The Colorado General Assembly has restored funding for the Homestead Exemption Program, which was first established in 2001. The program reduces property taxes on homes for qualifying senior citizens by nearly half. To qualify for the exemption, seniors must be at least 65 years old on Jan. 1, 2006, and owned and lived in their residence for 10 consecutive years as of Jan. 1, 2006.The exemption for qualifying seniors is 50 percent of the residential market value, as estimated by the assessor, up to a maximum of $100,000. For example, the exemption on a property valued at $120,000 is $60,000; on a property valued at $200,000, it’s $100,000; on a property valued at $300,000, it’s $100,000.The reduction has been reinstated for 2006 property taxes, payable in 2007 and will appear on the tax statement mailed out by the treasurer’s office in January 2007. A qualifying senior must be approved in 2006 to receive the exemption on the 2007 tax bill. The exemption is not retroactive. Call 520-6600 for more information.
