Ballot Title Setting Board
2021-2022

The title as designated and fixed by the Board is as follows:

Funding available for counties, school districts, water districts, fire districts, and other districts funded, at least in part, by property taxes shall be impacted by a reduction of $1.2 billion in property tax revenue by an amendment to the Colorado constitution and a change to the Colorado Revised Statutes concerning the actual value of real and personal property for purposes of property taxation, and, in connection therewith, setting the actual value of real property for the 2023 property tax year at the current valuation or the most recent sale amount; thereafter, establishing the actual value to be equal to the prior year’s value adjusted for inflation up to 3%; allowing an additional increase if the annual inflation exceeds 5% and is approved by the state legislature; resetting the actual value of real property when it is sold; requiring real property to be reappraised if it is substantially improved, as defined, suffers a decline in value, or is in a county that has suffered a sustained economic downturn; defining a recent sale to include a transfer upon the death of the property owner to anyone other than a spouse; prohibiting the consideration of the highest and best use of real and personal property in determining that property's actual value; repealing constitutionally required approaches to determine the actual value of property; and requiring the provisions of this measure to expire on December 31, 2032.

The ballot title and submission clause as designated and fixed by the Board is as follows:

Shall funding available for counties, school districts, water districts, fire districts, and other districts funded, at least in part, by property taxes be impacted by a reduction of $1.2 billion in property tax revenue by an amendment to the Colorado constitution and a change to the Colorado Revised Statutes concerning the actual value of real and personal property for purposes of property taxation, and, in connection therewith, setting the actual value of real property for the 2023 property tax year at the current valuation or the most recent sale amount; thereafter, establishing the actual value to be equal to the prior year’s value adjusted for inflation up to 3%; allowing an additional increase if the annual inflation exceeds 5% and is approved by the state legislature; resetting the actual value of real property when it is sold; requiring real property to be reappraised if it is substantially improved, as defined, suffers a decline in value, or is in a county that has suffered a sustained economic downturn; defining a recent sale to include a transfer upon the death of the property owner to anyone other than a spouse; prohibiting the consideration of the highest and best use of real and personal property in determining that property's actual value; repealing constitutionally required approaches to determine the actual value of property; and requiring the provisions of this measure to expire on December 31, 2032?

Hearing April 22, 2022

Single subject approved; staff draft amended; titles set.
The Board determined that the proposed initiative requires the addition of language to the Colorado Constitution; a 55% vote is required to pass.
Board members: Theresa Conley, Ed DeCecco, Kurt Morrison
Hearing adjourned 11:02 PM.

* Unofficially captioned "Concerning Property Valuation" by legislative staff for tracking purposes. This caption is not part of the titles set by the Board.