Colorado Senior Property Tax Exemption
Courtesy of Denise, Steiskal, Summit County Assessor.
The senior property tax exemption has been reinstated this year for taxes payable in 2007. For those who qualify, 50% of the first $200,000 of the actual value of their primary residence is exempted. The State Treasurer will reimburse the county treasurer the exempted property tax and he will in turn distribute to each local government. This means that the owner of a property valued at $100,000 pays tax on $50,000, and the owner of a property valued at $210,000 pays tax on $110,000.
Basic Qualifications (Short Form Application)
- A person who is at least 65 years old on January 1 of this year, AND
- Has owned and occupied the same Summit County residence for at least 10 consecutive years prior to January 1.
Exceptions to Basic Qualifications (Long Form Application)
- A surviving spouse of a person who would have met the above criteria.
- The ownership has been transferred to a trust, corporate partnership or other legal entity solely for estate planning purposes.
- The qualifying senior or his/her spouse was or is confined to a health care facility.
- The qualifying senior or his/her spouse was forced to move because the residence was condemned in an eminent domain proceeding. (May have only owned one home since the eminent domain proceeding.)
How to Apply
To receive the exemption for 2006 (payable in 2007), you must complete the appropriate application and return it to the Assessor’s Office no later than Monday, July 17, 2006.
Summit County Assessor’s Office
PO Box 276, 208 Lincoln, Breckenridge, CO 80424
Ph: 970-453-3480
Fax: 970-453-3481
Email: assessor@co.summit.co.us
