Senior property tax reduction portability a ‘priority’ in tight Colorado budget year

Colorado legislative leaders are considering expanding property tax portability for senior homeowners, but face significant budget constraints. The senior homestead property tax exemption allows eligible homeowners to exempt half of their home's value up to $100,000. Recent legislation allows seniors to keep this exemption when moving, but only for the 2025 and 2026 tax years. Lawmakers are also addressing budget challenges, with a nearly $1 billion gap, and discussing Medicare provider rates and union law updates. The Legislature reconvenes on January 8.