ColoradoColorado sets a $58,000 business property tax exemption for 2027
Colorado law sets a $58,000 business property exemption starting in 2027 and requires state payments to counties for specified 2026 tax losses.
What it does
The exemption for business personal property is $58,000 for tax years beginning on or after January 1, 2027.
The state treasurer must pay counties for specified 2026 property tax losses starting in 2028. Counties must pass the money to local governments.
People seeking the senior primary residence classification must apply by the stated deadline. County and state officials must review applications and update property records on set dates.
Argument forBusinesses with qualifying personal property could owe less property tax because the law sets a $58,000 exemption starting in 2027.
Argument againstLocal governments could depend on state payments to replace lost property tax revenue, and late or insufficient payments may make budgeting harder.
More detail
The law sets the business personal property exemption at $58,000. The exemption applies to business personal property covered by Colorado Revised Statutes section 39-3-119.5. The $58,000 amount applies to property tax years beginning on or after January 1, 2027.
The state treasurer must pay county treasurers for specified property tax revenue losses from 2026. Payments go to county treasurers for the amount the administrator specifies for their county for the 2026 property tax year. Each county treasurer must distribute the money to local governments in the county as if it were property tax revenue. The first warrant is due by April 15, 2028, with another due by April 15 each year after that.
County and state officials must follow stated deadlines for administering the senior primary residence property classification. The duties involve applicants, county assessors and treasurers, and the state administrator responsible for the classification. The classification concerns residential property used as an owner-occupier's primary residence. The excerpt does not provide all eligibility rules. The application deadline is July 15, 2026. Officials have further deadlines from September 10, 2026, through January 17, 2027, for reports, decisions, and tax record updates.
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Where it stands
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Jun 2Governor Jared Polis SignedBecame Law
- May 21Signed by the President of the SenateMajor
- May 21Signed by the Speaker of the HouseMajor
- May 21Sent to the GovernorTo Governor
- May 11House Third Reading Passed - No AmendmentsPassed House
- Vote recorded BILL. Result: pass.Lower
- May 9House Third Reading Laid Over Daily - No Amendments
- May 8House Committee on Appropriations Refer Unamended to House Committee of the WholeMinor
- Vote recorded Refer Senate Bill 26-116 to the Committee of the Whole. Result: pass.Upper
- Vote recorded Refer Senate Bill 26-116 to the Committee of the Whole. Result: pass.Lower
- May 8House Second Reading Special Order - Passed - No Amendments
- May 7House Committee on Finance Refer Unamended to AppropriationsMinor
- Vote recorded Refer Senate Bill 26-116 to the Committee on Appropriations. Result: pass.Upper
- Vote recorded Refer Senate Bill 26-116 to the Committee on Appropriations. Result: pass.Lower
- Apr 27Senate Third Reading Passed - No AmendmentsPassed Senate
- Vote recorded BILL. Result: pass.Upper
- Apr 27Introduced In House - Assigned to FinanceMinor
- Apr 24Senate Committee on Appropriations Refer Amended to Senate Committee of the WholeMinor
- Vote recorded Refer Senate Bill 26-116, as amended, to the Committee of the Whole. Result: pass.Upper
- Vote recorded Adopt amendment L.007. Result: pass.Upper
- Apr 24Senate Second Reading Special Order - Passed with Amendments - Committee
- Apr 14Senate Committee on Finance Refer Amended to AppropriationsMinor
- Vote recorded Adopt amendment L.005 (Attachment B). Result: pass.Upper
- Vote recorded Refer Senate Bill 26-116, as amended, to the Committee on Appropriations. Result: pass.Upper
- Feb 19Introduced In Senate - Assigned to FinanceIntroduced
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