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NEWS & UPDATES
Overview of Colorado House Bill 24B-1001 and Commercial Property Taxation
Colorado House Bill 24B-1001, enacted during the 2024 special legislative session, delivered significant property tax relief to commercial real estate businesses by reducing the assessment rate applied to nonresidential real property and personal property. While HB24B-1001 became law several years ago, the practical implications of the bill on commercial property owners are just beginning to take meaningful effect. The bill generally amends Colo. Rev. Stat. § 39-1-104 to phase down the commercial assessment rate from the prior standard of 29% to a rate of 25% of actual value by 2027, providing potential reductions in property tax liability for owners and operators of commercial real estate in Colorado. (CO ST § 39-1-104). While HB24B-1001 also provides for other important modifications with respect to school districts, residential property and other matters, this alert focuses only on HB24B-1001’s general impact on commercial property.