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.