Senior Property Tax Exemption

State

Colorado

Year

2014

Variations in Receipt of Benefit

No Variation in Receipt of Benefits

Benefit Type

Exemption

Benefit

This program for exempts 50% of a property's first $200,000 in actual value of the primary residence is exempted from taxation.

How is Benefit Disbursed

Exemption from assessed value

Eligible Property Type

Residential

Characteristics of Eligible Property

Only residential property is eligible and must not be income-producing. The property must be the primary residence of the owner-occupier.

Eligibility Criteria

Age

Homeowner

Principal Residence

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. 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, as long as have not remarried. If the claimant enters a hospital, nursing home, or assisted living facility, they may retain the benefit if the property is unoccupied or occupied by a spouse or dependent.

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 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.

Record ID

CO103_RR14

Footnotes

Homeowners may qualify for the exemption on a replacement homestead if they met the 10 year residency requirement on the previous homestead which was destroyed by natural disaster or was claimed by the government via eminent domain. No more than one exemption can be allowed per single dwelling unit of residential property. Eligible residence includes property has been purchased by or transferred to a trust, a corporate partnership, or any other legal entity solely for estate planning purposes and is the maker of the trust or a principal of the corporate partnership or other legal entity; Applications must be filed before July 15th. Forms are available beginning in January but not after August 15.

Sources

Colo. Rev. Stat. § 39-3-201~ §39-3-209 (in effect for 2014)
Colo. Const. Art. X, Section 3.5
Colorado Department of the Treasury, Senior and Veteran Property-Tax Programs, Property Tax Exemption Program for Seniors and Disabled Veterans
[https://treasury.colorado.gov/senior-and-veteran-property-tax-programs Accessed 10/07/2021]
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