Legislative Update

The General Assembly is set to adjourn on May 9. HB-1110 “Appraisal Management Companies” CAR Position – Support. The Division of Real Estate’s bill will regulate appraisal management companies at the state level, requiring background checks, fingerprinting and licensing.Appraisers will also be required to carry errors and omissions insurance; AMCs must post a $25,000 bond with the Board of Real Estate Appraisers. This bill passed in the House but is still in committee on the Senate side. HCR-1002 “Means Test Senior Property Tax Exemption” CAR Position – Oppose. This resolution, introduced in the waning days of the session, would create a means test for seniors to qualify for the Senior Homestead Tax Exemption. Unfortunately, the means test would limit qualification to seniors whose income does not exceed 200 percent of the federal poverty guidelines. (In 2012 for example, the federal poverty guideline for two people is $15,130; 200 percent above the poverty guideline is only $30,260.) Because the Senior Homestead Exemption is part of Colorado’s constitution, this measure would require a public vote. SB-174 “Alternate Valuation Protest & Appeal Procedure” CAR Position – Oppose. This last minute bill was introduced on April 20. It would create a pilot program in the City of Denver, but the Legislative Policy Committee feared it could set a bad precedent. It would make it more difficult for a property owner to appeal a property tax valuation and would remove the courts from the process. The Colorado Association of Commerce and Industry also opposes the bill.

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