Senior Property Tax Exemption

State

Colorado

Year

2007

Variations in Receipt of Benefit

No Variation in Receipt of Benefits

Benefit Type

Exemption

Benefit

This program exempts 50% of a property's actual value, up to a maximum of $200,000, from taxation.

How is Benefit Disbursed

Exemption from assessed value

Eligible Property Type

Residential

Characteristics of Eligible Property

Only residential property is eligible, and the property for which the deferral is claimed must not be income-producing.

Eligibility Criteria

Age

Homeowner

Surviving Spouse

Other Criteria

Description of Eligibility Criteria

The owner-occupier must have owned the homestead for the 10 years preceding the assessment date, and they must be at least 65 years of age or older as of the assessment date.

Local Option in Adoption of Program

Local government is unable to exercise an option

Local Option Regarding Program Features

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 general assembly compensates each local governmental entity that receives property tax revenues for the net amount of property tax revenues lost as a result of the property tax exemption.

Enrollment Data

In 2007, 155,798 properties were approved for the exemption.

Record ID

CO103_RR07

Footnotes

In the event the current owner-occupier is the surviving spouse of an owner-occupier who previously qualified, the exemption can be extended to the surviving spouse.

Sources

Colo. Rev. Stat. § 39-3-201 (in effect for 2007)
Colo. Const. Art. X, Section 3.5
Senior Property Tax Exemption, Colorado Department of Local Affairs View Archived Source
[http://www.colorado.gov/cs/Satellite/Treasury/TR/1190277266190 Accessed on 11/2/10]
2007 Annual Report, Colorado Department of Local Affairs, Property Tax Division, p. 21
View Archived Source

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