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Colorado reinstates property tax exemption for seniors | Business

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Colorado reinstates property tax exemption for seniors
Business

Colorado’s property tax exemption for seniors has been reinstated by the State Legislature following a three-year suspension. State lawmakers suspended the voter-approved Senior Property Tax Homestead Exemption program for tax year 2009, payable 2010, due to State budget shortfalls, but restored it during the 2012 General Session for tax year 2012, payable in 2013.  

Under the exemption, qualifying residents age 65 years or older will see 50 percent of the first $200,000 of actual value of their primary residence exempted from property tax. To qualify, at least one owner of a home must be 65 years or older, and must have occupied the home as a primary residence for at least 10 consecutive years prior to Jan. 1 of the year in which he/she applies.

 

Once an exemption application is filed and approved, it automatically carries over from year to year as long as nothing changes in the ownership or occupancy. The State reimburses Colorado counties for the exempted taxes.

 

“Arapahoe County residents who have previously applied for the property tax exemption do not need to reapply,” said Arapahoe County Assessor Corbin Sakdol. “Once an application is received, our office will process and notify the status to the applicant. For applications that are approved, the exemption will automatically appear on your 2013 tax notice.”

 

The Arapahoe County Assessor’s Office can assist residents with filing an application or verifying if their property was already approved for the tax exemption. Applications for a Senior Property Tax Exemption must be received by the Assessor’s Office by July 15 for the first year for which you are seeking exemption.

 

To download an application form or for more information, please contact the Arapahoe County Assessor’s Office at 303-795-4600 or visit www.co.arapahoe.co.us and click on “Departments” and then “Assessor.”

 

 

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