Denver Direct: Seeing is Believing
Sunday, November 27, 2005
“For many Coloradans, a tantalizing feature of Referendum C was restoration of the state’s Senior Homestead Exemption, a valuable tax break for older homeowners that had been suspended because of state fiscal distress.
The Homestead Exemption wasn’t specifically mentioned in C, but supporters pledged to use revenues freed up by passage of the referendum to restore the program, which covers residents 65 or older who have owned their homes for at least 10 years. We were glad that state officials have quickly put the wheels in motion.
The homestead law exempts 50 percent of the first $200,000 of the actual value of eligible homes. The savings won’t mean much for the wealthy, but for other seniors, it could translate into extra groceries or needed medicine. The savings will average about $500 annually per property.”
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