Property Tax Deferral
Seniors, if you are budgeting for your 2018 property tax payment and find that you are having difficulty making ends meet or you have identified a different purpose for your equity, a Senior Deferral Loan might be the answer for you.
This is a program that is administered through the State Treasurer’s office and applied for through the County Treasurer’s office. Principal and Interest accrue yearly and the loan is due and payable upon the sale or transfer of the property. The Interest rate varies yearly (3.125% in 2019) and is calculated from the 10-year Treasury as of February 1.
You are eligible to qualify if you are 65 as of January 1, 2019, the property is your primary residence (non-income producing) and maintains a minimum of 25% equity. All previous years’ taxes must be current. Other restrictions may apply.
If the cumulative total of the liens on your residence exceeds 75% of the Market Value (Assessed Actual Value), you may still apply with an executed subordination agreement. This program may also be used in conjunction with the Senior Homestead Exemption program.
Application must be received between January 1 and April 1, 2019. Please call 303-660-7455 or email [email protected] to schedule an appointment. National Guard and Reserves must be called into active military service on January 1 of the year the application is filed.
Property Tax Exemptions
Property Tax Exemption is available to senior citizens, surviving spouses of senior citizens, and disabled veterans. For those who qualify, 50 percent of the first $200,000 in actual value of their primary residence is exempted. The state pays the exempted portion of the property tax. Once approved, the exemption remains in effect for future years, and the applicant should not reapply. NOTE: the General Assembly may eliminate the funding for the Senior Citizen Exemption or Disabled Veteran Exemption in any year in which the budget does not allow for the reimbursement. Application requirements are as follows:
Senior Citizen: The exemption is available to applicants who: a)are at least 65 years of age as of January 1 of the year of application, b)owned their home for at least 10 years as of January 1, c) occupied it as their primary residence for at least 10 years as of January 1. Limited exceptions to the ownership and occupancy requirements are detailed in the qualifications section of the application. The senior citizen exemption is also available to surviving spouses of senior citizens who met the requirements on any January 1 after 2001. The application deadline July 15. The application form is available and must be submitted to the County Assessor.
Disabled Veteran: The exemption is available to applicants who a)sustained a service-connected disability while serving on active duty in the Armed Forces of the United States, b) was honorably discharged, and c) were rated by the United States Department of Veterans Affairs as one hundred percent “permanent and total” disabled. VA unemployability awards do not meet the requirement for determining an applicant’s eligibility. The applicant must have owned and occupied the home as his or her primary residence since January 1 of the year of application; however, limited exceptions to the ownership and occupancy requirements are detailed in the eligibility requirements section of the application. Contact the Colorado Division of Veterans Affairs below for application forms and to submit your completed application:
Colorado Department of Military and Veterans Affairs
Division of Veterans Affairs
1355 S. Colorado Blvd, Bldg C, Suite 113
Denver, CO 80222