Senior Property Tax Exemption - State of Colorado
The senior property tax exemption is back! The Denver metro area counties have created this homestead exemption for qualifying seniors. This gives our seniors a reduction in their property tax, as long as they can qualify with the following -
1. The qualifying senior must be at least 65 years old on Jan. 1 of the year in which he or she qualifies.
2. The qualifying senior must be the owner of the record, and must have been the owner of the record for at least ten consecutive years prior to Jan. 1.
3. The qualifying senior must occupy the property as his or her primary residence and must have done so for at least ten consecutive years prior to Jan. first.
Per the information on County web sites on this Senior exemption --
“The exemption reduces the actual value of qualified residential property by 50 percent up to a maximum reduction of $100,000. The state is responsible for paying the tax on the exempted value. Once approved, the exemption remains in place until there is a change in ownership. Applications are available below.
An applicant or married couple can apply for the exemption on only one property. That property must be his or her primary residence. Married couples and individuals who apply for the exemption on multiple properties will be denied the exemption on all properties.”
If you have other questions regarding qualifying for this tax exemption, please refer to your respective County’s web site. As stated in the other information, this reduced property tax will not transfer to a new owner, unless they too qualify for this discount.
What a great program to put back into place to help our seniors who are on fixed incomes!