C.R.S. § 38-41-201: Homestead exemption - definitions.

(1) Every homestead in the state is exempt from execution and attachment arising from any debt, contract, or civil obligation not exceeding in actual cash value in excess of any liens or encumbrances on the homesteaded property in existence at the time of any levy of execution thereon:

(a) The sum of two hundred fifty thousand dollars if the homestead is occupied as a home by an owner or an owner's family; or

(b) The sum of three hundred fifty thousand dollars if the homestead is occupied as a home by an owner who is elderly or disabled, an owner's spouse who is elderly or disabled, or an owner's dependent who is elderly or disabled.

(2) As used in this section, unless the context otherwise requires:

(a) "Disabled" means having a physical or mental impairment that is disabling and that, because of other factors such as age, training, experience, or social setting, substantially precludes the person from engaging in a useful occupation as a homemaker, a wage earner, or a self-employed person in any employment that exists in the community and for which the person has competence.

(b) "Elderly" means sixty years of age or older.