J_COPT_2024A 01/19/2024 01:03:47 PM Committee Summary PUBLICSTAFF SUMMARY OF MEETINGJOINT COMMITTEE COMMITTEE ON COMMISSION ON PROPERTY TAX Date 01/19/2024 Attendance Baisley X Jonathan Cappelli X Guyleen Castriotta X deGruy Kennedy X Cody Davis X Brenda Dones X Sean Doughrety X Frizell X Loren Furman X JoAnn Groff * Brett Johnson * Lori Laske X Bob Olme X Tamara Pogue X Chris Richardson X Ann Terry X Kevin Vick X Andy Kerr (Vice Chair) X Hansen X Time 01:03:47 PM to 05:01:04 PM Place LSB B This Meeting was called to order by Hansen This Report was prepared by Adam Alemzada Hearing Items Action Taken hPresentation on California Proposition 13 and Hard Caps Committee Discussion Only hPresentation on Mill Levy Variance and Smoothing Committee Discussion Only hPresentation on School Funding and Property Taxes Committee Discussion Only hDiscussion on Guiding Principles and Draft Recommendations Committee Discussion Only hNext Steps Committee Discussion Only 01:03:50 PM Senator Hansen, Chair, and Andy Kerr, Vice Chair, provided opening remarks and discussed the agenda for the hearing. Trace Faust, representing Keystone Policy Center, introduced themself and began facilitating the discussion between commission members and the presenters. Presentation on California Proposition 13 and Hard Caps - Committee Discussion Only 01:07:38 PM Larry Stone, Santa Clara County Assessor, presented on the passage of Proposition 13 and how the proposition impacted California's property tax system. 01:23:06 PM L. Stone responded to questions from the commission on Proposition 13. Presentation on Mill Levy Variance and Smoothing - Committee Discussion Only Attachment Tag File Name Attachment A http://www2.leg.state.co.us/CLICS/CLICS2024A/commsumm.nsf/0/E6865BDEC78E...$File/Attachment A.pdf?OpenElement Attachment A.pdf 01:41:56 PM Greg Sobetski and David Hansen, Legislative Council Staff, presented on the variability of mill levies across different regions of Colorado and discussed two potential methods the state could use to smoothe property values over the assessment cycle. Their presentation can be found in Attachment A and here: https://leg.colorado.gov/sites/default/files/images/mill_levy_variance_and_smoothing.pdf. 01:56:46 PM G. Sobetski and D. Hansen responded to questions from the commission on actual and assessed values. Presentation on School Funding and Property Taxes - Committee Discussion Only Attachment Tag File Name Attachment B http://www2.leg.state.co.us/CLICS/CLICS2024A/commsumm.nsf/0/84DD9FDDD233...$File/Attachment B.pdf?OpenElement Attachment B.pdf 02:21:56 PM Marc Carey and Anna Gerstle, Legislative Council Staff, presented on how school financing is handled in Colorado and how changes in property tax laws have affected funding for education. Their presentation can be found in Attachment B and here: https://leg.colorado.gov/sites/default/files/images/school_finance_property_tax.pdf. 02:41:52 PM M. Carey and A. Gerstle responded to questions from the commission on the school finance formula. Committee discussion ensued. 02:57:30 PM The commission recessed. 03:13:57 PM The commission reconvened. Discussion on Guiding Principles and Draft Recommendations - Committee Discussion Only Attachment Tag File Name Attachment C http://www2.leg.state.co.us/CLICS/CLICS2024A/commsumm.nsf/0/6DB415BD2692...$File/Attachment C.pdf?OpenElement Attachment C.pdf Attachment D http://www2.leg.state.co.us/CLICS/CLICS2024A/commsumm.nsf/0/5E65DCC57D23...$File/Attachment D.pdf?OpenElement Attachment D.pdf 03:14:13 PM T. Faust facilitated a discussion among the commission on the members' guiding principles. 03:22:21 PM Commission members discussed their definitions of each guiding principle. 04:04:51 PM Renny Fagan, Keystone Policy Center, directed commission members to electronically rank and rate potential policy changes (Attachment C). 04:17:00 PM R. Fagan facilitated a discussion among the commission on potential recommendations for policy changes (Attachment D). Next Steps - Committee Discussion Only 04:56:39 PM T. Faust discussed the next commission hearing on February 9, 2024 and the upcoming field trip. Commission discussion ensued. 05:01:00 PM Written testimony submitted to the commission through January 19 appended as Attachment D. 05:01:04 PM The committee adjourned.