(II) There is no carryover amount for a reassessment cycle occurring after a reassessment cycle when school districts retained an amount of qualified local share property tax revenue equal to or greater than the total of the total local share property tax revenue for that reassessment cycle increased by the growth rate percentage for that reassessment cycle.

(b) "Growth rate percentage" means the greater of:

(I) Six percent multiplied by the number of property tax years in the current reassessment cycle; or

(II) The total of the estimated school factor for the current property tax year plus the estimated school factor for any other property tax year in the same reassessment cycle.

(c) "School factor" means the total percentage of the rate by which the general assembly increases the statewide base per pupil funding for public education from kindergarten through twelfth grade for the relevant school year, as determined pursuant to section 22-55-106, for all school districts in the state plus the percentage increase in funded pupil count, as defined in section 22-54-103.5 (4), for the relevant school year for all school districts in the state.

(d) "Total local share property tax revenue" means the total amount of property tax revenue collected and lawfully retained by all school districts in the state in connection with district total program funding from whichever previous property tax year in a previous reassessment cycle was the property tax year for which the total amount of property tax revenue collected and lawfully retained by all school districts in the state in connection with district total program funding was greatest.

Source: L. 2024: Entire part added, (SB 24-233), ch. 171, p. 909, § 1, effective October 1 (see editor's note following the heading for this part 17). L. 2024, 2nd Ex. Sess.: Entire section amended, (HB 24B-1001), ch. 1, p. 7, § 5, effective October 1 (see editor's note). L. 2025: IP(1.5), (1.5)(b)(I)(B), and IP(4) amended, (SB 25-300), ch. 428, p. 2454, § 47, effective August 6.

Editor's note: Section 19 of chapter 1 (HB 24B-1001), Session Laws of Colorado 2024, Second Extraordinary Session, provides that the act changing this section takes effect only if SB 24-233 takes effect and takes effect upon the effective date of SB 24-233. SB 24-233 took effect on October 1, 2024, due to an amendment to the effective date of SB 24-233 by section 18 of chapter 1 (HB 24B-1001), Session Laws of Colorado 2024, Second Extraordinary Session.