1.25.2023: State of Colorado Expands the Property Tax Deferral Program

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For Immediate Release
January 25, 2023

Sheena Kadi

Communications Director & Public Information Officer
sheena.kadi@state.co.us
303-349-8113


State of Colorado Expands the Property Tax Deferral Program; Program provides tax deferment for homeowners impacted by increases in property taxes

COLORADO: TODAY, the Colorado Department of the Treasury expands the Property Tax Deferral Program to provide relief to homeowners affected by increased property taxes in 2020, 2021, and 2022. Colorado’s Property Tax Deferral Program has traditionally helped seniors and active
military personnel continue to afford to live in their homes by deferring the payment
of their property taxes.

“Expanding this program provides both short- and long-term financial relief for homeowners, while also providing an equitable statewide tax-relief measure to taxpayers,” Colorado State Treasurer Dave Young stated. “Anytime we can keep folks in their homes and help them find tax relief at the same time is a win for Coloradans.”

Homeowners can check eligibility at: colorado.propertytaxdeferral.com

Previously managed by counties, the expansion will allow all homeowners to defer a portion of property taxes if they exceed the property tax growth cap of 4 percent, averaged from the preceding two years. The State Treasurer paid tax deferrals of approximately $23 million in 2021.

The expanded deferral program does not exempt taxes; it is a loan to assist Coloradans with the payment of property taxes if an application is submitted and the applicant is eligible. The deferral loan is recorded as a junior lien against a participant's property and does not have to be repaid until a later date.

“We’re looking forward to seeing more and more folks apply and take advantage of this amazing opportunity,” Leah Marvin-Riley, Policy Director said. “With only one in four counties previously offering the program, we’re excited to expand this tax relief statewide.”

What Homeowners Need To Know
1. The property claiming the deferral must be owner-occupied.
2. The property for which the deferral is claimed must not be income producing.
3. All property taxes for years before 2023 must be paid. 

Applications for 2023 are open from January 1, 2023, to April 1, 2023. Claims must be filed after January and on or before April 1 of each year in which the taxpayer claims the deferral. Applicants must reapply each year to determine eligibility and continue using the program. 

Homeowners can visit colorado.propertytaxdeferral.com to learn more about Colorado’s expanded Property Tax Deferral Program. 

IF HOMEOWNERS HAVE QUESTIONS:
1. Visit colorado.propertytaxdeferral.com/faq.
2. Call us with questions about enrolling or eligibility at 833-634-2513.
3. Email us at cotreasproptax@state.co.us.

Senate Bill 21-293
Colorado has seen dramatic increases in property values. As a result, there is a concern that rising home values may increase property tax liability for homeowners. In response to this concern, the state passed Bill SB21-293, a bipartisan bill allowing any homeowner to defer property taxes that exceed the tax growth cap of four percent, with a minimum deferral of $100 and a maximum cumulative deferral of $10,000.

Senate Bill 22-220
The act shifts the administrative responsibilities for the program from county treasurers to the State Treasurer.

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www.colorado.gov/treasury