Location: HCR 0107
BILL SUMMARY for HB17-1311
HOUSE COMMITTEE ON LOCAL GOVERNMENT
|Votes: View-->||Action Taken:|
04:40 PM -- HB17-1311
Representative Weissman and Representative Michaelson Jenet, co-prime sponsors, explained HB17-1311 concerning the disclosure of future estimated property taxes for the sale of a newly constructed residence. They distributed the following handouts: a table depicting various property tax scenarios (Attachment C); a property tax and valuation timeline (Attachment D); and an example of a loan agreement (Attachment E). They explained how the bill would help home buyers better understand how property taxes are assessed in Colorado.
The representatives also distributed Amendment L.002 (Attachment F). They explained that the state Department of Local Affairs (DOLA) was involved in the drafting of the amendment. The amendment is a strike-below and creates an on-line tool that projects property taxes on specific addresses.
04:51 PM -- Bruce Eisenhauer, representing DOLA, answered questions from the committee. He explained that he was unsure about the fiscal impact of the amendment.
04:54 PM -- Larson Silbaugh, economic and fiscal analyst with Legislative Council Staff, answered questions from the committee about the potential fiscal impact of the bill, as amended. He explained that he would need to prepare an updated fiscal note based on the proposed amendment in order to answer the questions posed by the committee.
Chairman Lebsock announced that the vote on both the bill and amendment would be laid over until the following day as an action-only item and related testimony would be heard at this hearing.
Representative Weissman and Michaelson Jenet answered further questions from the committee about the state property tax administrator, real estate agents, the development and accuracy of the on-line tool, and mill levy and other tax rates.
05:15 PM -- Scott Smith, representing the Colorado Association of Homebuilders, opposed the bill as introduced but expressed that he was neutral on the bill if amended. He explained that taxes are included in real estate closing documents, but emphasized that taxes are subject to change.
Representative Michaelsen Jenet made closing remarks and stated that the online tax rate tool the bill would create primarily applies to newly constructed homes
Chairman Lebsock laid over the bill until April 27, 2017, with the meeting to be held upon adjournment of the House.