summary
Introduced
01/27/2025
01/27/2025
In Committee
01/27/2025
01/27/2025
Crossed Over
Passed
Dead
02/24/2025
02/24/2025
Introduced Session
Potential new amendment
2025 Regular Session
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 (surviving spouse), to claim the exemption. If at the 2026 general election the voters of the state approve a referred constitutional amendment to allow a senior or a 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.
AI Summary
This bill expands homestead property tax exemptions for seniors, veterans with disabilities, and surviving spouses of service members starting in 2025. Instead of the current exemption of 50% of the first $200,000 of a property's value, the bill introduces a new calculation based on 50% of the state's median home value. The exemption will be the lesser of 50% of the property's actual value or 50% of the estimated state median home value. The bill requires the Legislative Council to calculate and provide the estimated state median home value for each property tax reassessment cycle, using data from the U.S. Census Bureau's American Community Survey and adjusting for inflation or deflation. Additionally, the bill proposes a constitutional amendment that would allow seniors or surviving spouses who previously qualified for the exemption to claim it for their current residence, regardless of how long they have owned it. The changes are contingent on voter approval at the 2026 general election, and if approved, would take effect on the date of the official vote declaration by the governor.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
House Committee on Finance Postpone Indefinitely (on 02/24/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://leg.colorado.gov/bills/hb25-1111 |
| Fiscal Note FN2 | https://leg.colorado.gov/sites/default/files/documents/2025A/bills/fn/2025a_hb1111_f1.pdf |
| House Finance Amendment L.001 | https://s3-us-west-2.amazonaws.com/leg.colorado.gov/2025A/amendments/563BF7F188F860BC87258C3B0055450E/HB1111_L.001.pdf |
| Fiscal Note FN1 | https://leg.colorado.gov/sites/default/files/documents/2025A/bills/fn/2025a_hb1111_00.pdf |
| BillText | https://leg.colorado.gov/sites/default/files/documents/2025A/bills/2025a_1111_01.pdf |
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