Bill > HB1156

This bill makes permanent a tax valuation reduction for qualified-senior primary residence real property that was previously set to expire after the 2025 and 2026 property tax years. Specifically, the bill modifies how property owned by seniors is assessed for tax purposes, maintaining lower assessment rates for these properties depending on the state's overall property value growth. When statewide actual value growth is 5% or less, senior homeowners will be taxed on 6.8% of their property's value for local government levies and 7.05% for school district levies. If statewide property value growth exceeds 5%, the assessment rates will be slightly lower at 6.7% and 6.95% respectively. The bill also ensures that the state will continue to permanently reimburse local governments for the property tax revenue lost due to this reduced valuation. Starting in 2027, the state administrator will publish the inflation-adjusted values used to calculate these reduced assessments. The bill will take effect after the 90-day legislative period, with a potential referendum vote in November 2026 if challenged.

Budget and Finance

https://leg.colorado.gov/bills/hb25-1156