Were you 65 on January 1?

property taxesHow the Senior Property Tax Exemption Can Work for You

In November 2000, voters passed the constitutional amendment providing a Homestead Exemption for qualifying senior citizens. The amendment, and subsequent legislation, created a property tax exemption for two groups of people:

  • qualifying seniors and
  • the surviving spouses of seniors who previously qualified.

For those who qualify, 50 percent of a portion of the actual value of their primary residence is exempted. The amount subject to exemption may be revised upward or downward by the state legislature.

Currently 50 percent of $200,000 of actual value is exempt. The state will pay the exempted property tax. Yearly notice of the availability of the senior property tax exemption must be mailed no later than May 1 to the owners of all residential property in Colorado. Qualified individuals must file an application for exemption.

The three basic requirements to qualify are:

  1. the qualifying senior must be at least 65 years old on January 1 of the year in which he or she qualifies;
  2. the qualifying senior must be the owner of record, of current residence and must have been the owner of record for at least the 10 consecutive years prior to January 1;
  3. the qualifying senior must occupy the property as his or her primary residence, and must have done so for at least the 10 consecutive years prior to January 1.

This exemption only applies to your primary residence.

This is state wide but the forms are found in your county assessors pages.

 

Were you 65 on January 1?
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