Senior Property Tax Exemption

Created with Sketch.

It’s the time of the year many are considering property taxes. One of the nuances of the state of Colorado is the senior property tax exemption, which is available for senior citizens and the surviving spouses of senior citizens.

If you qualify, 50 percent of the first $200,000 in actual value of your primary residential property is exempted. This is a great benefit and one that can help senior citizens.

Below are the basic qualifications, as found on the La Plata County government website (http://www.co.laplata.co.us/government/elected_officials/assessor_s_office/property_tax_exemption/senior_citizen_exemption):

The qualifying senior:

  • Must be at least 65 years old as of January 1 of this year; and
  • Must be current owner of record, and listed as the owner of record for at least ten consecutive years prior to January 1 of this year; and
  • Must occupy the property as his/her primary residence, and must have done so for at least ten consecutive years prior to January 1 of this year.

There are also some exceptions: The applicant may still qualify if one or more of the following statements is true:

  • Ownership is in the spouse’s name, and the spouse also occupies the property.
  • Ownership has been transferred to or purchased by a trust, corporate partnership or other legal entity solely for estate planning purposes.
  • The applicant was forced to move when the prior residence was condemned in an eminent domain proceeding.
  • The applicant is the surviving spouse of a senior who met the requirements on January 1, 2002, or on any January 1 thereafter.

We want to be sure our clients are aware of this, and if you qualify for this property exemption, it’s a great way to reduce taxes. If you have further questions, we are available for questions or you can contact the La Plata County Assessor’s Office.  Also, we will be hosting an open house on Saturday from 11-3 at Edgemont Meadows, please stop by and say hello!