Voters Get To Decide If Seniors Get Portability For The Homestead Exemption

By Eileen Doherty, MS ~

Denver, Colo.   In the waning days of the last legislative session, a tax bill passed with a number of changes to Colorado’s Tabor Refunds, now known as Proposition HH.  The most exciting proposed change in Proposition HH is to make the Senior Homestead Exemption portable.

The bill was signed in the front yard of Mr. Joe Medina in Commerce City.  Supporters gathered around to watch Governor Jared Polis sign the bill sending it to the voters on November 7.  

Mr. Medina, a client of the Colorado Gerontological Society, had responded to a survey we conducted in 2018 on the importance of the Senior Homestead Exemption tax credit to older adults. 

Mr. Medina had expressed at that time how important the tax credit was to him in helping to pay his taxes.  Last fall, he considered moving, but one of the considerations for him changing his mind and not moving was losing the Homestead Exemption.

If Proposition HH passes, starting January 1, 2025, any older adult who was able to claim the Senior Property Tax Exemption, but lost it because they moved, will be to claim the tax exemption again without waiting the 10 years in the new property.  

Given the new assessed values and the expected increase in property taxes in 2024, older adults will not see any property tax relief in the short term.

The Society has worked with Senator Larry Liston in the 2022 and 2023 legislative sessions to make the Homestead Exemption portable.  Both of those bills were defeated.

Individuals who have not claimed their Senior Income Tax Credit, which has now been extended until October 2026, can file the Colorado Income Tax DR0104 and DR0104CR.  If you need assistance call 303-333-3482 or 1-855-293-6911 (toll free) or 1-866-880-4777 (Spanish). 

Eileen Doherty

Eileen Doherty

Eileen Doherty, MS is the Executive Director of the Colorado Gerontological Society.

Comments

  1. Rather than making the Senior Homestead Exemption portable (as promised in Proposition HH, starting January 1, 2025), why not simply make this Senior Homestead Exemption applicable to ALL SENIOR HOMEOWNERS (over age 65), regardless of the amount of time that they have owned their home.
    I like the above idea much better, compared to having to own a home for 10 years before becoming eligible. ALL seniors could use a break on their real estate property tax bills, not just those seniors who have been homeowners for 10+ years.
    I feel that the current exemption criteria are somewhat discriminatory insofar as only certain senior homeowners are eligible, instead of all senior homeowners (including those who have owned their home shorter than 10 years).

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