What is the senior tax deferral program?
The senior tax deferral program is offered by the State of Colorado. It allows you to postpone your tax payments until you sell your property, or your estate is settled after your death. Interest is applied to the amount you defer. Each year, you can defer either the whole amount of your taxes, or half your taxes. The Boulder County Treasurer’s Office collects the information and sends it to the State of Colorado, which manages the program, determines eligibility, and notifies the county treasurers who has been approved or disapproved.
The 2020 interest rate is 1.750%.
General requirements
- You must be 65 years old on or before January 1 of this year
- You cannot be earning income from the property (e.g., renting the property), but you can have a home office
- If your property is in a trust you must be named the trustee and the beneficiary of the trust
- If you have a reverse mortgage you likely cannot receive tax deferral (your lender must agree to subordinate)
- The completed application must be returned to the Treasurer’s Office no later than the close of business on March 20, 2020
To receive an application
You can request an application or call and provide the following information to the Treasurer’s Office:
- Your full name
- If the property is held in a trust, the name of the trust
- Property address
- Your date of birth
- Phone number
- Name of your mortgage company (if applicable)
- Approximate balance on your mortgage
- Whether or not you have a reverse mortgage