The Colorado Legislature has funded the Colorado Senior Property Tax Exemption for the 2020 tax year to aid many seniors.
“It makes a big difference in their finances,” said Larimer County Assessor Bob Overbeck.
The average savings for those who receive a senior property tax exemption range up to $600 and more. Property owners who qualify are encouraged to apply for the 2020 Senior Tax Exemption before the deadline Wednesday, July 15.
Exemptions are available for those who qualify in accordance with the following criteria:
- At least 65 years old before the year of the application.
- Owned a home for at least 10 consecutive years before Wednesday, January 1.
- Occupied a home as a primary residence for at least 10 consecutive years before Wednesday, January 1.
50% of the first $200,000 in actual value or $100,000 of the primary residence is exempted from property tax for seniors who qualify for both exemptions. Exemption applications filed and approved by the Larimer County Assessor will remain in effect unless an event that could disqualify them takes place.
The Senior Homestead Exemption was approved by state voters in November 2000.
“This is an important exemption for over 16,000 seniors living in Larimer County on a limited income,” said Bob.
For more information visit: https://www.larimer.org/assessor/exemptions or call the Larimer County Assessor at 970 498-7050