CO HB1111

Expands property tax exemptions for owner-occupied primary residences of qualifying seniors (65+), disabled veterans, and surviving spouses of service members who died in the line of duty, effective for tax years beginning January 1, 2025

Changes the exemption calculation from 50% of the first $200,000 of actual value to 50% of an amount equal to 50% of the estimated state median home value, with a floor preventing reductions if median home value declines

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

Allows seniors or surviving spouses who previously qualified for the exemption for any property tax year since 2016 to claim the exemption on a new residence without meeting the 10-year occupancy requirement, contingent on voter approval of a constitutional amendment at the 2026 general election

Uses the U.S. Census Bureau American Community Survey median home value for Colorado, adjusted for inflation/deflation using the Federal Housing Finance Agency's quarterly house price index