Property Tax and Rent Rebate (Circuit Breaker)

State

Colorado

Year

2021

Variations in Receipt of Benefit

Benefit Varies with Income

Benefit Type

Circuit Breaker

Benefit

The benefit is a grant to cover the property taxes owed on real property or, in the case of renters, 20% of rent paid during the taxable year. The property tax rent equivalent is 18% if heat is included. The maximum amount of relief is $700. This amount is reduced by $237 or 10% of the amount by which the individual's income exceeds $6,639 (single) or $10,731 (married), whichever is greater. Income levels are annually adjusted for inflation according to the Denver-Boulder-Greeley consumer price index. Applications for 2020 rebates (paid in 2021) may be filed until 31 December 2022.

How is Benefit Disbursed

Direct payment to taxpayer

Eligible Property Type

Residential

Characteristics of Eligible Property

Only residential property is eligible for this program.

Eligibility Criteria

Age

Disability

Homeowner

Income Ceiling

Principal Residence

Renter

Surviving Spouse

Other Criteria

Description of Eligibility Criteria

The claimant must have resided in the state for the full taxable year, and either be 65 years of age or older or suffer from a disability as defined by the taxing authority administering the program. Surviving spouses must be at least 58 years of age. To receive the rebate in 2021, the maximum income for 2020 for a single individual is $15,591 and for a married household is $21,057.

Local Option in Adoption of Program

Local government is unable to exercise an option

Local Option Regarding Program Features

No local option regarding program features

State Funding for Local Tax Loss

State reimburses all of the local government tax loss

Description of State Funding for Tax Loss

The state issues a rebate directly to the taxpayer.

Record ID

CO102_RR21

Footnotes

Income includes, but is not limited to, alimony, support money, cash public assistance and relief, pension or annuity benefits, federal social security benefits, veterans' benefits, nontaxable interest, workers' compensation, and unemployment compensation benefits, with some exceptions identified in statute. Some municipalities refund a portion of the municipal property tax levy to the senior citizen or disabled citizens. The property tax assistance grant shall in no case exceed the amount of the general property taxes paid.

Sources

Colo. Rev. Stat. § 39-31-101 (in effect for 2021)
Colorado Department of Revenue Property Tax/Rent/Heat Rebate Booklet, (Tax year 2020 for benefit 2021)
[https://tax.colorado.gov/sites/tax/files/DR0104PTC_2020.pdf Accessed on 05/07/2022]
View Archived Source

Final Fiscal Note (2014) Colorado Legislative Council Staff Fiscal Note
[http://www.leg.state.co.us/clics/clics2014a/csl.nsf/billcontainers/252DAD4B597DDA3387257C300005BB72/$FILE/SB014_f1.pdf Accessed 05/07/2022]
View Archived Source

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