New Colorado Laws: Gun Safety, Property Taxes, Deepfakes

Effective July 1, 2024, Colorado will see the enactment of several significant laws aimed at addressing pressing concerns within the state. These new laws cover crucial aspects such as gun safety, property taxes, and the growing phenomenon of deepfakes. Whether you're a Colorado resident or someone with vested interests in the state, staying abreast of these legislative changes is essential. This blog post will delve into the key points of each law, helping you understand what to expect from these new regulations.

Gun Safety Regulations

Colorado continues to be a front-runner in promoting public safety and responsible gun ownership. With the latest legislative initiatives, the state aims to curb gun violence through stricter protocols and preventive measures.

• Red Flag Laws Expansion: Colorado has expanded its "Red Flag" laws, which allow family members or law enforcement to petition courts to temporarily remove firearms from individuals deemed a threat to themselves or others. The criteria for who can initiate this process have broadened to include more categories of people who might be aware of potential threats.
• Safe Storage Requirements: The new law mandates that gun owners must securely store firearms in a locked safe or similarly secured location when not in use. This is aimed to significantly reduce incidents of accidental discharges and thefts that could lead to gun violence.
• Mandatory Reporting of Lost or Stolen Firearms: Gun owners must report lost or stolen firearms within five days. Failing to do so can result in increased penalties. The aim is to reduce the number of guns that end up being used in crimes.
• Increased Background Checks: Enhanced background checks will now be required for all gun buyers, including those making private sales. This is to ensure that those prohibited from owning firearms do not slip through the cracks.

Property Tax Adjustments

The property tax landscape in Colorado undergoes a significant transformation with the enactment of new laws designed to ensure fairness and address growing concerns about escalating housing costs.

• Tax Rate Caps: The new laws introduce caps on property tax rates to prevent exorbitant increases that could adversely affect homeowners. These caps are designed to offer some relief for long-time residents facing high tax bills due to property value spikes.
• Revaluation Schedule Updates: Property will now be re-evaluated more frequently. This aims to accurately reflect current market values and ensure that property taxes are levied fairly.
• Senior and Disabled Exemptions: Enhanced exemptions for senior citizens and disabled individuals aim to offer financial relief to some of the most vulnerable populations. Eligible individuals can benefit from reduced taxable property values.
• Tax Deferral Programs: The state will expand and simplify access to tax deferral programs, allowing more homeowners to defer their property taxes until specific conditions are met, offering a temporary reprieve for those under financial strain.

Deepfake Legislation

Deepfakes, a relatively new but growing concern, have captured the attention of Colorado lawmakers. These digitally manipulated videos and images can potentially cause significant harm and misinformation.

• Criminalization of Malicious Deepfakes: Creating and distributing deepfakes designed to deceive or harm individuals is now a criminal offense. This aims to protect individuals from being victims of unfounded accusations, character assassination, or other nefarious actions.
• Mandatory Disclosure: Any content identified as a deepfake must now include clear disclosure markings, notifying viewers that the content has been altered. This measure aims to reduce the spread of misinformation and misinformation.
• Increased Penalties for Political Deepfakes: Distributing deepfakes with the intent to interfere in political processes is subject to severe penalties. This aims to protect the integrity of democratic processes from malicious actors.
• Support for Victims: The new law also sets up support mechanisms for victims of deepfake crimes, providing a legal pathway for recourse and potential restitution.

Conclusion

With these new laws coming into effect, Colorado continues to address critical issues through legislative means. The enhancements in gun safety regulations, property tax adjustments, and deepfake legislation signify the state's determination to make Colorado a safer and more equitable place for its residents.

If you're concerned about how these new laws might impact your property taxes, we can help. Understanding the nuances of property tax adjustments can save you significant money. To explore your options and find ways to save on taxes, schedule a call with our team. We're here to help you navigate these changes effectively.