Kolker, Hansen Bill to Save Older Coloradans Money, Make Senior Homestead Property Tax Exemption Portable Advances

SB24-111 would help more Coloradans age in place

DENVER, CO – Legislation aimed at saving older Coloradans money on their property taxes by making the senior homestead property tax exemption portable cleared the Senate Finance Committee today.

Sponsored by Senators Chris Kolker, D-Centennial, and Chris Hansen, D-Denver, 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.

“Spiking housing prices are hitting Coloradans hard - and it’s particularly tough for seniors on fixed incomes,” Kolker said. “Our state is number one in the nation for housing instability among people over the age of 65. Allowing seniors to carry this important benefit with them when they move will save older Coloradans thousands of dollars on their property taxes and help them age in place with the dignity they deserve.”

“Too many older Coloradans who would like to downsize or move are reluctant because they would lose their exemption under the current rules,” Hansen said. “Making the senior homestead exemption portable gives seniors the freedom to downsize or sell their home without facing a higher tax bill and will help older Coloradans stay independent.”

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 exemption under the senior homestead exemption.

SB24-111 will now move to further consideration before the full Senate. Track the bill’s progress HERE.