HB 12-1287 Summary

• Establishes a new senior property tax exemption for tax years commencing January 1, 2012 and thereafter, providing 50% exemption on owner-occupied primary residences.

• Limits the exemption to the lowest of: the actual property value, $200,000, or a percentage determined by the state property tax administrator to cap total state reimbursement at 1.02% of estimated state general fund revenues.

• Requires applicants to be 65 years of age or older with 10 years of ownership and occupancy, or be the surviving spouse of a previous exemption qualifier.

• Mandates completed exemption applications be filed by July 15 of the first tax year claimed, with an optional late filing option allowing applications up to September 15.

• Applies the exemption limitations uniformly regardless of multiple owners, and restores exemption eligibility for tax years beginning January 1, 2012 after a period of ineligibility from 2009-2011.