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423E26852CE7B6FA87258A8B00733469 Hearing Summary




PUBLIC
BILL SUMMARY For PRESENTATION, LEGISLATIVE COUNCIL STAFF

JOINT COMMITTEE COMMITTEE ON COMMISSION ON PROPERTY TAX
Date Dec 20, 2023      
Location Old State Library



Presentation, Legislative Council Staff - Committee Discussion Only
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.