CO HB1141

Allows seniors to qualify for property tax exemption on a new primary residence if they left their former home due to medical necessity certified by a Colorado-licensed physician, effective for property tax years starting January 1, 2020.

Requires seniors claiming the medical necessity exemption to have never previously received it for another property and to provide a physician-certified form to the assessor proving the medical condition required the move.

Prohibits the general assembly from reducing the property tax exemption for qualifying seniors and disabled veterans below a $200,000 maximum actual value threshold (50% exempt) for any property tax year starting January 1, 2019, unless state general fund revenue declined from the prior fiscal year.

Establishes that if the exemption cap is lowered below $200,000 due to revenue decline, it automatically increases back to $200,000 when state general fund revenue equals or exceeds the prior year's amount.

Takes effect August 2, 2019, unless a referendum petition is filed, in which case it requires voter approval at the November 2020 general election.