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May 8, 2024

Lieder, Young Bill to Save Older Coloradans Money, Make Senior Homestead Property Tax Exemption Savings Portable Passes

DENVER, CO - The House today passed legislation that would save older Coloradans money on their property taxes by making the savings from the senior homestead property tax exemption portable between primary residences for the next two years. SB24-111, sponsored by Representatives Sheila Lieder and Mary Young, passed by a vote of 60-3.

“The Senior Homestead Exemption helps seniors, Gold Star families, and veterans afford housing on their fixed income, and our legislation would expand eligibility so more people save money,” said Rep. Sheila Lieder, D-Littleton. “We’re making the savings from this exemption portable so seniors have the freedom to move or downsize without losing this important cost-saving benefit, making larger homes available for new families. This bill is a major priority of mine and I am proud to carry this bill that will help address the housing affordability crisis.”

“Seniors increasingly want to age in place, and moving may allow them to be closer to family and benefit from downsizing,” said Rep. Mary Young, D-Greeley. “This is a straightforward, commonsense bill that makes this senior tax exemption portable, giving seniors the freedom to move closer to family or downsize and preventing seniors who want to move from losing eligibility for tax relief.”

SB24-111 would create a new subclass of property called "qualified-senior primary residence real property" for an individual who has previously qualified for a senior homestead exemption.

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. Under this bill, eligible seniors will benefit from this relief during the 2025 and 2206 property tax years. 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.

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