Tax Relief Could be a Click Away: Colorado Property Tax Deferral Program Widens Eligibility

by | Mar 20, 2024 | Blog, Mortgage & Finance | 0 comments

As Colorado’s property tax bills make their annual appearance, many homeowners are bracing themselves for the inevitable sting. But, Colorado’s Property Tax Deferral Program offers relief for some owners, allowing a deferral of taxes until the property is sold

In the not-so-distant past, only seniors and active military personnel enjoyed the benefit of deferring their property taxes. However, as of 2023, the gates have swung open, welcoming the general public into the fold of this program. As CPR reports, the program defers the total property tax owed for eligible seniors and active military. For everyone else whose property taxes grew more than four percent from the past two years, it allows a deferral of some or all of the increase up to $10,000.

To qualify for the program, you must live in the property where you’re seeking deferral, have all prior property taxes settled through 2023, and your home can’t moonlight as an income-producing asset. You can double check your eligibility at colorado.propertytaxdeferral.com.

However, it’s essential to understand the fine print. As CPR notes, “these are payment deferrals, not exemptions.” It’s more like hitting the snooze button on your tax payments. The money you defer (with interest!) will eventually come knocking at your door like an overdue visitor.  And, this isn’t a set-it-and-forget-it deal; you’ll need to reapply annually to stay in the tax-deferral game.

The deadline for applications is coming up on April 1, 2024.

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