In 2000, voters amended the Colorado Constitution with the adoption of Section 3.5 of Article X. The exemption was effective January 1, 2002 and the exemption affected property taxes billed in 2003.
For those who qualify, 50 percent of the first $200,000 of actual value of the property is exempted. The state will pay the exempted property tax.
All qualifying individuals are encouraged to apply for the senior exemption regardless of state funding.
- Qualifying seniors
- Must be at least 65 years old on January 1 of the year in which he/she qualifies
- Must be the owner of record, and must have been the owner of record for at least ten consecutive years prior to January 1
- Must occupy the property as his/her primary residence, and must have done so for at least ten consecutive years prior to January 1. If you own multiple residences, only one can be designated as your primary residence.
- The surviving spouses of seniors who previously qualified.
- The Short Form is intended for qualifying seniors that meet each of the requirements stated above.
- The Long Form must be used by individuals applying under the surviving spouse option and for applicants applying as the qualifying senior who fall within certain exceptions to the occupancy and ownership requirements.
The application deadline for either form is July 15, of the year for which you are seeking exemption. The exemption must be applied for only once, and it remains in effect for subsequent years as long as the property ownership and occupancy do not change.