Senior Property Tax Exemption

Senior Property Tax Exemption

The homestead exemption for senior citizens was created for qualifying seniors and the surviving spouses of seniors who previously qualified.  The three basic requirements are: 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; and 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. 1.

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.

Colorado Property Tax/Rent/Heat Rebate Program

Seniors age 65 and over and disabled persons are eligible for a Colorado property tax/rent/heat rebate if their income is less than $11,000 for individuals or $14,700 for couples. The amount of the rebate depends upon the amount of heat and rent/property taxes that were paid in the previous year. To receive this rebate, complete the form (see below) and return to the Colorado Department of Revenue by Dec. 31.

Qualified applicants can receive a rebate of up to $600 of the property tax and $192 of their heating expenses paid during the year, either directly or as part of their rent payments, by filing the Property Tax/Rent/Heat Rebate Application available below.

Colorado Property Tax Deferrals

The State Treasurer’s Elderly Property Tax Deferral helps senior citizens, many of whom live on a fixed income, continue to afford to live in their own home. The program loans senior citizens, 65 years of age or older, funds to pay their property taxes.

The State Treasury makes tax payments directly to the county on behalf of the participant for the entire amount due that year. The loan is logged as a lien against the participant’s property that does not have to be remitted until the property sells or the mortgage changes hands.

To participate, seniors must apply to their individual county treasurer every year before April 1. See further information about the Property Tax Deferral below.

Additional Resources