C.R.S. § 39-1-111.5 — Temporary property tax credits and temporary mill levy rate reductions

(1) In order to effect a refund for any of the purposes set forth in section 20 of article X of the state constitution, or to provide property tax relief by a temporary reduction in property taxes due, any local government may approve and certify a temporary property tax credit or temporary mill levy rate reduction as set forth in this section. A district, as defined in section 22-54-103 (5), may not reduce a mill levy below the minimum amounts provided in section 22-54-106. The procedures set forth in this section are deemed to be a reasonable method for effecting refunds in accordance with section 20 of article X of the state constitution and for providing temporary property tax relief. A temporary reduction in property taxes due for the purpose of property tax relief is subject to annual renewal. (2) Concurrent with the certification of its levy to the board of county commissioners as required pursuant to section 39-5-128 (1), any local government may certify a temporary property tax credit or temporary mill levy rate reduction. The certification must include the local government's gross mill levy, the temporary property tax credit or temporary mill levy rate reduction expressed in mill levy equivalents, and the net mill levy, which must be the gross mill levy less the temporary property tax credit or temporary mill levy rate reduction. A district, as defined in section 22-54-103 (5), may not certify a net mill levy below the minimum amounts provided in section 22-54-106. (3) Concurrent with certification to the assessor of all mill levies by the board of county commissioners or other body authorized by law to levy taxes, or by either group's authorized party, in accordance with section 39-1-111 (2), the board of county commissioners shall certify any other local government's temporary property tax credit or temporary mill levy rate reduction and any temporary property tax credit or temporary mill levy rate reduction for the county or city and county itself, itemized as set forth in subsection (2) of this section. (4) Concurrent with the delivery to the treasurer of the tax warrant by the assessor in accordance with section 39-5-129, the assessor shall, in addition to all other information required to be set forth in the tax warrant, itemize in the manner set forth in subsection (2) of this section any duly certified temporary property tax credit or temporary mill levy rate reduction. (5) Upon receipt of any tax warrant reflecting a temporary property tax credit or temporary mill levy rate reduction for any local government, the treasurer shall be responsible for collecting taxes on behalf of the local government based upon the local government's net adjusted mill levy. In addition to any other information required by section 39-10-103, the tax statement must indicate by footnote which, if any, local government mill levies in the tax statement reflect a temporary property tax credit or temporary mill levy rate reduction for the purpose of effecting a refund in accordance with section 20 of article X of the state constitution or for providing temporary property tax relief. Source: L. 93: Entire section added, p. 1686, § 1, effective June 6. L. 2021: (3) amended, (HB 21-1267), ch. 257, p. 1514, § 3, effective September 7. L. 2023: (1), (2), and (5) amended, (SB 23-108), ch. 348, p. 2083, § 1, effective August 7.