House Bill 25-1095, introduced in the Colorado General Assembly on January 27, 2025, seeks to enhance the accuracy and professionalism of property tax appeals for certain nonresidential real properties. The bill mandates that any valuation requests made by petitioners or their representatives during protests to county assessors, or at property tax appeal hearings, must comply with the Uniform Standards of Professional Appraisal Practice (USPAP). This requirement specifically applies to nonresidential real properties that are not classified as agricultural.
Additionally, the bill expands the documentation requirements for petitioners appealing valuations of rent-producing commercial real estate to the Board of Assessment Appeals or those seeking a tax abatement. Beyond the existing necessary documentation, petitioners must now provide complete copies of all active leases as of the valuation date and any market data utilized in determining the contested valuation.
Summary
The bill requires that, for protests to the county assessor and at
hearings for property tax appeals concerning nonresidential real property that is not agricultural property, the requested valuation that is set forth by a petitioner or a petitioner's agent or representative for that property be made in compliance with the uniform standards of professional appraisal practice.
Current law requires that any petitioner appealing either a
valuation of rent-producing commercial real property to the board of assessment appeals or a denial of an abatement of taxes provide certain documentation and data regarding the property. The bill requires that, in addition to these existing requirements, the petitioner also provide full copies of all leases that are in place as of the date of valuation and any market data that the petitioner has relied on in determining the valuation that the petitioner is requesting in their appeal.
