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Impact of Final Residential Assessment Rate on Local Share

Subjects
Education & School Finance (Pre & K-12)
Fiscal Policy & Taxes
Local Government
State Revenue & Budget
Published
04/12/2019
The final Residential Assessment Rate (RAR) Study released by the Division of Property Taxation (DPT) on April10, 2019,estimates anRARof 7.15 percent for property tax years 2019 and 2020. The General Assembly would have to pass a bill for this rate to become law. The anticipated assessed values associated with this study have a significant impact on the local share for school finance. Compared with the December 2018 Legislative Council Staff assessed value forecast, the local share for school finance (local share) with a residential assessment rate of 7.15percent increases by $107.6million in FY2019-20. The actual local share will depend on the accuracy of the forecast and the RAR set by the General Assembly.

Pursuant to HJR20-1007, the Second Regular Session of the 72nd General Assembly is Temporarily Adjourned until 10:00 a.m., Monday, March 30, 2020. 

COVID-19 Resources

Temporary Guidelines for Review and Comment Meetings

The legislature will meet in limited session on Monday, March 30th. The Capitol will be open for the duration of the session for those with essential business related to the session. The building will not be available for public tours. People without essential business are encouraged to access the session through the General Assembly website and Colorado Channel.  Anybody with essential business related to the session will be required to practice appropriate social distancing measures.