The act creates the commission on property tax (commission) to study and report to the general assembly and the governor its recommendations for a permanent and sustainable property tax structure for the state. The commission consists of 19 members, including: 4 members of the general assembly; The property tax administrator; A mayor or elected city council person; A current or former county assessor; The executive director of the Special District Association of Colorado; A chief financial officer of a school district; A representative of a statewide organization with expertise in school funding policy or that represents Colorado educators; A representative of an organization that represents Colorado commercial or residential property owners; A fire chief; A representative of an organization with expertise in advocating for low-income individuals, seniors, individuals with fixed incomes, or residential tenants; The executive director of a statewide or regional business organization; and 5 county commissioners representing the front range, mountain, eastern, southern, and western regions of the state, respectively. The act directs the commission to meet at least twice a month beginning the week of December 18, 2023, through the week of March 15, 2024; except that, only one meeting is required in December of 2023. The commission may meet more often at the discretion of the chair and may establish special purpose subcommittees with nonvoting members to evaluate and consider property tax issues as the commission deems necessary to fulfill its goals. The commission is required to contract with a neutral facilitator with experience in tax policy to guide the work of the commission and to assist in drafting the commission's report due to the general assembly and the governor no later than March 15, 2024. The commission must identify, consider, and evaluate legislative options for a property tax structure that protects property owners from rising tax bills and is sustainable for local governments and public schools. For each option, the commission must consider the following factors: Local control; Impact to property owners and local taxing jurisdictions in different areas of the state; Impact to residential and nonresidential real property; Impact to school finance and the budget stabilization factor; Long-term impact to property owners and local taxing jurisdictions under different property value growth scenarios; Impact to housing affordability, including for residential tenants; Impacts to residential tenants, incentives for development, and the potential for lower property taxes for residences as a result of changing to a land value tax system; Impacts to the ability of counties to provide statutorily mandated and voter-approved services to Colorado residents; and Disproportionate impacts of the rising tax bills on people with lower incomes, especially people with fixed incomes, in providing fair and equitable property tax relief. The commission's report must include recommendations, supported by ten or more members, for both short-term and long-term legislative changes that will further the creation of a permanent and sustainable property tax structure for the state. The commission shall, as it deems appropriate, include in the report an evaluation of proposed initiatives concerning property tax for the 2024 general election that address the factors for consideration listed above. If such a proposed initiative is timely submitted to the directors of the legislative council and the office of legislative legal services after the commission has submitted its report, the commission shall reconvene to consider the effect of the proposed initiative if it were to be approved by the voters and, if deemed appropriate by the commission, supplement the report with additional information about the proposed initiative. After submitting its report, including any supplement deemed appropriate by the commission, a majority of the members of the commission may vote to extend the work of the commission past March 15, 2024, or to terminate the work of the commission at any time. If the commission votes to extend its work, the commission shall report to the general assembly and the governor, in accordance with the same reporting requirements applicable to its March 15, 2024, report, no later than December 31, 2024, on which date the commission is repealed. The act appropriates $80,271 to the legislative department to implement the act. APPROVED by Governor November 28, 2023 EFFECTIVE November 28, 2023(Note: This summary applies to this bill as enacted.)