Homestead Property Tax Exemption Expansion
| Type | Resolution |
|---|---|
| Session | 2022 Regular Session |
| Subjects |
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.
Bill 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.)
Committees
Related Documents & Information
| Date | Version | Documents |
|---|---|---|
| 04/11/2022 | Introduced |
| Activity | Vote | Documents |
|---|---|---|
| Refer SCR22-002 to the Committee on Appropriations. | The motion failed on a vote of 2-3. | Vote summary |
| Postpone SCR22-002 indefinitely using a reversal of the previous roll call. There was no objection to the use of the reverse roll call, therefore, the bill was postponed indefinitely. | The motion passed on a vote of 3-2. | Vote summary |
| Date | Location | Action |
|---|---|---|
| 04/26/2022 | Senate | Senate Committee on State, Veterans, & Military Affairs Postpone Indefinitely |
| 04/11/2022 | Senate | Introduced In Senate - Assigned to State, Veterans, & Military Affairs |