Property Tax and Rent Rebate

State

Colorado

Year

2007

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 or renters, 20% of rent paid during the taxable year. The relief is $600 reduced by 10% of the amount by which the individual's income exceeds $5,000 (single) or $8,700 (married). The property tax rent equivalent is 18% if heat is included. Income levels are annually adjusted for inflation according to the Denver-Boulder-Greeley consumer price index.

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

Renter

Surviving Spouse

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.

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.

Enrollment Data

In FY 2007, 30,399 filed returns; $8,255,633 in refunds/credits awarded; average credit $272

Record ID

CO102_RR07

Footnotes

Some municipalities refund a portion of the municipal property tax levy to the senior citizen or disabled citizens. 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. 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 2007)
Rebates or Deferrals for the Elderly or Disabled (2006), Colorado Department of Local Affairs, p.2 View Archived Source
PTC (no date), Colorado Department of Revenue [http://www.colorado.gov/cs/Satellite/Revenue/REVX/1216116072809 Accessed 01/04/2010]
Annual Reports (2008) Colorado Department of Revenue, p. 30 View Archived Source

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