If either you or your spouse turned 65 before January 1, 2012, and if you have owned your home and lived in it as your primary residence for the past ten years, you may qualify for the Senior Citizen Property Tax Exemption.
The Senior Citizen Property Tax Exemption, which was approved by Colorado voters in the 2000 general election, is now in effect and can mean substantial property tax relief (up to 50%) for senior citizens who qualify.
The amount of your property tax savings will depend on the "actual value" of your home as determined by this office for property tax purposes. The exemption equals 50% of the first $200,000 of actual value of your home. If your home is valued at $200,000 or less, the exemption will reduce the property taxes you pay next year by 50%. If your home is valued at more than $200,000, the exemption will equal the amount of property tax on $100,000 (50% of the first $200,000 of value).
The short form should be completed by senior citizens who own their homes in their name. If your home is held in a trust or other legal entity, or your situation is one of the special situations discussed in the brochure, you will need a long form for your application.
Applications for the exemption must be received by this office by July 15, 2012. Please keep in mind that once an application is submitted and approved, the exemption will remain in effect for as long as the property owner qualifies for it. Property owners do not have to re-apply for the exemption every year.
THE COLORADO STATE LEGISLATURE HAS PASSED SENATE BILL 10-190
THAT REMOVES THE SENIOR EXEMPTION BENEFIT FOR 2010 AND 2011
(TAXES PAID IN 2011 AND 2012) AND GOVERNOR RITTER HAS SIGNED
THIS BILL INTO LAW.
