Colorado Senior Citizen Property Tax Exemption
In November of 2000, Colorado voters passed Referendum A, which is a property tax exemption for senior citizens and the surviving spouses of senior citizens. If you qualify, you may see a 50% property tax exemption from the first $200,000.00 of actual value of your primary residence. The state reimburses the local governments for loss in revenue as the state budget allows. How do you qualify as a senior citizen?
- The homeowner/applicant must be 65 years or older as of January 1st of the application year;
- The applicant or their spouse must be the property owner of record and must own the property for 10 consecutive years prior to January 1st of the application year; and
- The applicant must occupy the property as their primary residence, and must have done so for 10 consecutive years prior to January 1st of the application year.
- The surviving spouse must have been legally married to a senior citizen who met the above requirements;
- The surviving spouse has not remarried; and
- The surviving spouse occupied the residential property with the eligible senior citizen as their primary residence and continues to do so.
- The title to the property is held in a trust, a corporate partnership or other legal entity for strictly estate planning purposes. However, the trustor must be the qualifying senior citizen or their spouse.
- The qualifying senior citizen, spouse, or surviving spouse was/is confined to a hospital, nursing home, or assisted living facility.
- The prior home was condemned in a governmental eminent domain proceeding, or it was sold to a governmental agency upon threat of condemnation by eminent domain.