Senior Property Tax Exemption

Colorado

2019

No Variation in Receipt of Benefits

Exemption

This program for exempts 50% of a property's first $200,000 in actual value of the primary residence is exempted from taxation.

Exemption from assessed value

Residential

Only residential property is eligible and must not be income-producing. The property must be the primary residence of the owner-occupier.

Age

Homeowner

Principal Residence

Surviving Spouse

Other Criteria

The owner-occupier must have owned the homestead for the 10 years preceding the assessment date, and they must be at least 65 years of age or older as of the assessment date. In the event the current owner-occupier is the surviving spouse of an owner-occupier who previously qualified, the exemption can be extended to the surviving spouse, as long as have not remarried. If the claimant enters a hospital, nursing home, or assisted living facility, they may retain the benefit if the property is unoccupied or occupied by a spouse or dependent.

Local government is unable to exercise an option

No local option regarding program features

State reimburses all of the local government tax loss

The general assembly compensates each local governmental entity that receives property tax revenues for the net amount of property tax revenues lost as a result of the property tax exemption.

CO103_RR19