Colorado Governor Signs Law Providing Property Tax Valuation Reduction for Senior Homeowners

The Colorado Governor signed a law that for 2025 and 2026 property tax years reduces the assessed value, or taxable value, of owner-occupied senior primary residences for those who have previously qualified for the existing senior homestead exemption but who are currently ineligible. The law provides that the assessed value is reduced by subtracting 50 percent of the first $200,000 from the actual value of the property before the assessment rate is applied. The subtraction is limited to the lesser of $100,000 or the amount that reduces a property’s assessed value to $1,000. The law takes effect 90 days after ...