CO HB1166

For property tax years beginning January 1, 2025 and later, expands property tax exemptions for owner-occupied primary residences of qualifying seniors, disabled veterans, and surviving spouses from 50% of the first $200,000 of actual value to 50% of the state median home value (whichever is less).

If median home values decline, exemption amounts remain calculated based on the prior cycle's median home value rather than declining further.

Legislative Council staff must calculate and provide the estimated state median home value to the tax administrator by March 15, 2025, and annually thereafter by March 15 of each property tax reassessment cycle's first year.

Adds a new category of seniors and surviving spouses who previously qualified for the exemption on a prior residence (since 2016 or later) to claim the exemption on their current residence without meeting the 10-year occupancy requirement, contingent on voter approval of a constitutional amendment.

Takes effect 90 days after final adjournment of the general assembly, subject to referendum petition, and provisions regarding senior exemptions take effect only if voters approve a related constitutional amendment at the November 2024 election.