SCR 22-002

This Colorado bill increases the property tax exemption for senior citizens and veterans with disabilities who own their homes. The exemption will now cover 50% of the first $300,000 in value of their home, up from $200,000, and this amount will adjust for inflation each year. Additionally, it allows these homeowners to move to a new property and still qualify for the same tax exemption without needing to meet a 10-year residency requirement at the new location. The bill has been signed into law, meaning that eligible homeowners can now benefit from these increased exemptions starting in 2023.

Official Summary

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.)

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