Homestead Exemption Re-Instated

By June 10, 2012February 3rd, 20142012, Tax Tips

For 2012 property taxes due in 2013, please read below to see if you qualify:

Property Tax Exemption for Qualifying Seniors

The constitutional amendment providing for a Homestead Exemption for qualifying senior citizens was passed by voters in November 2000. For those who qualify, the exemption exempts 50% of a portion of the appraised actual value of the property from property taxes, as determined by the State Legislature. The portion of appraised actual value to which the 50% exemption applies can be changed by the State Legislature.

A property tax exemption is available to senior citizens, surviving spouses of senior citizens, and disabled veterans. For those who qualify, 50 percent of the first $200,000 in actual value of their primary residence is exempted. The amount of this exemption can be changed each year by the State Legislature (see above). The state pays the exempted portion of the property tax. Application requirements are as follows:

Frequently Asked Questions:

Who is Eligible? 
If you were 65 or older as of January 1, and you have continuously owned and occupied your primary residence in Colorado for at least ten consecutive years prior to January 1.

I applied for the exemption previously. Do I have to apply again? 
You need not reapply for the Senior Exemption if you applied and have been approved or previously received the senior property tax exemption and you still own and occupy the same property (and nothing has changed in ownership or occupancy since being approved for the exemption). You may download an application by visiting the website of your county assessor, or by contacting your county assessor’s office. You must apply by July 15th if not already registered.

How much is the exemption? 
The exemption exempts 50% of a portion of the appraised actual value of the property from property taxes, as determined by the State Legislature. The portion of appraised actual value to which the 50% exemption applies can be changed each year by the State Legislature and can vary from 0% to any amount the Legislature selects given budgetary and other requirements.

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