A property tax exemption is available to senior citizens, surviving spouses of previously qualified senior citizens, and disabled veterans. For those who qualify, 50 percent of the first $200,000 in actual value of their primary residence is exempted. The State of Colorado pays the exempted portion of the property tax. Once approved, the exemption remains in effect for future years, and the applicant should not re-apply.
Applicants who meet each of the following requirements may qualify for the senior exemption.
- Age Requirement: You are 65 years old or older prior to January 1 of the tax year for which you are seeking the exemption.
- Ownership Requirement: You are the current owner of record, and you have owned the property for at least 10 consecutive years prior to January 1 of the tax year for which you are seeking the exemption.
- Occupancy Requirement: You occupy the property as your primary residence, and you have done so for at least 10 consecutive years prior to January 1 of the tax year for which you are seeking the exemption.