Property Tax Deferral for Seniors and Active Military Personnel

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State

Colorado

Year

2017

Variations in Receipt of Benefit

No Variation in Receipt of Benefits

Benefit Type

Deferral

Benefit

Qualifying citizens may elect to defer their property taxes. Deferrals constitute a lien with interest accruing at the rate per annum on the most recently issued 10-year United States Treasury note. The cumulative amount of the deferral plus interest must not exceed the market value of the property less the value of any liens.

How is Benefit Disbursed

Other

Eligible Property Type

Residential

Characteristics of Eligible Property

Only residential property is eligible for this program, and the property for which the deferral is claimed must not be income-producing. The property must be the homestead of the applicant. For seniors, the total value of all liens and mortgages and deeds can not exceed 75% of the properties total value. For active duty military, this is increased to 90%

Eligibility Criteria

Active Military

Age

Homeowner

Description of Eligibility Criteria

The claimant must be 65 years of age or older or must be military personnel on active service on January 1st. For military personnel, only those taxes due during active service can be deferred.

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 makes tax payments to the county on behalf of the participant for the entire amount due that year.

Record ID

CO101_RR17

Footnotes

The deferral must be paid back in the following situations: 1) if the claimant dies, unless the continuing spouse elects to continue the deferral; 2) if the property is sold or the title is transferred; 3) if the taxpayer moves for reasons other than ill health; 4) if the taxpayer begins to rent the property or otherwise receives income from it; 5) if the location of the tax-deferred mobile home has moved either within the county or to another county; or 6) if the mortgage, deferred taxes, and accrued interest exceed the market value of the real property. The actual value of the property is the most recent appraisal by the county assessor as of the time the claim for deferral is submitted to the county treasurer. The claim must be submitted between 1 January and 1 April.

Sources

Colo. Rev. Stat. § 39-3.5-103; Colo. Rev. Stat. § 39-3.5-105 (in effect for 2017)
Senior and Veteran Property Tax Programs Department of Revenue [https://www.colorado.gov/pacific/treasury/senior-and-veteran-property-tax-programs accessed 02/12/2018

View Archived Source

To reference this webpage/table, please use the following citation:

Significant Features of the Property Tax. https://www.lincolninst.edu/residential-tax-relief/property-tax-deferral-seniors-active-military-personnel-colorado-2017 Lincoln Institute of Land Policy and George Washington Institute of Public Policy. (Property Tax Deferral for Seniors and Active Military Personnel; accessed: 05/29/2023 02:18:22 PM)

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