Variations in Receipt of Benefit
No Variation in Receipt of Benefits
Qualifying citizens may elect to defer their property taxes. Deferrals constitute a lien with interest accruing at the yearly rate of the most recently issued 10-year Treasury note.
How is Benefit Disbursed
Eligible Property Type
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.
Description of Eligibility Criteria
The claimant must be 65 years of age or older or military personnel on active service on January 1st. For military personnel, only those taxes due during active service can be deferred. 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% of total value.
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.
Colo. Rev. Stat. § 39-3.5-105 (in effect for 2020)