Tax tips for seniors: Senior Property Tax Exemption
Information provided by Douglas County
The Senior Property Tax Exemption for senior citizens was created for qualifying seniors and the surviving spouses of seniors who previously qualified. Taxpayers 65 years and older as of January 1, who have owned and occupied the property as their primary residence for at least 10 consecutive years, may qualify for the senior exemption.
The exemption reduces the actual taxable value of qualified residential property by 50 percent of the first $200,000 of taxable value. The state is responsible for reimbursing the county treasurer for the lost revenue. Once approved, the exemption remains in place until there is a change in ownership. Applications are available at www.douglas.co.us/assessor/exemptions/senior-property-tax-exemption/.
An applicant or married couple can apply for the exemption on only one property. That property must be his or her primary residence. Married couples and individuals who apply for the exemption on multiple properties will be denied the exemption on all properties.
Colorado Property Tax Deferrals
The state treasurer’s Elderly Property Tax Deferral helps senior citizens, many of whom live on a fixed income, continue to afford to live in their own home. The program loans senior citizens, 65 years of age or older, funds to pay their property taxes.
The State Treasury makes tax payments directly to the county on behalf of the participant for the entire amount due that year. The loan is logged as a lien against the participant’s property that does not have to be remitted until the property sells or the mortgage changes hands.
To participate, seniors must apply to their individual county treasurer every year before April 1. Visit www.douglas.co.us for additional information.