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Colorado Property Tax Exemption - Clarification?


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We've been throwing around the idea of moving to Colorado and I'm trying to clarify that 100% P&T are 100% exempt from property taxes. I believe this to be the case, but some validation is always helpful :blush:

COLORADO - SENATE CONCURRENT RESOLUTION 06-001

Section 3.5. Homestead exemption for qualifying senior citizens and disabled veterans.

(1) For property tax years commencing on or after January 1, 2002, fifty percent of the first two hundred thousand dollars of actual value of residential real property, as defined by law, that, as of the assessment date, is owner-occupied and is used as the primary residence of the owner-occupier shall be exempt from property taxation if:
(a) The owner-occupier is sixty-five years of age or older as of the assessment date and has owned and occupied such residential real property as his or her primary residence for the ten years immediately preceding the assessment date; or

(b) The owner-occupier is the spouse or surviving spouse of an owner-occupier who previously qualified for a property tax exemption for the same residential real property under paragraph (a) of this subsection (1);
OR
(c in parens) FOR PROPERTY TAX YEARS COMMENCING ON OR AFTER JANUARY 1, 2007, ONLY, THE OWNER-OCCUPIER, AS OF THE ASSESSMENT DATE, IS A DISABLED VETERAN.
(1.3) AN OWNER-OCCUPIER MAY CLAIM ONLY ONE EXEMPTION PER PROPERTY TAX YEAR EVEN IF THE OWNER-OCCUPIER QUALIFIES FOR AN EXEMPTION UNDER BOTH PARAGRAPH © OF SUBSECTION (1) OF THIS SECTION AND EITHER PARAGRAPH (a) OR PARAGRAPH (b) OF SUBSECTION (1) OF THIS SECTION.
(1.5) FOR PURPOSES OF THIS SECTION, "DISABLED VETERAN" MEANS AN INDIVIDUAL WHO HAS SERVED ON ACTIVE DUTY IN THE UNITED STATES ARMED FORCES, INCLUDING A MEMBER OF THE COLORADO NATIONAL GUARD WHO HAS BEEN ORDERED INTO THE ACTIVE MILITARY SERVICE OF THE UNITED STATES, HAS BEEN SEPARATED THEREFROM UNDER HONORABLE CONDITIONS, AND HAS ESTABLISHED A SERVICE-CONNECTED DISABILITY THAT HAS BEEN RATED BY THE FEDERAL DEPARTMENT OF VETERANS AFFAIRS AS ONE HUNDRED PERCENT PERMANENT DISABILITY THROUGH DISABILITY RETIREMENT BENEFITS OR A PENSION PURSUANT TO A LAW OR REGULATION ADMINISTERED BY THE DEPARTMENT, THE DEPARTMENT OF HOMELAND SECURITY, OR THE DEPARTMENT OF THE ARMY, NAVY, OR AIR FORCE.

Thanks!

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  • HadIt.com Elder

My interpretation is that you would qualify, for the 50% exemption, of the first two hundred thousand valuation (jmo). I'm in VT and I get $40,000 off my tax value of $92,000. Equal houses locally are selling for about $55,000, nowadays. My taxes are about $900 a yr and I get about $450 off my bill due to my 100% rating, so I actually pay about $450.

pr

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I use to live in Colorado and was just looking into moving back there myself and P. Rogers is about right when he is explaining it. So, basically if you buy anything that is valued at 200K or under, whatever the taxes are for that 200K house, you will be exempt for about 50% and/or about 1/2 of the valued property taxes.

So, say you buy a 200K house, your property taxes on that 200K house is $1,000.00, you would only have to pay 50% or 1/2, which would be $500.00.

If you buy a house that is over 200K. You are still only exempt from the property taxes off the first 200K of your property value. Then the math gets a little more funky, But still ends up being 50% or 1/2 off the first 200K value for your house..

EXAMPLE:

$250K House Value

$1,250K Property Taxes

1st 200K = Property Tax of $1,000

$50K House Value = Property Tax of $250

50% off 1st 200K = $500 + $250 = $750 property tax you owe per year.

In Florida, it's easier. You basically are exempt from all your Ad Valorm Tax, which 95% of the time is all your property tax on your house. :)

Hope this helps claify it a little bit more. :)

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