CO SB005

For the 2023 property tax year only, increases the maximum exempt property value for qualifying seniors, veterans with disabilities, and surviving spouses of veterans with disabilities from $200,000 to $350,000.

Expands the 10-year occupancy requirement for seniors by deeming them to meet it if medical necessity forced them to vacate their former primary residence, provided they have not previously received this exemption and have not owned another primary residence since.

Defines "medical necessity" as medical conditions certified by a Colorado-licensed physician on a state property tax administrator form as requiring the owner to stop occupying their primary residence.

Applies only to the 2023 property tax year; properties revert to the standard $200,000 exemption threshold for 2024 and beyond.

Updates statutory language to use "people first language" by changing references from "disabled veteran" to "qualifying veteran with a disability."