If you’re 65 or older, here’s good news: You could be eligible for a property tax break.
Indeed, this break can be substantial. Those who qualify can receive a 50% tax break on the first $200,000 of the actual value of their primary residence.
Here’s what you need to know, gleaned from the Colorado application form for the exemption:
- You must be 65 years old on January 1 of the year of application.
- You must currently be the “owner of record” and have been the owner of record for at least ten consecutive years prior to January 1.
- Singles or married couples can only apply for exemption on one property. That property must be their primary residence.
- The property must be classified as residential by the county assessor.
Follow this link HERE for more details.