On January 19, 2012, Sen. Joyce Foster introduced SB 12-087 – Concerning the Period Marking the Commencement of the Accrual of Interest on the Refund of Property Taxes Erroneously Collected. This summary is published here courtesy of the Colorado Bar Association’s e-Legislative Report.

The bill applies to interest imposed on property taxes illegally or erroneously levied and collected. Under current law, interest on such refunded moneys accrues only from the date payment of taxes and delinquent interest on such payment was received by the county treasurer from the taxpayer except as provided in specified circumstances. Under the bill, interest on the refunded moneys accrues from the later of the date a complete abatement petition is filed with the board of county commissioners or the date the taxes are paid. On February 16, the Local Government Committee unanimously approved the bill and moved the bill to the Senate Consent Calendar for 2nd Reading.

Since this summary, the bill passed the Second Reading.

Summaries of other featured bills can be found here.