Did you know...Colorado offers a property tax exemption for seniors? 

With many property owners taking a renewed interest in property taxes after the recent valuation we thought it was relevant to share the resources available to seniors (65 or older) as well as disabled veterans around property taxes.

There are three requirements to qualify:

  1. The qualifying senior must have reached the age of 65 by January 1 of the qualifying year.
  2. The qualifying senior must be the owner of the property, and must have held this status for at least ten consecutive years before January 1.
  3. The qualifying senior must use the property as their primary residence and must have done so for at least ten consecutive years before January 1.

The property tax exemption is available to qualifying senior citizens and their surviving spouses, who meet the requirements. The exemption is equal to 50% of the first $200,000 of the actual value of the primary residence. The application deadline is July 15th, and the exemption remains in effect for subsequent years as long as the property ownership and occupancy do not change. A surviving spouse of a senior who previously qualified can also apply for the exemption. Disabled veterans with a 100% permanent and total disability rating from the U.S. Department of Veterans Affairs can also apply for the exemption. An individual or married couple is entitled to only one exemption, either senior citizen or disabled veteran, and only on one property.

Here are some important points to keep in mind when applying for a property tax exemption:

To qualify for the exemption, the property must be the applicant's primary residence. It's important to note that a person can only have one primary residence at a time. If the applicant is a registered voter, the address used for voter registration is considered their primary residence. If not, other legal documents such as automobile registrations, income tax returns, or other legal documents may be used as evidence of primary residency. The property must be classified as residential by the county assessor. If the applicant owns a multiple dwelling unit property, the exemption will only apply to the unit where the applicant resides as their primary residence.

Please note that the exemption can only be applied to one property, which must be the primary residence of the applicant or married couple. Any attempt to apply for the exemption on multiple properties will result in denial of the exemption on each property.

If you believe you are eligible for the senior property tax exemption for your Grand County Residence here are links to the long form and short form applications, as well as the disabled veteran exemption form. Please note the deadlines on each form. You may also contact Grand County Assessor's office directly with specific questions.  

Posted by Angela McDonough (Sandstrom) on
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