El Paso County, CO– The El Paso County Assessor’s office sent a mailing to 20,255 local residents with information on the Colorado Senior Homestead Property Tax Exemption. If it has not already arrived in your mailbox, it should be there any day.
“While I’ve worked with our legislators over the years, on behalf of our seniors,” said Assessor Mark Lowderman. “I’m glad to see that again in 2014, they’ve made the funding of this important program a priority”
Lowderman said more than 20,000 El Paso County residents are approved for Colorado Senior Homestead Exemption this year. For qualifying seniors, this exemption reduces the property tax on the primary residence by exempting 50% of the first $200,000 in market value.
• If your primary residence has a market value of $200,000, the first $100,000 will be exempt from taxation
• If your primary residence has a market value of $175,000, the first $87,500 will be exempt from taxation, etc.
• If you have previously applied and been approved for participation in the Senior Exemption Program, no further action is required from you
For those who have not previously applied for this program, application may be made if you meet the following criteria:
• the qualifying senior must be at least 65 years of age as of January 1 the year application is made; and,
• must have been the owner of record of the property for at least ten consecutive years prior to January 1 in the year of application; and,
• must occupy the property as his or her primary residence and must have done so for at least ten consecutive years prior to January 1 in the year application is made
Applications are available in the Assessor’s office at the Citizens Service Center (1675 W. Garden of the Gods Road) or online at www.elpasoco.com, under Assessor and Senior Property Tax exemption.
In November 2000, Referendum A, also known as the Senior Homestead Exemption Act, was approved as an addition to the Colorado Constitution. The Act took effect as of January 1, 2002, for property taxes payable in 2003 and will remain in effect every year hereafter. Specifically, the Act grants an exemption (reduction) up to one-half of the first $200,000 in market value from property taxes for a qualifying residential owner.
Contact: Dave Rose
Public Information Officer
Phone: 520-6540 Cell: 337-9239