SB20-148 Summary

• Increases the property tax exemption threshold for qualifying seniors and disabled veterans from $200,000 to $435,000 of residential property actual value for the 2020 property tax year.

• The $435,000 amount accounts for increases in average residential property values in Colorado from January 1, 2002 through December 31, 2019.

• Establishes an annual adjustment mechanism beginning in 2021 that increases or decreases the exemption threshold based on the percentage change in average actual value of residential property in the state, excluding new construction.

• Applies the exemption adjustment to qualifying seniors, qualifying disabled veterans, and surviving spouses of deceased disabled veterans who previously received exemptions.

• Takes effect August 5, 2020, unless subject to referendum petition, in which case it requires voter approval at the November 2020 general election.