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Feb 25, 2012 11:28 AM by Matt Stafford

Seniors wait for tax relief as Colo. mulls budget

DENVER (AP) - Seniors waiting for a property tax break will get an answer in the coming weeks as a budget showdown plays out in the Colorado Legislature.

Voters approved the tax break more than a decade ago, but it's rarely been in place because of tough budget times. This year, Democratic Gov. John Hickenlooper says the state can't afford the nearly $100 million scheduled to be reinstated after a three-year absence.

Republicans want to keep the tax break. Gov. Hickenlooper says that will come at the expense of cuts to education or other programs.

The exemption lets homeowners 65 and older who have lived in their homes for at least 10 years to deduct 50 percent of the first $200,000 of property value from their taxes.

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