Sometimes ignorance isn’t bliss.
Four things you ought to know as property owners in Larimer County
- You have until June 1 to protest the 2017 valuation on your house.
- If you are 65 or over and have lived in your home for more than 10 years, you are eligible for a reduction in your property taxes. It’s called the Senior Exemption.
- If you are a 100% disabled vet, you are also eligible for the same exemption.
- Your deadline for the Senior Exemption is July 15 to get your 2017 taxes reduced. For disabled vets, its July 1.
If you are applying for the Senior Tax Exemption, you must fill out either the short form or long form online at www.larimerassessor.org. Print it out, fill it out, sign it and send it in. You’ll hear back with 30 days or so. The long form is for surviving spouses (yes, you are eligible) and for a couple of other circumstances, but it’s still easy to fill out.
Colorado reinstated the Senior Tax Exemption in 2012 and I’m finding that a lot of people don’t know about it. Voters enacted an amendment to the CO constitution in 2006 that extended the Senior Exemption to Disabled Vets. Fifty percent of the first $200,000 of actual value of the owner’s primary residence is exempted. If your property is valued at $400,000 and the property tax is $2600, you can save approximately $650 on your taxes.
Not chump change, especially for seniors living on a limited budget. Get it while you can. This exemption isn’t always available and can be taken away by the Colorado General Assembly in any year when the budget doesn’t allow it. The State reimburses the counties for the exempted tax.
If any of this is confusing or you need help, ask someone! Call your real estate agent, call your county assessor’s office! Contact me!
It’s a rare circumstance where ignorance is a good thing and ignoring this windfall isn’t one of them.