The Colorado General Assembly has reinstated funding for the Senior Property Tax Exemption, also known as the Senior Homestead Exemption, for tax year 2017, payable in 2018.
Consequently, some senior citizens may qualify to have 50 percent of the first $200,000 of the actual value of their primary residence exempted from property taxation.
The exemption has three basic requirements:
1) The qualifying senior must be at least 65 years old on January 1 of the year he or she applies;
2) The qualifying senior must be the property owner of record for at least 10 consecutive years prior to January 1; and
3) The qualifying senior must occupy the property as his or her primary residence and have done so for at least 10 consecutive years prior to January 1.
Applications for the Senior Property Tax Exemption are due no later than July 17.
Contact your financial adviser to see if you qualify.