2023 Colorado Revised Statutes › Title 39 - TAXATION (§§ 39-1-101 — 39-37-301) › PROPERTY TAX (§§ 39-1-101 — 39-14-103) › General and Administrative (§§ 39-1-101 — 39-2-131) › Article 1 - General Provisions (§§ 39-1-101 — 39-1-125) › Section 39-1-105.5 - Reappraisal ordered based on valuation for assessment study - state school finance payments

(1)
(a)
Repealed.
(b)
(I)
Pursuant to section
39-1-104 (16)(b)
for each property tax year beginning with the property tax year which commences January 1, 1985, the annual study shall, in addition to other requirements, determine and set forth the aggregate valuation for assessment of each county for the year in which the study is conducted.
(II)
(A)
If the valuation for assessment of a county as reflected in its abstract for assessment for any property tax year beginning with the property tax year commencing January 1, 1985, is more than five percent below the valuation for assessment for such county as determined by the study conducted during the same property tax year, the state board of equalization shall cause to be performed a reappraisal of any class or classes of property that the study shows were not appraised consistent with the property tax provisions of the Colorado constitution or the statutes. The reappraisal must be performed during the next following year at the expense of the county; except that the state board of equalization may waive the requirement that the county reimburse the state for any costs incurred by the state in reappraising any class or classes of property if the county presents the state board with a plan to use the money retained to improve the functioning of the office of the county assessor. If the county fails to implement the plan submitted in a timely manner as agreed upon by the state board and the county, the state board shall revoke the waiver and require the county to reimburse the state for reappraisal costs incurred by the state. The reappraisal is the county's valuation for assessment with regard to the reappraised class or classes for the year in which the reappraisal is performed.
(B)
Even though a county's aggregate valuation for assessment as reflected in its abstract for assessment for any property tax year beginning with the property tax year commencing January 1, 1985, is not more than five percent below the valuation for assessment for such county as determined by the study conducted during the same property tax year, the state board of equalization shall cause to be performed a reappraisal of any class or classes of property that the study shows were not appraised consistent with the property tax provisions of the Colorado constitution or the statutes. The reappraisal must be performed during the next following year at the expense of the county; except that the state board of equalization may waive the requirement that the county reimburse the state for any costs incurred by the state in reappraising any class or classes of property if the county presents the state board with a plan to use the money retained to improve the functioning of the office of the county assessor. The reappraisal is the county's valuation for assessment with regard to the reappraised class or classes of property for the year in which the reappraisal is performed.
(III)
Whenever a reappraisal is ordered pursuant to subparagraph (II) of this paragraph (b), state equalization payments to school districts within the county during the year in which the reappraisal is performed shall be based upon the valuation for assessment as reflected in the county's abstract for assessment for the year prior to the year in which the reappraisal is performed. The state board of equalization shall order the county's board of county commissioners to levy, and the board of county commissioners shall levy, an additional property tax on all taxable property within the county. Such additional property tax shall be levied at the same time as other property taxes are levied during the year in which the reappraisal is performed. Such additional property tax shall be in an amount which is sufficient to reimburse the state for the excess state equalization payments made to school districts within the county during the year in which the reappraisal is performed. The county's board of county commissioners shall reimburse the state for such excess state equalization payments. Such excess shall be that amount of the state equalization payments actually paid by the state to the county during the year in which the reappraisal is performed based on the incorrect valuation for assessment as reflected in the county's abstract for assessment for the immediately prior year which amount exceeds the state equalization payments the state would have paid during the year in which the reappraisal is performed had the valuation for assessment for the immediately prior year been determined by the assessor consistent with the provisions of the Colorado constitution and the statutes. In addition, the additional property tax shall be sufficient to pay to the state, and the board of county commissioners shall pay to the state, interest on such excess at the interest rate determined by the state banking commissioner pursuant to section
39-21-110.5
.
(IV)
If the valuation for assessment of a county as reflected in its abstract for assessment for any property tax year beginning with the property tax year commencing January 1, 1985, is more than five percent below the valuation for assessment for such county as determined by the study conducted during the same property tax year and if the state board of equalization fails to order a reappraisal, state equalization payments to school districts within the county during the year next following the year in which the study was performed shall be based upon the valuation for assessment for the county as reflected in the county's abstract for assessment for the year in which the study was conducted. At the same time as other property taxes are levied during the year in which such state equalization payments are made, the county's board of county commissioners shall levy an additional property tax on all taxable property within the county. Such additional property tax shall be in an amount sufficient to reimburse the state for the difference between the amount the state actually paid in state equalization payments during the year following the year in which the study was performed and what the state would have paid during such year had the state equalization payments been based on the valuation for assessment as determined by the study. The county's board of county commissioners shall reimburse the state for such difference.
(V)
Any finding made in 1988 pursuant to the provisions of subparagraph (II) of this paragraph (b) shall be based primarily on data and information collected from within the county in question, except where data is lacking or deficient. If data from outside the county must be used, then that data must be from a comparable area. If any finding made utilizing the study conducted for the property tax year commencing on January 1, 1987, was based upon data and information comparing taxable property in one county with taxable property in the county subject to such finding, the state board of equalization shall revise such finding so that any orders made pursuant to the provisions of subparagraph (II) of this paragraph (b) are based solely on data and information collected from within each affected county.
(2)
Any reimbursement made by a county to the state for the cost incurred by the state in reappraising any class or classes of taxable property for property tax purposes pursuant to subsection (1) of this section shall be made to the state treasurer who shall credit the amount of the reimbursement to the state general fund. For purposes of this section, the costs of salary and benefits for state employees who work on reappraisals is not a reimbursable cost incurred by the state.
Amended by 2014 Ch. 44, § 1, eff. 8/6/2014.
L. 83: Entire section added, p. 1506, § 4, effective June 2. L. 84: (2) added, p. 733, § 2, effective May 11. L. 87: (1)(b)(III) amended, p. 1394, § 1, effective July 1. L. 88: (1)(b)(V) added, p. 1282, § 6, effective 1/1/1989. L. 89: (1)(b)(III) amended, p. 1451, § 4, effective June 7. L. 2004: (1)(a) repealed, p. 205, § 27, effective August 4. L. 2014: (1)(b)(II)(A), (1)(b)(II)(B), and (2) amended, (SB 14-083), ch. 44, p. 216, § 1, effective August 6.