53C81ECC6E8D08F087258A8B00701664 Hearing Summary CLICS/CLICS2023A/commsumm.nsf PUBLICBILL SUMMARY For PRESENTATION, DIVISION OF PROPERTY TAXATIONJOINT COMMITTEE COMMITTEE ON COMMISSION ON PROPERTY TAXDate Dec 20, 2023 Location Old State Library Presentation, Division of Property Taxation - Committee Discussion Only Attachment Tag File Name Attachment A http://www2.leg.state.co.us/CLICS/CLICS2023A/commsumm.nsf/0/AE6980CB4D73...$File/Attachment A.pdf?OpenElement Attachment A.pdf 01:24:20 PM Tony Werckman and Lori DeCrow, Division of Property Taxation (DPT), gave a presentation on property taxes in Colorado. Their presentation can be found in Attachment A and here: https://leg.colorado.gov/sites/default/files/images/committees/tax_commission_presentation_-_dola_-_final.pdf 01:26:11 PM Mr. Werckman explained the legal basis for property taxation, which includes the state constitution, statutory law, and case law. He discussed the Gallagher Amendment's passage and repeal. 01:35:22 PM Mr. Weckman discussed the Taxpayer Bill of Rights (TABOR) and its role in property tax legislation. He explained that TABOR requires voter approval for any legislation that increases taxes, including property taxes. 01:41:31 PM Mr. Wreckman discussed all the legislation that passed between 2021 and 2023 that impacted property taxes. 01:43:28 PM Ms. DeCrow discussed the terminology and procedures used by DPT in property valuation. 01:46:05 PM Ms. DeCrow went over the ten property classes used by DPT and the current assessment rates for different property classes. She explained how property value is calculated and how property values can be appealed by homeowners. She also explained that there has been a rise of property value appeals in 2023 as a result of increasing property taxes. 01:54:39 PM Mr. Wreckman and Ms. DeCrow responded to questions from the commission on property tax appeals and exemptions.