Owning real estate has many advantages. People are generally aware of the interest deduction for their mortgage payment. However, many people are unaware that the state of Colorado offers a property tax exemption to qualifying residents that are at least 65 years old on January 1st of the year in which he or she qualifies. This exemption is also offered to the surviving spouse of seniors who previously qualified.
The senior must be the owner of record and have owned that particular residence for at least ten consecutive years prior to January 1st. The property can’t be vacant land or a secondary residence. It must be the person’s primary residence, and it can be a single family home, condominium, or townhouse.
How it works is that 50 percent of the first $200,000 of the Assessor’s office “actual value” on the property is exempted. The state will reimburse the County Treasurer for the lost revenue.
The applicant can apply for the exemption on only one property, which must be that person’s primary residence. “Primary Residence” is defined as “the place at which a person’s habitation is fixed and to which that person, when absent, has the intention of returning. ”
The application can be picked up at the Gunnison County Assessor’s office, and should only take minutes to complete.