The senior homestead property tax exemption became available beginning in property tax year 2002, following voter approval of Referendum A in the 2000 General Election. The number of seniors claiming the exemption has grown over time, from 123,326 qualifying seniors in tax year 2002, to 262,130 seniors in tax year 2020. Local governments are required to be reimbursed by the state for the property tax revenue impact of the exemption. In FY 2020-21, reimbursements for the senior homestead exemption totaled $153.1 million from the state General Fund.
In November 2006, voters approved Referendum E, which extended the property tax exemption to veterans with a service-related disability living in Colorado, beginning in property tax year 2007. The number of veterans claiming the exemption has also grown over time, from 1,301 claimants in tax year 2007, to 7,793 veterans in tax year 2020. In FY 2020-21, reimbursements for veterans with a service-related disability totaled $4.8 million from the General Fund, and the total General Fund expenditure for both exemptions was $157.9 million.