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DENVER, CO - The House Finance Committee today passed legislation that would save older Coloradans money on their property taxes by making the senior homestead property tax exemption portable between primary residences. SB24-111, sponsored by Representatives Sheila Lieder and Mary Young, passed by a vote of 11-0.
“Seniors typically live on a fixed income, making them especially vulnerable to property tax increases as they also juggle other rising costs,” said Rep. Sheila Lieder, D-Littleton. “The Senior Homestead Exemption is a useful tool to help Colorado seniors save money on property taxes, but current law only allows these property tax exemptions for long-term primary residences. Our legislation would make this property tax exemption portable so seniors can apply it to their new residence, so they can make housing choices that work best for their well-being and open up housing opportunities for new families looking for larger homes.”
“Aging Coloradans should be able to move without risking their housing security and losing eligibility for senior property tax exemptions,” said Rep. Mary Young, D-Greeley. “Downsizing or moving into a single-level home is often necessary for seniors to accommodate their changing needs. This important legislation would allow Colorado seniors to continue to benefit from senior property tax exemptions if they move, saving them money while allowing them to choose housing that best fits their needs.”
SB24-111 would create a new subclass of property called "qualified-senior primary residence real property" for an individual that has previously qualified for a senior homestead exemption but has moved to a new home.
For this new subclass of property—qualified-senior primary residence real property—the bill sets the assessed value of the property as the actual value minus 50 percent of the first $200,000 of that actual value, which is consistent with the relief provided under the current senior homestead exemption. This bill helps provide financial sustainability and housing security to seniors who no longer qualify for the senior homestead exemption because they moved residences.
In a Colorado Coalition for the Homeless report, Colorado was ranked first for housing instability for older adults.