CO SB107

Allows seniors to qualify for the senior property tax exemption for a new primary residence if a medical necessity (certified by a licensed Colorado physician) required them to stop occupying their former primary residence, provided they have not previously received this exemption or owned another primary residence since leaving the former one.

Increases the maximum property value exempt from taxation for qualifying seniors and veterans with disabilities from $200,000 to $300,000 for tax years 2023-2027, then to $500,000 for tax years 2028 and beyond.

Requires the state property tax administrator to develop a form for applicants to establish proof of medical necessity, which must be submitted to the assessor when claiming an exemption based on medical hardship.

Replaces terminology throughout the statute, changing "disabled veteran" to "qualifying veteran with a disability" to align with constitutional language requirements.

Takes effect 90 days after final adjournment of the general assembly, subject to voter approval if a referendum petition is filed.