Homestead Property Tax Exemption Expansion

Submitting to the registered electors of the state of Colorado an amendment to the Colorado constitution concerning the expansion of the existing property tax exemption for certain owner-occupied primary residences, and, in connection therewith, increasing the exempt amount of actual value of the owner-occupied primary residence of a qualifying senior or veteran with a disability and allowing a senior who qualifies for the exemption to move and still claim the exemption without meeting the ten-year ownership and occupancy requirement, so long as the senior has continuously owned residential real property since qualifying for the exemption.

There is currently a property tax exemption for an owner-occupied residence of a qualifying senior or veteran with a disability (homestead exemption) that is equal to 50% of the first $200,000 of the actual value of the property. For property tax years commencing on or after January 1, 2023, the concurrent resolution:

• Increases the maximum amount of actual value of the owner-occupied residence of a qualifying senior or veteran with a disability that is exempt from property taxation from $200,000 to $300,000 for the 2023 property tax year and to $300,000 plus cumulative inflation for each property tax year thereafter; and
• Makes the homestead exemption portable by allowing a senior who qualifies for the exemption to move and continue to claim the exemption without meeting the 10-year ownership and occupancy requirement, so long as the senior has continuously owned residential real property since qualifying for the exemption.

The concurrent resolution also makes a conforming amendment so that the change in the actual value of which 50% is exempt does not affect the general assembly's ability to raise or lower this amount.

(Note: This summary applies to this concurrent resolution as introduced.)