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SB26-116 • 2026

Property Tax Modifications

Under current law, residential real property that is classified as qualified-senior primary residence real property is subject to a reduced valuation for assessment for property tax years beginning on

Budget Taxes
Enacted

This bill passed the Legislature and reached final enactment based on the latest official action.

Sponsor
Sen. M. Weissman, Rep. Y. Zokaie, Sen. J. Coleman, Sen. L. Cutter, Sen. T. Exum, Sen. J. Gonzales, Sen. I. Jodeh
Last action
2026-06-02
Official status
Governor Signed
Effective date
Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

Property Tax Modifications

Under current law, residential real property that is classified as qualified-senior primary residence real property is subject to a reduced valuation for assessment for property tax years beginning on or after January 1, 2025, but before January 1, 2027.

What This Bill Does

  • Under current law, residential real property that is classified as qualified-senior primary residence real property is subject to a reduced valuation for assessment for property tax years beginning on or after January 1, 2025, but before January 1, 2027.
  • The act ends the qualified-senior primary residence real property classification for property tax years beginning on or after January 1, 2027, and changes related requirements for county assessors, county treasurers, and the property tax administrator so that the classification and all related administrative and reporting requirements end on dates that align with the end of the reduced valuation for assessment.
  • The act changes the state property tax exemption for business personal property, commencing on and after January 1, 2027, by setting the exemption at $58,000, without an adjustment for inflation.
  • The act also sets the reimbursement for property tax losses due to the exemption, for property tax years beginning on and after January 1, 2027, at the reimbursement amount for the 2026 property tax year.

Limits and Unknowns

  • This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Amendments

These notes stay tied to the official amendment files and metadata from the legislature.

L.007

SEN Appropriations

Passed [*]

Plain English: SB116_L.007 SENATE COMMITTEE OF REFERENCE AMENDMENT Committee on Appropriations.

  • SB116_L.007 SENATE COMMITTEE OF REFERENCE AMENDMENT Committee on Appropriations.
  • SB26-116 be amended as follows: 1 Amend the Finance Committee Report, dated April 14, 2026, page 3, line 2 33, strike "(3)(a)(I);" and substitute "(3)(b), (3)(c)(I), (3)(c)(II), (3)(d), 3 (3)(e), and (3)(g);".
  • 4 Page 3, strike line 34 and substitute "and add (2)(a)(IX), (2)(b)(III), and 5 (3)(e.5) as follows:".
  • 6 Page 4, strike lines 36 through 42 and substitute: 7 "(3) (b) No later than February 1, 2022, and each February 1 8 thereafter THROUGH FEBRUARY 1, 2027, the administrator shall calculate 9 the percentage increase or decrease in total valuation of business personal 10 property in the state over the prior two property tax years.
L.005

SEN Finance

Passed [*]

Plain English: SB116_L.005 SENATE COMMITTEE OF REFERENCE AMENDMENT Committee on Finance.

  • SB116_L.005 SENATE COMMITTEE OF REFERENCE AMENDMENT Committee on Finance.
  • SB26-116 be amended as follows: 1 Amend printed bill, strike everything below the enacting clause and 2 substitute: 3 "SECTION 1.
  • In Colorado Revised Statutes, 39-1-104.6, amend 4 (2)(a), (3)(a), (5)(c), (6)(a), (8)(a), (8)(b)(I), (8)(c), and (8)(d) as follows: 5 39-1-104.6.
  • Qualified-senior primary residence real property 6 - valuation for assessment - reimbursement to local governments for 7 reduced valuation - temporary mechanism for refunding excess state 8 revenues - legislative declaration - definitions.

Bill History

  1. 2026-06-02 Governor

    Governor Signed

  2. 2026-05-21 Governor

    Sent to the Governor

  3. 2026-05-21 House

    Signed by the Speaker of the House

  4. 2026-05-21 Senate

    Signed by the President of the Senate

  5. 2026-05-11 House

    House Third Reading Passed - No Amendments

  6. 2026-05-09 House

    House Third Reading Laid Over Daily - No Amendments

  7. 2026-05-08 House

    House Second Reading Special Order - Passed - No Amendments

  8. 2026-05-08 House

    House Committee on Appropriations Refer Unamended to House Committee of the Whole

  9. 2026-05-07 House

    House Committee on Finance Refer Unamended to Appropriations

  10. 2026-04-27 House

    Introduced In House - Assigned to Finance

  11. 2026-04-27 Senate

    Senate Third Reading Passed - No Amendments

  12. 2026-04-24 Senate

    Senate Second Reading Special Order - Passed with Amendments - Committee

  13. 2026-04-24 Senate

    Senate Committee on Appropriations Refer Amended to Senate Committee of the Whole

  14. 2026-04-14 Senate

    Senate Committee on Finance Refer Amended to Appropriations

  15. 2026-02-19 Senate

    Introduced In Senate - Assigned to Finance

Official Summary Text

Under current law, residential real property that is classified as qualified-senior primary residence real property is subject to a reduced valuation for assessment for property tax years beginning on or after January 1, 2025, but before January 1, 2027. The act ends the qualified-senior primary residence real property classification for property tax years beginning on or after January 1, 2027, and changes related requirements for county assessors, county treasurers, and the property tax administrator so that the classification and all related administrative and reporting requirements end on dates that align with the end of the reduced valuation for assessment.
The act changes the state property tax exemption for business personal property, commencing on and after January 1, 2027, by setting the exemption at $58,000, without an adjustment for inflation. The act also sets the reimbursement for property tax losses due to the exemption, for property tax years beginning on and after January 1, 2027, at the reimbursement amount for the 2026 property tax year.
(Note: This summary applies to this bill as enacted.)