Understanding the Colorado Property Tax Exemption
The property taxes in Colorado are among the lowest ones in the country. The average tax rate is only 0.49%, but that doesn’t mean you have to pay the full amount!
You can reduce property taxes in no time by applying for the Colorado property tax exemption.
Use DoNotPay to identify all the other property tax exemptions you’re eligible for, and see additional convenient options to deal with excessive property taxes!
What Is a Property Tax?
All homeowners have to pay property taxes determined by the government. Paying the property tax is obligatory and enforced by law.
The amount made from the property taxes usually goes to funding educational institutions, roads, and government services.
The Property Tax Exemption for Seniors in Colorado
If you are a Colorado senior citizen, you may be eligible for the special property tax exemption!
All Colorado residents who are 65 years of age or older may be qualified for the Colorado property tax exemption for seniors. They have to be the owners of the home or property and to occupy it as their main residence for ten consecutive years prior to applying for the exemption.
What Are the Colorado Property Tax Exemptions?
Colorado provides two additional types of property tax exemptions:
- Homestead property tax exemption
- The exemption for disabled veterans
Colorado Homestead Exemption
When filing bankruptcy, the Colorado homestead exemption can come in handy. This exemption works by allowing you to exempt $75,000 from the assessed value of your property. This protection applies to single-family detached homes, townhomes, condominiums, mobile homes, manufactured homes, and trailers.
Colorado Disabled Veteran Exemption
All disabled American veterans are allowed the tax break on their primary residence. The extra benefit is that they do not have to be 65 or older. They also do not have to occupy their home for ten consecutive years. A qualified veteran has:
- A 100% permanent and total disability rating from the US Department of Veterans Affairs
- A service-related disability
- Occupied the home since January 1 of the year they submitted the application
How Can I Lower Property Taxes?
Applying for property tax exemptions is only one way of lowering your property taxes. Here are the other most common methods:
Making sure to avoid all home renovation projects
|Doing any home renovations before an assessor comes to evaluate your property will increase the amount of your property tax|
Checking whether your tax bill has any errors
|Seeing if your tax bill contains any inaccuracies|
Being present when the assessor comes to evaluate your property
|By shadowing the assessors while they do their job, you will be able to answer any questions they might have and make sure they are doing a good job|
Seeing which property tax exemptions you are eligible for
|Using DoNotPay for a personalized guide on which exemptions you qualify for and how to apply is a great way to lower your property taxes stress-free|
Appealing your property tax bill
|Appealing your tax bill with DoNotPay can come in handy and is super easy to do|
DoNotPay Helps You Reduce Your Colorado Property Tax in a Jiffy!
If you are searching for an easy and efficient way to lower your property taxes, DoNotPay is the way to go! We offer you help with paying property taxes and provide you with a personalized guide and step-by-step instructions on how to find and apply for property tax exemptions. Follow the next three steps to get it done:
- Access DoNotPay from any web browser
- Click on the Property Tax feature
- Answer a few questions about you and your property
After you finish the steps mentioned above, DoNotPay will generate a personalized guide that you can use to see all the exemptions you qualify for and apply to them.
The Most Common Types of Property Tax Exemptions
Looking for property tax exemptions by yourself can be time-consuming and result in you getting lost in the sea of information. Let us help and break them down for you one by one.
The most common types of property exemptions:
|Exemption Type||Qualifying Requirements|
|All home or property owners who use the property as their primary place of residence are generally qualified for the reduction of the assessed value of the property|
|Senior citizens who are over the age of 65 and meet the income limitations set by the state are usually eligible for this exemption|
|People with disabilities can be qualified for the Disability exemption if they provide evidence of their disability and if they meet the income requirements|
Disabled Veterans Exemption
|Veterans with a 100% disability rating are, in general, fully exempt from property taxes|
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