Skip to main content
Colorado General AssemblyToggle Main Menu
Agency NameToggle Agency Menu

Expand Homestead Exemptions

Concerning the expansion of property tax exemptions for certain owner-occupied primary residences.
2024 Regular Session
Fiscal Policy & Taxes
Local Government
Bill Summary

For property tax years commencing during property tax reassessment cycles (cycles) that begin on or after January 1, 2025, the bill changes the amount of the exemptions for the owner-occupied primary residence (residence) of a qualifying senior, a veteran with a disability, or the surviving spouse of a United States armed forces service member who died in the line of duty or veteran whose death resulted from a service-related injury or disease (exemptions) from 50% of the first $200,000 of actual value of the residence to 50% of an amount of actual value of the residence equal to 50% of the estimated state median home value (median home value) for the state; except that, if the median home value declines, the exemption amount continues to be calculated based on the median home value used to calculate the exemption amount for the property tax years included in the prior cycle.

The state constitution currently only allows a senior who has owned and occupied the senior's residence for 10 years, or the surviving spouse of such a senior, to claim the exemption. If at the 2024 general election the voters of the state approve a referred constitutional amendment to allow a senior, or the surviving spouse of such a senior (surviving spouse), who has previously qualified for the exemption for 2016 or any later year for a prior residence to claim the exemption for the senior's or surviving spouse's current residence regardless of how long the senior or surviving spouse has owned and occupied that residence, the bill makes the statutory changes needed to conform to the constitutional amendment.

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




Bill Text


Sponsor Type Legislators
Prime Sponsor

Rep. K. DeGraaf, Rep. S. Luck



The effective date for bills enacted without a safety clause is August 7, 2024, if the General Assembly adjourns sine die on May 8, 2024, unless otherwise specified. Details