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Funds reinstated for Senior Property Tax Exemption - KOAA.com | Continuous News | Colorado Springs and Pueblo

Funds reinstated for Senior Property Tax Exemption

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COLORADO SPRINGS -

2018 brings some great news for seniors across El Paso County. The Colorado General Assembly has reinstated funding for the Senior Property Tax Exemption for the tax year 2017, payable in 2018.

For qualifying seniors, this exemption reduces the property tax on the primary residence by exempting 50% of the first $200,000 in market value. For example:

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've already applied and been approved for the program, you don't have to take any action.

For those who have not previously applied for this program, application may be made if you meet the following criteria:

Qualifying seniors must be at least 65 years of age as of January 1st, of the year the application is made. You have have to be the owner of record of the property for at least ten consecutive years prior to January 1st, in the year of application. In addition, you must occupy the property as your primary residence and must have done so for at least ten consecutive years. prior to January 1 in the year application is made.

The Deadline to apply for tax year 2018 payable in 2019 is July 16th. More information can be found on the El Paso County Assessor's website at http://asr.elpasoco.com/Pages/SeniorPropertyTaxExemption.aspx

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