HCR 24-1001

House Concurrent Resolution 24-1001 proposes a change to Colorado's constitution that would allow seniors or surviving spouses who have previously qualified for a property tax exemption on their primary residence since 2016 to transfer this benefit to any new primary residence they move to, regardless of how long they've lived there. Currently, the exemption is only available if someone has owned and occupied their home for at least ten years. This resolution would make it easier for seniors to maintain financial stability when moving to a new home. The bill has been signed but needs voter approval in the 2024 general election before it can take effect.

Official Summary

The state constitution currently only allows a senior who has owned and occupied the senior's primary residence for 10 years, or the surviving spouse of such a senior, to claim a property tax exemption for 50% of the first $200,000 of actual value of the primary residence (exemption). If approved by the voters of the state at the 2024 general election, the concurrent resolution will allow a senior, or the surviving spouse of such a senior, who has previously qualified for the exemption for 2016 or any later year for a prior primary residence to claim the exemption for the senior's current owner-occupied primary residence regardless of how long the senior has owned and occupied that residence. (Note: This summary applies to this concurrent resolution as introduced.)