Seniors, veterans should act quickly for property tax savings
Tax deadlines may seem like a long way off, but senior citizens eligible for property tax exemptions need to apply by July 15 to receive a substantial return.
Colorado provides a tax exemption on half of a property’s actual value — up to $200,000 for seniors, and 100 percent disabled veterans.
“In 2018, qualifying senior citizens and disabled veterans in Garfield County received $986,445 in property tax exemptions,” Garfield County Assessor Jim Yellico said in a press release. “The state of Colorado covers the total cost of these exemptions through a reimbursement paid to the Garfield County Treasurer.”
Between the rising property values and tax measures approved at the ballot box, property taxes are going up in Garfield County, Yellico said.
“Property values continue to rise in the local real estate market; when combined with voter-approved tax increases, property tax bills are increasing. The senior exemption offers some relief, which is important to our senior citizens and disabled veterans.”
To qualify for the senior exemption, a person must have turned 65 by Jan. 1 of this year, and must have lived at the property for 10 years. Application forms are available online at garfield-county.com.
The exemption stems from a 2000 referendum called the Property Tax Exemption for Seniors. Under the referendum, the state of Colorado pays the property taxes on the exempted value.
Certain veterans may also be eligible for property tax relief. In 2016, voters extended the exemption program to include veterans with service-connected total disability.
The standard deadline for veterans to apply for the exemption is July 1, but they may file a late application with the Colorado Division of Veterans Affairs and show good cause for the late filing.
The veteran may be of any age, and must be honorably discharged from military service.
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