(March 17) – A bill by Rep. Jonathan Singer, D-Longmont, to grant landowners more time under a lower tax rate to repair homes destroyed by natural disasters earned final approval in the House today with a 64-0 vote.
“This bill ensures that families who lost their homes in recent fires or floods can have time to repair their homes without a higher tax rate,” said Rep. Singer. “We can’t forget that people in my district are still hurting and this bill helps those families.”
SB16-012, which also passed the Senate unanimously, allows residential property to maintain its property tax classification for an indefinite period of time if the county assessor determines the property owner is making a good-faith effort to rebuild after a natural disaster. Current law allows the property to maintain its residential property tax classification for the year in which the destruction occurred and up to four additional tax years.
The bill proceeds to the governor’s desk.