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Press Release -- May 18, 2005

Seniors Get Relief To Pay Property Taxes

Denver, CO. Seniors age 65 and over who have lived in their house as their primary residence for ten years, can qualify for a fifty percent reduction in their property taxes. The exemption applies to the first $200,000 of assessed value.

Due to budget shortfalls, the legislature suspended funding the Senior Property Tax Exemption program in 2003. However, the program will be available in 2006 for taxes that are payable in 2007.

To qualify for the 2006 property tax exemption, individuals must file an application by July 15, 2005 with the county assessor's office in the county in which the individual resides.

Individuals who are the owner of record for the past ten years can complete the short form.

The long form must be completed if an individual is a surviving spouse and the deceased spouse was at least 65 on January 1 of the year he or she passed away. A surviving spouse who qualified for the exemption when the spouse was alive is also eligible for the exemption.

If the individual is living in a health care facility, such as a nursing home, assisted living residence, or hospital; or the property is owned by a trust, corporate partnership or other legal entity, special rules may apply to qualify for the exemption. Ownership and occupancy requirements may also be met if the property was condemned.

Individuals who received the property tax exemption in 2003 do not have to re-apply for the program if their status has not changed. If the status has changed, the individual will need to re-apply.

The potential savings can be as much as $500 or $600 per year, depending on the value of the property.

For information call your county assessor or go online to www.dola.state.co.us/PropertyTax/Forms/brochure121803final.pdf or you can call 303-333-3482 for assistance or application forms.