Primary Residence Real Property Valuation

Contingent on Senate Bill 24-233 becoming law, the bill is referred to the voters for their approval or rejection at the November 2025 statewide election. Senate Bill 24-233 becomes law only if neither of the following occur:

• An initiative that reduces valuations for assessment is approved by the people at the general election held on November 5, 2024; and
• An initiative that requires voter approval for retaining property tax revenue that exceeds a limit is approved by the people at the general election held on November 5, 2024.

If the bill is referred to the voters and approved, then for property tax years commencing on or after January 1, 2026, it creates a new subclass of residential real property called qualified primary residence real property, which includes residential real property that, as of the assessment date, is used as the primary residence of an owner-occupier, as defined in the bill, if:

• The owner-occupier applies to the county assessor for the classification in the manner required by the bill;
• The circumstances that qualify the property for the classification have not changed since the filing of the application; and
• The property is not classified as qualified-senior primary residence real property for the current property tax year.

The bill modifies the residential property valuation for the purpose of a levy imposed by a local governmental entity, enacted in Senate Bill 24-233, so that the reduction in valuation for assessment of the lesser of 10% of the actual value of the property or $70,000, as adjusted for inflation, applies only to real property classified as qualified primary residence real property.

(Note: This summary applies to this bill as introduced.)