Senior Property Tax Exemption

State

Colorado

Year

2022

Variations in Receipt of Benefit

No Variation in Receipt of Benefits

Benefit Type

Exemption

Benefit

The benefit is an exemption of 50% of a property's first $200,000 of actual value.

How is Benefit Disbursed

Exemption from assessed value

Eligible Property Type

Residential

Characteristics of Eligible Property

Only residential property is eligible. A unit in a multi-dwelling building is eligible if used as the applicant's primary residence.

Eligibility Criteria

Age

Homeowner

Principal Residence

Surviving Spouse

Other Criteria

Description of Eligibility Criteria

The applicant must have owned the property for 10 years preceding the assessment date, occupy it as their primary residence, and be at least 65 years old; the property may not be income-producing. An un-remarried surviving spouse may continue the exemption if they remain the owner-occupier of the property. 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 state compensates each local government for the net amount of property tax revenues lost as a result of the property tax exemption.

Record ID

CO103_RR22

Footnotes

Homeowners may qualify for the exemption on a replacement homestead if they met the 10 year residency requirement on a previous homestead which was destroyed by natural disaster or was claimed by the government via eminent domain. No more than one exemption is allowed per single dwelling unit of residential property. Eligible residence includes property that has been purchased by or transferred to a trust, 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 15 July. Forms are available beginning in January until 15 August.

Sources

Colo. Rev. Stat. § 39-3-201~ § 39-3-209 (in effect for 2022)
Colo. Const. Art. X, Section 3.5





Colorado Department of Local Affairs, Division of Property Taxation, Property Tax Exemption for Senior Citizens in Colorado
[https://dpt.colorado.gov/property-tax-exemption-for-senior-citizens-in-colorado Accessed 12/07/2023]
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