CO HB1257

Prohibits reducing the property tax exemption amount for qualifying seniors and disabled veterans if the state authorizes a net increase of 1.5% or more in full-time equivalent employees in the annual budget act for that fiscal year.

Sets the minimum exemption value at $200,000 of actual property value (meaning 50% of that amount is exempt from taxation) when the FTE increase threshold is met.

Requires the joint budget committee staff director to certify by June 15 each year the net percentage change in authorized FTEs and report this to the property tax administrator and revisor of statutes.

Takes effect August 11, 2010, unless subject to referendum petition, in which case it requires voter approval at the November 2010 general election.