Variations in Receipt of Benefit
Benefit Varies with Income
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 $227 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 2018 rebates (paid in 2019) may be filed until 31 December 2020. Applications for 2019 rebates (paid in 2020) may be filed until 31 December 2021.
How is Benefit Disbursed
Direct payment to taxpayer
Eligible Property Type
Characteristics of Eligible Property
Only residential property is eligible for this program.
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 2019, the maximum income for 2018 for a single individual is $14,074 and for a married household is $18,972.
Local Option in Adoption of Program
Local government is unable to exercise an option
Local Option Regarding Program Features
No local option regarding program features
State Funding for Local Tax Loss
State reimburses all of the local government tax loss
Description of State Funding for Tax Loss
The state issues a rebate directly to the taxpayer.
[https://www.colorado.gov/pacific/sites/default/files/104PTC.pdf Accessed on 09/02/2020]
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Final Fiscal Note (2014) Colorado Legislative Council Staff Fiscal Note [http://www.leg.state.co.us/clics/clics2014a/csl.nsf/billcontainers/252DAD4B597DDA3387257C300005BB72/$FILE/SB014_f1.pdf Accessed 10/28/2020 View Archived Source
[https://www.colorado.gov/pacific/tax/property-tax-rent-heat-credit-ptc-rebate-file Accessed 03/05/2019]
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