The concurrent resolution refers to the ballot at the 2024 general election an amendment to the Colorado constitution which, if approved by 55% of the voters voting on the question, authorizes a local government that levies ad valorem tax, which is a property tax on all real and personal property not exempt from taxation, to instead levy a land value tax if the voters of the local government approve the alternative tax. A land value tax is a property tax that taxes property based only on the value of the underlying land and without regard to the value of any improvement built or used on the land. The concurrent resolution requires: ! The general assembly to establish by law procedures for determining the value of land for purposes of the land value tax; ! The land value tax to be assessed, calculated, and collected at the county level; ! That a specified period pass following local voter approval before a land value tax is levied; ! The mill levy of the land value tax to be uniform upon all land not exempt from taxation; except that a local government may establish one or more lower mill levies for land on which commercial agriculture or commercial clean energy production or transmission occurs; and ! The land value tax to be subject to all property tax exemptions to land, and with respect to the senior, veteran with a disability, and Gold Star spouse property tax exemptions, requires the general assembly to determine the degree to which the exemption should be attributed to land to give the same proportional benefit to all persons who qualify for an exemption. The concurrent resolution also: ! Gives a local government that receives reimbursement from the state for reductions in property tax revenue resulting from statewide policies and that subsequently levies a land value tax the right to equivalent reimbursement from the state of any land value tax revenue reductions, as determined by application of a formula required to be established by the general assembly; ! Authorizes 2 or more local governments that share territory to form a joint taxing authority for the purposes of seeking approval from their voters to collectively levy a land value tax and apportion the revenue from the tax among the participating local governments; ! Specifies that if a school district levies a land value tax, the revenue from the land value tax is used in lieu of ad valorem tax revenue to calculate the local share of the school district's total program funding; and ! Authorizes a local government to include in a ballot question that seeks voter approval to levy a land value tax in lieu of ad valorem taxes the elimination of or reductions in other taxes or fees levied by the local government.
