423E26852CE7B6FA87258A8B00733469 Hearing Summary CLICS/CLICS2023A/commsumm.nsf PUBLICBILL SUMMARY For PRESENTATION, LEGISLATIVE COUNCIL STAFFJOINT COMMITTEE COMMITTEE ON COMMISSION ON PROPERTY TAXDate Dec 20, 2023 Location Old State Library Presentation, Legislative Council Staff - Committee Discussion Only Attachment Tag File Name Attachment B http://www2.leg.state.co.us/CLICS/CLICS2023A/commsumm.nsf/0/CD79CB2103D9...$File/Attachment B.pdf?OpenElement Attachment B.pdf 01:58:23 PM Mr. Sobetski and David Hansen, LCS, gave a presentation on the state's property tax outlook. Their presentation can be found in Attachment B and here: https://leg.colorado.gov/sites/default/files/images/committees/lcs_presentation_to_commission_on_property_taxation_-_12-20-2023.pdf 02:02:20 PM Mr. Sobetski explained that current property values are based on market conditions from June 30, 2022 due to how market timing values are used in the property tax equation. He also explained how the rapid increase in home values caused the rapid increase in property taxes. 02:11:35 PM Mr. Sobetski and Mr. Hansen responded to questions from the commission on the future of the housing market and on the areas of the state that are facing higher property tax increases. 02:20:29 PM Mr. Sobetski discussed how recent legislation has affected the use of assessment rates. 02:24:47 PM Mr. Sobetski explained that the evolving policy environment makes the data on property taxes and values less reliable. 02:26:59 PM Mr. Hansen discussed the economic forecast for actual and assessed property values in 2024 and 2025. 02:33:25 PM Mr. Hansen and Mr. Sobetski responded to questions from the commission on the discrepancy between actual and assessed value predictions for 2024. 02:39:37 PM Mr. Sobetski discussed the role of mill levies in property tax calculations and how mills are a very localized factor.
