Seniors, Veterans, and Gold Star Spouses Take Heed!

Every couple of years, I call clients who I think might be eligible for the Senior Property Tax Exemption. I must make a couple of assumptions and one of them is their age. If you are 65 or over and have lived in your for 10 years, you are eligible to receive a reduction in your property taxes. The state reimburses the county for loss of tax revenue, but the Colorado General Assembly can also take away this

reimbursement if the budget doesn’t allow it. It’s happened before ( six times!) but not since 2012.

A few other restrictions apply such as you can only claim the exemption for the residence you live in, but seniors appreciate the savings. There have been attempts to change the formula, making the exemption even more valuable but so far, all attempts have failed. To be fair, it’s a huge cost to the state but

necessary.

In 2006, voters said yes to a ballot item that gave the exemption to Disabled Veterans who have received a permanent disability from the Department of Veteran’s Affairs or 100% permanent military retirement. There is no requirement for veterans to have lived in the home for more than a year. Gold Star Spouses, surviving spouses, also receive the exemption for as long as they are in the home and have been there since January 1 of the application year.

Right now the exemption is 50% of the first $200,000 of actual property value. For most of us, the savings hovers around $650. It will be a huge help when property taxes may increase by a couple of thousand dollars.

We should understand how our property taxes work. It’s a fine balance when we understand that our property taxes fund our schools, city, and county governments, and water and sanitation services. But large uncontrolled increases in home values also pose a risk to many homeowners, despite having some

of the lowest property taxes in the country.

Engage in the process!!! DEADLINE is July 15 for Senior Exemption and July 1 for Disabled Veterans.

Go here to see if you qualify:

https://www.larimer.gov/assessor/exemptions