A Beacon of Hope: Securing Homes for Colorado's Gold Star Families and Surviving Spouses

Colorado has always been a state that honors its veterans. But as housing costs continue to soar, many of our most deserving citizens—our 100% disabled veterans, their surviving spouses, and Gold Star families—face an uphill battle to remain in the homes they cherish. Colorado Veterans Action is proud to support a crucial proposal that will offer a full property tax exemption for 100% disabled veterans, extending this vital relief to their surviving spouses and Gold Star families. This isn't just a tax break; it's a lifeline, ensuring those who have sacrificed so much can live with dignity and security in the state they helped protect.

The Challenge: Rising Costs and Hardship

The financial strain on these families is immense. A 100% service-connected disability often impacts a veteran's earning potential, and surviving spouses and Gold Star families frequently face reduced incomes after their loved one's passing. Property taxes, which contribute significantly to the overall cost of homeownership, can become an unbearable burden.

Consider these facts:

• Colorado's Housing Market: According to the Colorado Association of Realtors, the median sales price for a single-family home in Colorado has steadily increased, putting immense pressure on fixed-income households. For instance, the median home price in Colorado in late 2023 hovered around $550,000 to $600,000, with areas like Aurora seeing similar trends.

• Property Tax Impact: While Colorado's residential property tax rate is among the lowest in the nation (currently around 0.49% of the assessed value for residential property), this still translates to thousands of dollars annually. For a home valued at $550,000, even with the current exemption for veterans, the remaining tax burden can be substantial.

• National Context: The Department of Veterans Affairs (VA) reports that over 4.7 million veterans receive disability compensation nationwide. While specific numbers for 100% disabled veterans in Colorado vary, the impact of property taxes on these families is a national concern that states are increasingly addressing.

For a surviving spouse or a Gold Star family, maintaining a household on a single income or benefits can be incredibly difficult. Losing a loved one who served our country is an immeasurable tragedy; forcing them to leave their home due to financial constraints adds insult to injury.

The Solution: A Full Property Tax Exemption

Our proposal seeks to provide a 100% property tax exemption for 100% disabled veterans, their surviving spouses, and Gold Star families. This expansion builds upon the existing Colorado Homestead Exemption, which currently offers a 50% exemption on the first $200,000 of a home's actual value for qualifying seniors and disabled veterans. While helpful, the current exemption often falls short of providing true relief in today's housing market.

How will this help?

• Financial Stability: Eliminating property taxes entirely will free up thousands of dollars annually for these families. This money can be used for essential living expenses, healthcare, education, or home maintenance, significantly improving their quality of life.

• Preventing Displacement: By making homeownership more affordable, we directly address the risk of these families being forced out of their communities and homes due to rising costs.

• Honoring Sacrifice: This exemption is a tangible way for Colorado to express its profound gratitude to those who have given everything. It acknowledges the unique sacrifices made by veterans and their families, providing a measure of security and peace of mind.

• Economic Benefit: Keeping these families in their homes helps maintain community stability and allows them to continue contributing to local economies.

A Call to Action

This proposal is not just about taxes; it's about justice, gratitude, and ensuring that Colorado remains a welcoming and supportive home for those who have served. We urge all Coloradans to support this vital initiative. Let's work together to ensure that our 100% disabled veterans, their surviving spouses, and Gold Star families can afford to stay in the homes they've built and continue to thrive in the state they've protected.

Join Colorado Veterans Action in advocating for this critical change. Contact your local legislators and let them know you support a full property tax exemption for our most deserving military families.