Capitol Connection – January 26, 2024
Legislative Advocacy This Week at the State Capitol
We are in the second full week of session and priority bills have started to be calendared in committees and make their way through the legislative process. The Legislative Policy Committee is officially tracking more than two dozen bills with more housing legislation to be introduced on the horizon. CAR will continue to monitor and prioritize all legislation that affects the real estate industry and housing to ensure housing is accessible for all.
Don’t Miss Out on the Action – Sign up for REALTOR® Party Mobile Alerts
Text REALTORS to 30644
REALTOR® Party Mobile Alerts offers REALTOR® Associations and REALTORS® a way to stay connected directly from their cell phone or tablet. When a national or state legislative call for action is launched, subscribers get a short text message containing information to take action. Stay in the “know” as housing legislation heats up at the state capitol and nationally this year.
*If you sign up for RPMA and receive a Call For Action, taking action does NOT subscribe your information to a listserv.* RPMA and CFA are strictly to inform members of legislation that the National Association of REALTORS® or Colorado Association of REALTORS® needs grassroots engagement.
Proposed Property Tax Bill Threatens $1.3 Billion in Visitor Spending and 8,100 Tourism-related Jobs
The Colorado Lodging and Resort Alliance released a new economic report on SB24-033, which threatens approximately $1.36 billion in visitor spending per year and 8,100 tourism-related jobs in Colorado, in addition to a net reduction in total state and local tax revenues. If passed, this bill would reclassify certain homes used as short-term rentals as lodging/commercial and would be taxed at a higher 27.9%, dramatically increasing the tax rate on these private residences by as much as 400%. Homeowner responses to the tax increase would result in an estimated 56% drop in total short-term rental nights booked per year and an estimated loss of $1.36 billion in annual tourist spending in Colorado. Given the predicted drop in overall travel and spending, the report concludes SB 33 would lead to a net loss of tax revenue for Colorado.
As stated last week, CAR Legislative Policy Committee took an opposing position on the bill and continues to work with stakeholders on the counter proposal that would exempt primary and secondary residences from being classified at the commercial tax rate.
RPAC
Early Bird Raffle
We want to start 2024 strong, especially since it’s an election year and we need to support as many REALTOR® Party Champions as possible. Join us in fighting for homeownership and protecting private property rights by investing in RPAC. Enter our raffle for a chance to win one of the prizes below. This is a great opportunity to start your 2024 major investment. Raffle will end on February 7th and the drawing will take place on February 8th.
Prizes:
– $600 Broadmoor Gift Card
– $300 Amazon Gift Card
– $100 Visa Gift Card
How to Play:
– $99 = 1 Ticket
– $300 + Pledging to be a 2024 Sterling R Major Investor = 5 Tickets
CLICK HERE TO PURCHASE TICKETS
Don’t miss this opportunity to invest early in RPAC.
SAVE THE DATE – RPAC Reception at Spring Summit Tuesday, April 9th at 4:15pm -6:15pm. Tickets will go on sale soon. We will have a live auction with some great prizes. You don’t want to miss this opportunity to network and win prizes!
Bill Updates
(Amend) HB24-1083 Construction Professional Insurance Coverage Transparency
Sponsors: Rep. Willford and Rep. Brown, Sen. Cutter
As initially filed, section one of this legislation would have required a study by the Division of Insurance of Construction liability insurance for construction professionals before December 31, 2026. In section two, this legislation would require that at least 14 days before closing on the sale of a new residence, the seller would have to provide the purchaser, county clerk, and recorder’s office with information regarding the insurance coverage for the property. If the seller of a new residence did not provide insurance coverage information to the buyer, the buyer would have been allowed to file a civil suit, and if the buyer prevailed, the court could require the seller to pay the buyer a fine of up to $500. If the court finds the construction professional did not obtain insurance for coverage for damage resulting from construction defects, the court could award triple damages.
CAR took an amended position because section two was problematic for developers and, if passed, this legislation would deter developers from building more housing. This legislation was heard in the House Business & Labor Committee on Thursday, January 25th. It was successfully amended to strike section two and, in section one, shorten the time frame the study must be completed.
Events
Commission on Property Tax Community Conversations – Give your Needed Input!
The Commission on Property Tax is required to study and make recommendations for a property tax structure. The Commission wants to hear from the public throughout the state and is conducting meetings starting tomorrow in Grand Junction. See below for more details and how to sign up to attend.
Master the Art of Legislative Testimony
Elevate Your Advocacy Skills: Master the Art of Legislative Testimony
In the dynamic real estate industry, your voice and expertise can shape critical policies. Join our Legislative Testimony Training to make a significant impact on legislative decisions. Gain an in-depth understanding of the legislative process, learn effective testimony crafting on your own behalf and delivery techniques, develop persuasive communication strategies, and get tips for handling Q&A sessions with legislators.
Training Overview:
- When: January 29th at 1 PM
- Format: Online via Zoom
- Focus: Learn to testify on important real estate policy issues on your behalf by using your voice and expertise.
- Register by January 26th
Ensure your participation in this crucial training by registering no later than Friday, January 26th. Zoom details will be sent to registered attendees.
NAR
Pending Home Sales Climbed 8.3% in December
Pending home sales in December elevated 8.3%, according to the National Association of REALTORS®. The Midwest, South and West posted monthly gains in transactions while the Northeast recorded a loss. The Midwest, South and West also registered year-over-year increases while the Northeast had a decline in transactions compared to last year.
Where Does It Make Most Sense to Buy a Fixer-Upper?
With home prices surging and inventory scant, many buyers are beginning to accept that they may not find a move-in-ready property. More than half of prospective home buyers say they’d consider purchasing a fixer-upper, whether it needs a small cosmetic lift or large structural updates, according to a new RE/MAX survey. Further, 80% say they may adjust their homebuying plans in the next year, whether that means reconsidering the type of home they purchase, getting more creative with financing—such as borrowing money from family—or even co-buying with others, the survey shows.
Now is the Time for the Smart Home Certification
For 15 years, Lindsay Hall worked in corporate technology sales and marketing before making a shift to a career in real estate. When the pandemic hit and the industry stalled, she decided to use the time to earn her Smart Home Certification.