Law offers tax relief to senior citizen property owners
July 9, 2019
GARFIELD COUNTY, CO – Colorado seniors may be eligible for a property tax exemption, and the application deadline of Monday, July 15, is fast approaching.
In 2000, Colorado voters passed a Property Tax Exemption for Seniors (also known as Referendum A). This law provides that 50 percent of the first $200,000 of actual value for a qualifying senior citizen’s primary residence shall be exempt from property taxation.
The State of Colorado pays the property taxes on the exempted value. To qualify for the exemption, the senior must: have reached age 65 as of January 1, 2019; have occupied the property for 10 years prior to January 1, 2019; and have filed an application for the exemption. Application forms are available online at garfield-county.com.
In 2016, voters extended the exemption to include disabled veterans with a 100 percent permanent and total disability rating as the result of a service-connected disability. The deadline for a timely disabled veteran’s exemption application has passed, though they may file a late application with the Colorado Division of Veterans Affairs if they can show good cause as to why the filing is past the July 1 deadline. The veteran may be of any age, and must be honorably discharged from military service.
“In 2018, qualifying senior citizens and disabled veterans in Garfield County received $986,445 in property tax exemptions. The State of Colorado covers the total cost of these exemptions through a reimbursement paid to the Garfield County Treasurer,” explained Garfield County Assessor Jim Yellico. “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.”
Senior exemption applications are available at the Garfield County Assessor’s Office, 109 8th Street, suite 207, in Glenwood Springs. The application must be submitted to the Garfield County Assessor’s Office by July 15. Seniors may file a late application up until Aug. 15, though these filings have no rights to an appeal.
If you would like more information regarding this program, please call the Garfield County Assessor’s Office at 970-945-9134.
Seniors/disabled veteran exemptions