HB 25-1156

House Bill 25-1156 makes permanent a property tax break for senior homeowners in Colorado. Currently, seniors get a discount on the value of their primary residence for property tax purposes, but this was only set to last through 2026. The bill extends this benefit indefinitely and ensures that local governments are compensated by the state for any lost revenue due to these discounts. Since the bill has been signed into law, senior homeowners will now receive a permanent reduction in their property taxes on their primary residence starting from 2027 onwards.

Official Summary

The bill extends an existing reduction in the valuation for assessment of qualified-senior primary residence real property (valuation reduction) that applies for only the 2025 and 2026 property tax years so that the valuation reduction is permanent. The bill also makes permanent the existing obligation of the state to annually reimburse local governments that levy property tax for the amount of property tax revenue lost due to the valuation reduction.(Note: This summary applies to this bill as introduced.)