The Colorado General Assembly has reinstated funding for the Senior Property Tax Exemption (a/k/a Senior Homestead Exemption) for tax year 2024, payable in 2025. In November 2000, Referendum A, also known as the Senior Homestead Exemption Act, was approved as an addition to the Colorado Constitution. The Act took effect as of January 1, 2002, for property taxes payable in 2003 and will remain in effect every year hereafter.
The Deadline to Apply for Tax Year 2025 Payable in 2026 is July 15th!
The Act grants an exemption (reduction) up to one-half of the first $200,000 in market value from property taxes for a qualifying residential owner, if funding is available. If the program is not funded, but you meet the qualifications, you are encouraged to apply and be placed in the system for future funding. For qualifying seniors, this exemption reduces the property tax on the primary residence by exempting 50% of the first $200,000 in market value. For example:
If your primary residence has a market value of $200,000, the first $100,000 will be exempt from taxation. If your primary residence has a market value of $175,000, the first $87,500 will be exempt from taxation, etc.
If you have previously applied and been approved for participation in the Senior Exemption Program, you need take no further action. Your initial application is still active. For those who have not previously applied for this program, applications may be submitted if you meet the following criteria:
The qualifying senior must be at least 65 years of age as of January 1 the year application is made. The qualifying senior must have been the owner of record of the property for at least ten consecutive years prior to January 1 in the year of application. The qualifying senior must occupy the property as his or her primary residence and must have done so for at least ten consecutive years prior to January 1 in the year application is made.
The passage of Senate Bill 24-111 created the Qualified Senior Primary Residence Classification. This classification requires a property owner to complete an application and submit it to the assessor’s office in which the residence is located. A qualified senior primary residential property tax classification is available for tax years 2025 and 2026. This allows property owners who moved and lost their senior exemption, or will move in 2025 or 2026, to have it temporarily reinstated for their new primary residence, if they meet certain requirements. For those who qualify, 50 percent of the first $200,000 in actual value of their primary residence real property is not taxable, unless it causes the assessed value to drop below $1,000.
Surviving spouses criteria: (for those who have not previously applied for the program, and the survivor does not meet age & title requirements.)
My spouse passed away on or after January 1 of the current year, and was at least 65 years old on January 1 of the year he/she passed away, and occupied the property as his/her primary residence for at least 10 consecutive years prior to January 1 of the year he/she passed away, and occupied the property with me as his/her primary residence, and I currently occupy the property as my primary residence and have not remarried.
