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By: Kareen Kinzli Larsen, Realtor RE/MAX Alliance
Are you still reeling from the recent increases in your property tax assessments? As the value of Colorado real estate booms, we will continue to see increases in our real property taxes since our tax amount is based on the assessed value. Senior citizens and honorably discharged disabled veterans are eligible for property tax savings. Make certain that you or the seniors in your life are taking advantage of this helpful savings.
To apply, you must be at least 65 years old on January 1 of the year you apply. You or your spouse must have owned your property and used it as your primary residence for at least 10 consecutive years prior to January 1.
Honorably discharged disabled veterans qualify if they sustained a service-related disability while serving in the armed forces and have been deemed permanently and totally disabled. Vets must own and occupy their primary residence prior to January 1 of the current year but can realize savings immediately.
Applicants are eligible to receive a 50% discount on the first $200,000 of actual value on their primary residence. According to Lisa Thieme, the Director of Assessment Administration at Larimer County, the savings equates between $600 – $1,000 per year. The State of Colorado reimburses the local governments for the loss in revenue, so this tax discount is only available when the State budget allows. Since 2002, these discounts have been offered yearly with the exception of 2006 – 2009.
There is discussion at the state level to change the format to need and income based, however, for now, the senior property tax exemption discount is available for any income level and property value if the current requirements are met.
To find detailed information and apply, visit:
Larimer County https://www.larimer.org/assessor/exemptions
Weld County https://www.weldgov.com/Government/Departments/Assessor/Exemptions/Senior-Tax-Exemptions
We just missed the yearly July 15 deadline, but late entries will be accepted until August 15.