Program provides tax deferment for homeowners impacted by increases in property taxes
The Colorado Department of the Treasury reminds homeowners the Property Tax Deferral Program is open for enrollment until April 1, 2024.
“Anytime we can keep folks in their homes and help them find tax relief at the same time is a win for Coloradans,”Colorado State Treasurer Dave Youngstated.
Colorado’s Property Tax Deferral Program has traditionally helped seniors and active military personnel continue to afford to live in their homes by deferring the payment of their property taxes, and was expanded last year to provide relief to homeowners affected by increased property taxes.
“Due to the special legislative session, counties will be sending out tax bills a few weeks later than previous years,” Treasury spokesperson Sheena Kadi stated. “Homeowners will need to wait until they have received that from their county to apply.”
Homeowners can check eligibility at: colorado.propertytaxdeferral.com
In 2023, 52 homeowners applied under Active Military, 171 under Tax Growth, and 958 under Seniors, for a total of $3,685,648 in deferred tax payments for 2023. The State Treasurer paid tax deferrals of approximately $2.6 million in 2021 and $3.6 million in 2022.
Previously managed by counties, the expanded program will allow homeowners to defer all or a portion of property taxes depending on the category. For eligible seniors and active military, it defers the total property tax owed; for eligible tax growth cap applicants, it defers a portion of their property taxes, up to $10,000, cumulative.
The expanded deferral program does not exempt taxes; it is a loan to assist Coloradans with the payment of property taxes if an application is submitted and the applicant is eligible. The deferral loan is recorded as a junior lien against a participant’s property and does not have to be repaid until a later date.
What Homeowners Need To Know
- The property claiming the deferral must be owner-occupied.
- All property taxes for years before 2024 must be paid.
- These are deferrals and not exemptions.
- For Growth Cap deferrals, the property must not be income producing.
“New this year, seniors who rent a room or a portion of their home and active duty military renting while they are out of the country or stationed elsewhere are able to participate,” Vanda Howell, Property Tax Deferral Program Administrator, stated. “New eligibility requirements have changed for active military with VA backed loans. These changes allow more homeowners more opportunities to participate.”
Applications for 2024 are open from January 1, 2024, to April 1, 2024. Claims must be filed after January and on or before April 1 of each year in which the taxpayer claims the deferral. Applicants must reapply each year to determine eligibility and continue using the program.
Homeowners can visit colorado.propertytaxdeferral.com to learn more about Colorado’s expanded Property Tax Deferral Program.
If Homeowners Have Questions
- Visit colorado.propertytaxdeferral.com/faq.
- Call us with questions about enrolling or eligibility at 833-634-2513, toll free.
- Email us at cotreasproptax@state.co.us.
Source: Colorado Department of the Treasury
