Property tax season in Colorado brings apprehension for many homeowners due to the consistent rise in property values. However, relief is in sight with the expansion of the Property Tax Deferral Program. Initially exclusive to seniors and active military personnel, the program now extends to the general public, albeit with specific eligibility criteria.
Deferral, Not Exemption
The program offers a deferral of property taxes, not an exemption. It’s essentially a low-interest loan covering a portion of the taxes, repayable eventually with interest. Seniors and active military personnel can defer the entire property tax amount, while other eligible homeowners can defer tax increases exceeding four percent from the last two years, up to $10,000.
Eligibility and Application
Eligibility criteria include residency in the property in question, no outstanding property taxes before 2024, and the property must not generate income. There are exceptions for seniors renting out parts of their home and active military personnel renting while stationed elsewhere. Applications are open from January 1 to April 1, with a requirement to reapply annually.
Spreading Awareness
Despite its benefits, the program remains underutilized. In 2023, only 1,181 homeowners took advantage of it. To increase awareness, the state is mailing letters, running digital ads, and collaborating with county treasurers and officials.
For detailed information and application processes, visit the official website at https://colorado.propertytaxdeferral.com, or contact the program administrator for further assistance.
This program presents a significant opportunity for homeowners in the Denver metro area and across Colorado, easing the financial burden of property taxes during challenging times.