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"COLORADO SENIOR PROPERTY TAX DEFERRAL" PROGRAM

WHATProvides housing assistance to seniors and veterans by deferring the payment of their property taxes.
WHYTo provide housing assistance to seniors and veterans (many of whom are living on a fixed income) so that they can afford to live in their own homes
WHEREState of Colorado.
Department of the Treasury. Colorado, USA.


Program Description


"The Property Tax Deferral program helps military personnel and seniors, many of whom live on a fixed income, continue to afford to living in their home by deferring the payment of their property taxes."

-colorado.gov

The following requirements must be met by seniors to be eligible for the “Colorado Senior Property Tax Deferral” Program

-Senior who is 65 years or older
-All prior property taxes must be paid.
-Senior must own and occupy the home as their primary residence and the property cannot be income producing.
-Total value of liens against the property such as mortgages, deferrals, deeds of trust etc., cannot exceed 100% of the assessed market value.
-Mortgage lender must agree that the state's interest in the property would take priority over all other interests.
-If a qualified senior applicant has a reverse mortgage, the property is only eligible for future property tax deferrals if a subordination agreement from the mortgage lender is submitted with the application.
-Property tax deferral amount must be paid upon sale or transfer of the property.
-Property tax deferral amount can also be paid any time prior to sale or transfer without affecting future eligibility.

For more information on the property tax deferral program and requirements for veterans visit the State of Colorado website.
source:colorado.gov 


Find out more about the "Colorado Senior Property Tax Deferral" Program



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