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In November 2000, voters passed the constitutional amendment providing a Homestead Exemption for qualifying senior citizens. The amendment, and subsequent legislation, created a property tax exemption for two groups of people:
For those who qualify, 50 percent of a portion of the actual value of their primary residence is exempted. The amount subject to exemption may be revised upward or downward by the state legislature.
Currently 50 percent of $200,000 of actual value is exempt. The state will pay the exempted property tax. Yearly notice of the availability of the senior property tax exemption must be mailed no later than May 1 to the owners of all residential property in Colorado. Qualified individuals must file an application for exemption.
This exemption only applies to your primary residence. For the purpose of the exemption, "primary residence" is synonymous with "residence" as defined in Title 1, Article 1, Section 104(43) of the Colorado Revised Statutes, which is quoted as follows: "'Residence' means the principal or primary home or place of abode of a person, as set forth in section 1-2-102(1)." The property in which you reside for the greatest length of time each year should be designated as your primary residence.
Title 39, Article 3, Part 2, Colorado Revised Statutes Eligibility Requirements Other Requirements/Limitations Application Information Assessor's Review and Action Property Tax Administrator's Review and Action Reimbursement of Lost Exemption Revenue Penalties
The surviving spouse of an individual who previously qualified is someone that was married to a senior who met each of the application requirements on January 1, 2002, or on any January 1 that occurred after that date. A surviving spouse must occupy the property as his or her primary residence and must have done so with his or her spouse as of the date the spouse died. Qualifications for the surviving spouse option are listed below, under Long Form Qualifications. The deadline for submitting either form is July 15 of the first year for which you are seeking exemption. The exemption must be applied for once, and it remains in effect for subsequent years as long as the property ownership and occupancy do not change. The summary page has additional information about the exemption.
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