An amendment to article X of the constitution of the state of Colorado, establishing a homestead exemption for a specified percentage of a limited amount of the actual value of owner-occupied residential real property that is the primary residence of an owner-occupier who is sixty-five years of age or older and has resided in such property for ten years or longer, and, in connection therewith, allowing the general assembly by law to adjust the maximum amount of actual value of such residential real property of which such specified percentage shall be exempt, requiring the aggregate statewide valuation for assessment that is attributable to residential real property to be calculated as if the full actual value of all owner-occupied primary residences that are partially exempt from taxation was subject to taxation for the purpose of determining the biennial adjustment to be made to the ratio of valuation for assessment for residential real property, requiring the general assembly to compensate local governmental entities for the net amount of property tax revenues lost as a result of the homestead exemption, specifying that said compensation shall not be included in local government fiscal year spending, authorizing a permanent increase in state fiscal year spending to defray the cost to the state of said compensation, and specifying that said compensation shall not be subject to any statutory limitation on general fund appropriations.