COLORADO ASSOCIATION OF REALTORS Legislative Update

HB-1373 “Senior and Disabled Veteran Homestead Exemption” CAR Position: Support.
This bill passed the House and is now being considered by the Senate. A senior who is 65 years old or older and has owned and occupied the same primary residence for at least 10 years (or the surviving spouse of such a senior) may claim a property tax exemption (exemption) for the primary residence in an amount equal to 50 percent of the first $200,000 of actual value. In addition, a disabled veteran who has a service-connected disability that the United States Department of Veterans Affairs has rated as 100 percent permanent and total disability, may claim the exemption.

For property tax years commencing on or after January 1, 2015, the bill specifies that has received an exemption for his or her former primary residence but moved to a new primary residence after January 1, 2014, may continue to claim an exemption for his or her new primary residence if a natural disaster forced the move by destroying the former primary residence or otherwise rendering it uninhabitable.

HB-1375 “Modifications to Urban Renewal” CAR Position: Oppose.
This bill is moving rapidly considering it was just introduced on April 11th. It was passed by the House on April 28th and was then introduced in the Senate. It requires county representation on the governing board for an URA and adds additional restrictions and requirements to the disbursement of the TIF revenues. It adds another layer of complication to the already complex negotiations involved in creating a URA and as such the bill is opposed by the Colorado Municipal League and economic development organizations.

SB-197 “Transportation Enterprise Transparency Act” CAR Position: Monitor.
This bill, sponsored by Sen. Jones (Boulder) increases the public outreach on the so-called P3 (public/private) partnerships envisioned by CDOT as the only way to solve transportation funding via toll roads. It was significantly modified before it was even introduced because CDOT opposed the bill, which would’ve made negotiations public and harmed the Department’s ability to craft the agreements needed to implement tolling enterprises.

HCR 1002 “Constitutional Initiative Petition” CAR Position: Support.
This resolution, which was introduced (and died) in previous sessions, would make it more challenging to gather the signatures required to put an initiative on the ballot to amend the State’s constitution by requiring signatures to come from all seven Congressional districts in the state. Currently Colorado is the only state in the country that requires the same number of signatures to place a constitutional initiative on the ballot as for proposed statutory reform. The resolution passed the House, but faces an uncertain future in the Senate.

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