The Senior Homestead Exemption Program for the 2006 tax year has been restored by the Colorado Legislature.If your primary residence has a market value of $200,000, the first $100,000 will be exempt from taxation. There are several requirements that qualifying seniors or their surviving spouse must comply with in order to qualify for the exemption.CRITERIA FOR PROPERTY TAX EXEMPTIONThe qualifying senior must be 65 years of age or older as of the Jan. 1 the year application is made.Must have been the owner of record of the property at least 10 consecutive years prior to the Jan. 1 in the year of application.Must be the primary residence and have done so for at least 10 consecutive years prior to Jan. 1 in the year the application is made.SURVIVING SPOUSES CRITERIA(If survivor does not meet the age & title requirements)Spouse passed away on or after Jan. 1, 2002; andSpouse was at least 65 years old on Jan. 1 of the year he/she passed away; andSpouse occupied the property as primary residence for at least 10 consecutive years prior to Jan. 1 of the year he/she passed away; andSurviving spouse currently occupies the property as primary residence and has not remarried.Visit http://asr.elpasoco.com for more information and to apply for the exemption or call 520-6600. Remember, you only have until July 15 to get your application into the assessors office for your exemption on your 2006-2007 taxes!City and county governments will be reimbursed by the state for the net amount of property tax revenues lost to them as a result of the Senior Homestead Exemption. This equalizes the impact of the program across the state, so that no local services are negatively affected as a result of the utilization of this program. Based on the March 2006 revenue forecast, there is currently enough revenue to fund the estimated program cost of $64.6 million dollars for this year.I, along with many other citizens of Colorado, appreciate the wisdom, knowledge and sacrifices you have made for your families, communities and nation. Consider taking advantage of this property tax exemption while Colorado still has the revenue to fund this program.Please feel free to call me at 719-238-5600 or e-mail me at MarshaLooper@hughes.net if you have any questions or comments regarding this exemption.
