CO HB1006

Expands property tax exemptions for owner-occupied primary residences of qualifying seniors, disabled veterans, and surviving spouses of deceased service members, effective for property tax years commencing January 1, 2025 or later.

Changes exemption calculation from 50% of the first $200,000 of actual property value to 50% of an amount equal to 50% of the estimated state median home value, whichever is lesser.

If median home value declines, the exemption amount continues to be calculated based on the median home value from the prior property tax reassessment cycle.

Requires Legislative Council staff to calculate and provide the estimated state median home value to the tax administrator by March 15, 2025, and by March 15 of the first year of each subsequent reassessment cycle.

Provides for a constitutional amendment referred to voters in 2026 that would allow seniors and surviving spouses who previously qualified for the exemption to claim it for a new residence without meeting the 10-year occupancy requirement.