Colorado SB116 modifies property tax laws, including lodging taxes, valuation for assessment, and business personal property exemptions.

Colorado SB116 modifies property tax laws by authorizing municipalities to levy a lodging tax, clarifying the valuation for assessment of lodging property, extending the portable qualified-senior primary residence benefit, and modifying the taxation of business personal property. The bill allows municipalities to levy a lodging tax of up to six percent on the purchase price of rooms or accommodations, subject to voter approval. It defines "net rental income" and "resort fee income" for lodging property valuation and mandates their inclusion in the actual value assessment.

Colorado SB116 modifies property tax laws, including lodging taxes, valuation for assessment, and business personal property exemptions.

Colorado SB116 modifies property tax laws by authorizing municipalities to levy a lodging tax, clarifying the valuation for assessment of lodging property, extending the portable qualified-senior primary residence benefit, and modifying the taxation of business personal property. The bill allows municipalities to levy a lodging tax of up to six percent on the purchase price of rooms or accommodations, subject to voter approval. It defines "net rental income" and "resort fee income" for lodging property valuation and mandates their inclusion in the actual value assessment.