Property Tax and Rent Rebate

State

Colorado

Year

2017

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 of renters, 20% of rent paid during the taxable year. The relief is $700 reduced by 10% of the amount by which the individual's income exceeds $6,639 (single) or $10,731 (married) or $227, whichever is greater. 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. Applications for 2016 rebates (paid in 2017) may be filed until 31 December 2018. Applications for 2017 rebates (paid in 2018) may be filed until 31 December 2019.

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

Principal Residence

Renter

Surviving Spouse

Other Criteria

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 based on 2017 to receive benefits in 2018, the maximum income for a single individual is $13,608 and for a married household is $18,343. To receive the rebate based on 2016 to receive benefits in 2017, the maximum income for a single individual is $13,234 and for a married household is $17,839.

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.

Record ID

CO102_RR17

Footnotes

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. Some municipalities refund a portion of the municipal property tax levy to the senior citizen or disabled citizens. 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 2017)
Property Tax/Rent/Heat Rebate 2017 Booklet Colorado Department of Revenue for filing in 2018
[https://www.colorado.gov/pacific/sites/default/files/104PTC.pdf Accessed on 02/1/2018]
View Archived Source

Property Tax/Rent/Heat Rebate 2016 Booklet for filing in 2017
[https://www.colorado.gov/pacific/sites/default/files/2016104PTC.pdf Accessed 08/23/2018]

View Archived Source

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 02/12/2018]

View Archived Source

Colorado Department of Revenue Taxation Division, Property Tax, Rent, Heat Credit Rebate

[https://www.colorado.gov/pacific/tax/property-tax-rent-heat-credit-ptc-rebate-file Accessed 09/06/2018]

View Archived Source


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