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Press Release -- June 6, 2006

Many Seniors Eligible for Property Tax Exemption

Denver, CO. The Colorado legislature restored the Senior Property Tax Exemption as part of the passage of Referendum C last fall. The property tax exemption program was suspended several years ago when the state did not have enough funding for the program.

Eligible seniors, age 65 and over, will be able to claim a reduction of 50% of property taxes on the first $200,000 of assessed value of the home. Seniors will have to pay 100% of the property taxes due on the assessed value over $200,000. The tax benefit begins in 2006 for the taxes due in 2007.

Seniors must have lived in the home for 10 years or more to be eligible.

To take advantage of this benefit, seniors must complete the property tax exemption form and return it to the county assessor's office in the county in which they reside and their primary residence is located. Seniors can use the "short form" if they have not had any change in their ownership situation in the past ten years. Seniors who have had changes, such as a spouse dying, will need to complete the "long form".

The form must be submitted to the county assessor's office by July 15, 2006. If seniors applied for this benefit in the past, a new application is not necessary.

Seniors, who own more than one piece of real estate, can only claim this benefit on their primary residence. Couples must file for the exemption on one residence only. Seniors who file for more than one residence will lose their property tax exemption, as well as face criminal penalties.

For couples, only one partner needs to be over age 65 to be eligible. For example, if the husband is age 67 and the wife is age 60, the couple can qualify for the property tax exemption. Even more important, if the husband dies at age 68 after the request is filed, the wife will be eligible to continue to receive the benefit even if she is only age 61 in subsequent years.

Low income seniors are also eligible for the "property tax/rent/heat rebate". Individuals who make less than $11,000 (couples $14,700) per year are eligible for a tax/rent/heat rebate. Low income seniors can receive both a property tax exemption, as well as a property tax/rent/heat rebate.

For assistance with the forms for the property tax exemption, contact your local county assessor's office. Copies of the property tax exemption form and the property tax/rent/heat rebate form are available through Senior Answers and Services by calling 303-333-3482.