Retirement Savings With a Jefferson County Property Tax Exemption for Seniors
Jefferson County, CO, is a haven for retirees, and if you are a property owner, you also benefit from low property tax rates.
Colorado has one of the lowest property tax rates in the country. While Jefferson County is slightly above the state average, it still comes in at only 0.55%, well below the national average of 1.07%.
If you are a senior citizen, the even better news is that Jefferson County offers ways to reduce your property tax in the form of a property tax exemption. DoNotPay is here to help you understand how you can benefit from it.
How Does Jefferson County Calculate Property Tax?
Your property tax is calculated by multiplying the Jefferson County tax rate by the assessed value of your real property to arrive at an annual property tax amount.
The local tax rate in Jefferson County is determined according to the needs of the community, with the money being used to fund:
- Public transport
- Local services
- Police and fire departments
Jefferson County does not pay any of its property tax revenue to Colorado State, so all the money collected stays within the County. This helps keep the tax rate low, although it is slightly higher than neighboring counties due to its comparatively high population density.
Your real estate’s value is subject to a property tax assessment every two years, and you receive an assessment notification by May 1 every year. Jefferson County uses the sales value approach exclusively, meaning that your property’s value is determined by looking at recent sales data for similar properties in your area.
The market value of your home is not the value used to calculate your property tax, though. Jefferson County takes a percentage of your real estate’s market value and determines this figure to be your assessed value. The assessed value of your property currently lies at about 7.15% of its market value.
With a median property value of $366,800, this means homeowners in Jefferson County pay an average of $2,015 in property tax every year.
Can Seniors Get a Property Tax Exemption in Jefferson County?
Jefferson County, CO, is generous to its senior citizens when it comes to property tax.
As a senior citizen, you will usually only have to apply once for the Jefferson County property tax exemption for seniors, and your exemption will be carried over each year.
If you are the surviving unremarried spouse of a senior citizen who previously qualified, you may also be eligible for the exemption, but you will need to reapply.
The property tax exemption for seniors in Jefferson County is generous, granting you up to a 50% reduction in your property’s market value. This doesn’t mean that your tax rate decreases, so it is not a tax discount. It does mean that the property value on which your tax is calculated is lowered. This would work out as follows:
|Property market value without exemption (median for Jeffco)||$366,800|
|Property tax bill without exemption||$2,015|
|Property market value with exemption||$183,400|
|Property tax bill with exemption||$1,007|
This is a significant saving for senior citizens in Jefferson County.
The criteria for qualification for a property tax exemption for seniors in Jeffco are as follows:
- Age—You must be 65 years or older to be eligible for the exemption
- Ownership of property—Your name must appear in a title deed as an—but not necessarily the sole—owner of the property
- Duration of ownership—The property must have been in your name for at least ten consecutive years up to January 1
- Occupancy—The property must be your primary residence
- Duration of occupancy—You must have lived in the property for at least ten consecutive years before January 1
Important Dates for Property Tax in Jefferson County
The most important property tax deadlines in Jefferson County for 2021 are as follows:
|March 1||Property tax first installment due if two installments chosen|
|May 3||Property tax full payment due if paying annually|
|May 1||Property assessment notifications mailed|
|June 1||Deadline for assessment appeals|
|June 15||Property tax second installment due if two installments chosen|
|July 15||Closing date for senior property tax exemption applications|
Jefferson County also offers a property tax exemption for disabled veterans but stipulates that you are only eligible for one exemption in any tax year. The County will normally grant the greater of the two exemptions if all the eligibility criteria are fulfilled.
Can DoNotPay Help Me Get a Jefferson County Senior Property Tax Exemption?
Our property tax guide can help you with customized advice based on your location and your situation. There are two sections to the guide:
- Property tax exemptions, with advice on the exemptions available in your area, ways to apply, and the documents you need
- Property assessment appeals, with guides to dealing with assessors and appealing an unfair valuation of your property
Where Can I Find DoNotPay’s Property Tax Guide?
To get our guide, all you need to do is follow these steps:
- Navigate to DoNotPay in your web browser and sign up
- Look for the Property Tax feature
- Fill in some details about yourself and your property
- Wait while we generate your bespoke guide
How Else Can DoNotPay Help Me Reduce My Property Tax Bill?
Apart from claiming all the exemptions you are eligible for in your area, here are a few more things you can do to keep your property tax bill down:
|Renovations or improvements||Any improvements or renovations to your property may raise its value and are best avoided right before the assessment|
|Tax bill verification||You should check for any mistakes or irregularities in your property tax bill|
|Assessment procedure||Accompanying an assessor during your property appraisal may give you a chance to help with the valuation|
|Assessment appeals||If you think your property assessment is excessive, you can appeal it. DoNotPay can help you through the appeal procedure to get your assessment reduced|
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