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Legislative Year: 2024 Change

Bill Detail: HB24-HCR1006

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Title Property Tax Revenue Growth Limit
Status House Committee on Appropriations Lay Over Unamended - Amendment(s) Failed (05/14/2024)
Bill Subjects
  • Fiscal Policy & Taxes
  • Local Government
House Sponsors R. Marshall (D)
Senate Sponsors
House Committee Finance
Senate Committee
Date Introduced 04/11/2024

If approved by the voters of the state at the 2024 general election,
the concurrent resolution will amend the state constitution to create a new
annual property tax revenue growth limit (district limit) for each
jurisdiction that levies property tax (district). The district limit limits a
district's property tax revenue growth for any property tax year
commencing on or after January 1, 2025, to an amount equal to the sum
  • The amount of revenue generated by the district's mill levy
for the immediately preceding property tax year (base
revenue); plus
  • An amount equal to the base revenue multiplied by a
percentage equal to the percentage change allowed for state
revenue growth under the Taxpayer's Bill of Rights
(TABOR) plus 2 percentage points; plus
  • The net dollar amount of district property tax revenue
gained from newly taxed property such as new construction
and lost from newly untaxed property such as taxable
improvements to real property that are destroyed.
If the estimated amount of property tax revenue subject to the
district limit that will be generated by a district's current mill levy will
exceed the district limit, then the mill levy must be reduced so that the
amount of property tax revenue generated does not exceed the district
limit unless maintenance of the current mill levy is approved:
  • By the voters of the district for a district that has not
received voter approval to exceed its TABOR fiscal year
spending and property tax revenue limits; or
  • By the governing body of the district for a district that has
received such voter approval.
Notwithstanding the TABOR voter approval for a mill levy
increase above the mill levy for the prior year, if a district's mill levy is
reduced as required to comply with the district limit, the district may
increase the mill levy to any rate up to the pre-reduction rate without
voter approval so long as the increase does not cause the district's
property tax revenue to exceed the district limit.

Committee Reports
with Amendments
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Fiscal Notes Fiscal Notes (04/19/2024) (most recent)  
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