Property Tax Programs for Colorado Seniors

For seniors who live in Grand Junction, Fruita, Palisade and the entire state of Colorado, navigating the intricacies of property taxes can be a significant concern. The good news is that there are property tax programs for Colorado seniors to alleviate some of the financial pressures of homeownership.

In this blog post, we’ll delve into these programs, and how they can help older residents manage their property tax burdens. Although I personally still have some time before turning 65, these programs were some things my wife and I investigated when considering our move to Grand Junction, CO.

I also have my Seniors Real Estate Specialist® (SRES®) designation. It shows that as a REALTOR® I am able to meet the special needs of maturing Americans when selling, buying, relocating, or refinancing residential or investment properties. By earning the SRES® designation, I am prepared to serve mature clients with the best options and information for them to make life-changing decisions.

Property Tax Relief Programs for Colorado Seniors

Colorado offers several property tax relief programs tailored to its senior citizens. These programs provide much-needed financial support to seniors who may be struggling with property tax payments.

The Senior Homestead Exemption

The Senior Homestead Exemption is one of the most advantageous property tax programs for Colorado seniors. This program allows homeowners aged 65 or older to exempt 50% of the first $200,000 from the actual value of their primary residence. However, there are also some eligibility requirements:

The qualifying senior must be at least 65 years of age as of January 1 of the year of application.
The qualifying senior must occupy the property as his or her primary residence and be the owner of record and must have done so for at least ten consecutive years prior to January 1 of the tax year. Limited exceptions to the ownership and occupancy requirements are detailed in the qualifications section of the application.

This property tax relief initiative significantly eases the burden for seniors.

Property Tax Deferral for Grand Junction Seniors

Seniors who live in Grand Junction and are facing financial challenges can benefit from the Property Tax Deferral program, specifically designed for their needs. This initiative enables homeowners over the age of 65 to defer payment of their property taxes until the property is sold or ownership is transferred.

Disabled Veterans Property Tax Exemption

While not exclusive to seniors, the Disabled Veterans Property Tax Exemption is an essential program to mention, as it can be of great interest to older veterans and Gold Star Spouses. Disabled veterans aged 65 or older may be eligible for property tax exemptions, adding to the available property tax relief programs.

Senior Citizens and Disabled Property Tax Exemption in Grand Junction

Colorado offers a Senior Citizens and Disabled Property Tax Exemption program, further tailored to the state’s older residents. Eligible seniors aged 65 or older, who have owned and resided in their homes for ten consecutive years can benefit from this program, providing significant property tax relief.

Social and Community Benefits for Grand Junction, Colorado Seniors

Aside from property tax programs, it’s important to mention the social and community benefits that make Colorado a desirable place for seniors to retire. Many Colorado communities provide services, discounts, and programs specifically designed for older residents, fostering a sense of belonging and support during their retirement years.

For Colorado seniors, understanding and taking advantage of property tax programs tailored to their needs is crucial. The state’s property tax relief programs, including the Senior Homestead Exemption, Property Tax Deferral, Disabled Veterans Property Tax Exemption, and the Senior Citizens and Disabled Property Tax Exemption, can significantly reduce property tax burdens.

Colorado’s commitment to its older citizens extends beyond property tax programs, with numerous social and community benefits that enhance the retirement experience. By utilizing these property tax programs and enjoying the supportive community environment, Colorado seniors living in Grand Junction can make the most of their retirement years. As always, please consult with a CPA or qualified Tax Consultant before making any tax related decisions. Use the links provided to read the most current information about property taxes in Colorado.

Call/text me with your questions! I can help access the MARKET VALUE of your Mesa County property.

612-306-9558

Paul Aspelin, REALTOR®
GRI, SRES®, CNE
Serving Mesa County