Signed by Governor Jared Polis

Vote Smart's Synopsis:

Vote to pass a bill that authorizes school districts to raise their mill-levy rates to levels previously approved by voters.

Highlights:

• Alleges for property tax years 1994 through 2006,  as it existed before May 9, 2007, was wrongly interpreted and applied to reduce several districts' property tax mill levies to the number of mills that a district could levy under the property tax revenue limitation, even though the district had obtained voter approval to retain and spend revenue over that property tax revenue limitation (Sec. 1.I).

• Alleges immediately correcting the unauthorized reductions in mill levies by restoring the district total program mill levies to the correct numbers of mills without awarding a property tax credit would work an unacceptable hardship on district taxpayers (Sec. 1.II).

• Specifies if a district is required to levy a greater number of mills than it levied in the 2019 property tax year, the district board of education by resolution shall grant a temporary property tax credit equal to the number of mills levied in the applicable property tax year that exceeds the number of mills levied in the 2019 property tax year (Sec. 1.d.I).

• Specifies if a district, is required to levy a greater number of mills than it levied in the 2019 property tax year, the school district board of education will grant a temporary property tax credit equal to the number of mills required for the applicable property tax year by the correction schedule adopted by the department of education beginning in the 2021 tax year (Sec. 1.d.II).

• Requires the Department of Education to adopt a correction schedule to incrementally reduce the temporary property tax credits beginning in the 2021 property tax year. The correction schedule must apply in the same manner to each district and must ensure that (Sec. 1.d.III):

• Each district is required to reduce its temporary property tax credit as quickly as possible but by no more than one mill each property tax year; and

• By the 2040 property tax year, each district is levying the number of mills required without granting a temporary property tax credit.

• Establishes in the 2021-22 budget year and for each budget year thereafter until the general assembly determines that the stabilization of the state budget no longer requires a reduction in the amount of the annual appropriation to fund the state's share of total program, any amount of savings to the state share of the total program that occurs as a result of the decrease in the district property tax credits continues to be appropriated as a portion of the state share of the total program (Sec. 1.d.IV).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that authorizes school districts to raise their mill-levy rates to levels previously approved by voters.

Highlights:

• Alleges for property tax years 1994 through 2006,  as it existed before May 9, 2007, was wrongly interpreted and applied to reduce several districts' property tax mill levies to the number of mills that a district could levy under the property tax revenue limitation, even though the district had obtained voter approval to retain and spend revenue over that property tax revenue limitation (Sec. 1.I).

• Alleges immediately correcting the unauthorized reductions in mill levies by restoring the district total program mill levies to the correct numbers of mills without awarding a property tax credit would work an unacceptable hardship on district taxpayers (Sec. 1.II).

• Specifies if a district is required to levy a greater number of mills than it levied in the 2019 property tax year, the district board of education by resolution shall grant a temporary property tax credit equal to the number of mills levied in the applicable property tax year that exceeds the number of mills levied in the 2019 property tax year (Sec. 1.d.I).

• Specifies if a district, is required to levy a greater number of mills than it levied in the 2019 property tax year, the school district board of education will grant a temporary property tax credit equal to the number of mills required for the applicable property tax year by the correction schedule adopted by the department of education beginning in the 2021 tax year (Sec. 1.d.II).

• Requires the Department of Education to adopt a correction schedule to incrementally reduce the temporary property tax credits beginning in the 2021 property tax year. The correction schedule must apply in the same manner to each district and must ensure that (Sec. 1.d.III):

• Each district is required to reduce its temporary property tax credit as quickly as possible but by no more than one mill each property tax year; and

• By the 2040 property tax year, each district is levying the number of mills required without granting a temporary property tax credit.

• Establishes in the 2021-22 budget year and for each budget year thereafter until the general assembly determines that the stabilization of the state budget no longer requires a reduction in the amount of the annual appropriation to fund the state's share of total program, any amount of savings to the state share of the total program that occurs as a result of the decrease in the district property tax credits continues to be appropriated as a portion of the state share of the total program (Sec. 1.d.IV).

Full Bill Text