Finance

Increases the maximum amount of actual value of the primary

owner-occupied residence of a qualified senior that is partly exempt from

property taxation for the 2004 and 2005 property tax years from zero to

a specified amount.

SECTION 1. The introductory portion to 39-3-203 (1), Colorado

Revised Statutes, is amended to read:

39-3-203. Property tax exemption - qualifications. (1) For the

property tax year commencing January 1, 2002, and for property tax

years commencing on or after January 1, 2006, fifty percent of the first

two hundred thousand dollars of actual value as of the assessment date of

residential real property of an owner-occupier shall be exempt from

of actual value as of the assessment date of residential real property of an

DOLLARS OF ACTUAL VALUE AS OF THE ASSESSMENT DATE OF RESIDENTIAL

SECTION 2. Effective date. This act shall take effect at 12:01

a.m. on the day following the expiration of the ninety-day period after

final adjournment of the general assembly that is allowed for submitting

a referendum petition pursuant to article V, section 1 (3) of the state

constitution (August 4, 2004, if adjournment sine die is on May 5, 2004);

except that, if a referendum petition is filed against this act or an item,

section, or part of this act within such period, then the act, item, section,

or part, if approved by the people, shall take effect on the date of the

official declaration of the vote thereon by proclamation of the governor.

Shading denotes HOUSE amendment. Double underlining denotes SENATE amendment.

Capital letters indicate new material to be added to existing statute.

Dashes through the words indicate deletions from existing statute.