Were you 65 prior to January 1, 2017? Have you lived in your present home for more than 10 years?
Yes, and yes? Have you applied for the Senior Property Tax Exemption? No?
You have until July 15 to apply for the exemption for 2017 taxes.
The Colorado General Assembly voted in 2000 to give the ‘homestead exemption’ to seniors over 65 who have lived in their home for over 10 years, taking effect in property tax year 2002. Under the exemption, 50 percent of up to $200,000 of a residential property’s market value is exempt from the property tax. The portion of a residential property’s value exempted from property tax is called the homestead exemption. The state is constitutionally required to reimburse counties for the reduction in property tax revenue resulting from the exemption. The General Assembly has the right to rescind the Senior Tax Exemption during years when there is a budget shortfall. That happened in 2003-2005 and 2009-2011.
Not everyone knows this.
Larimer and Weld counties notify their residents in their annual tax bill, through newspapers, online, and at Senior Centers. If you’re not carefully reading your tax bill or haven’t seen a real newspaper in years and have skipped your water aerobics class at the Senior Center the last couple of years, you may not know this.
There is a Long Form and Short Form and the short form easy and can be filled out in a couple of minutes. You must declare under penalty of perjury that you are 65 or over and supply your Social Security number. That’s it.
The Long Form is for Surviving Spouses whose spouse was eligible for the exemption, and for a number of other issues like trusts, and if the eligible spouse is in a care facility.
One Home, One Exemption
The sticking point for some people is that the exemption only applies to one residence and it is taken from the address you put on your voter registration. Don’t be foolish and try to get the exemption for all your properties. You’ll be denied all of them.
I have been checking my records on all my clients who are over 65 to see when they bought their house. If you read through this entire blog, think about your family and friends who may fit the requirement and call them to see if they have applied for this exemption. It can be a considerable savings especially since this last round of higher property tax assessments.
Questions? Call the assessor’s office in your county or contact me.
Nothing wrong with being a knowledgeable citizen who likes to save a buck or two. And you’ll be saving way more than that!