Applications must be filed no later than July 15 to have the exemption apply to the tax bill you receive the following year.
Effect on Taxes
- The exemption goes into effect for tax year 2019.
- The discount will first appear on the tax bill sent in January 2020.
- The exemption remains in effect until a disqualifying event occurs, such as:
- properties moved into a trust, LLC or other legal entity, or
- surviving spouse, or
- home destroyed by natural disaster
- Were born on or before January 1, 1954, and
- Lived in the home continuously starting before January 1, 2009, and
- Owned the home continuously starting before January 1, 2009.
For those who qualify, 50 percent of the first $200,000 in actual value of their primary residence is exempted, for a maximum exemption amount of $100,000 in actual value. The State of Colorado pays the property taxes on the exempted value.