For Immediate Release
May 2, 2023
Communications Director & Public Information Officer
State of Colorado Adds to Property Tax Relief Options: Program provides tax deferment for homeowners impacted by increases in property taxes
DENVER: TODAY, the Colorado State Treasurer reminded homeowners of the Property Tax Deferral Programs.
Colorado’s Property Tax Deferral Programs have traditionally helped seniors and active military personnel continue to afford to live in their homes by deferring the payment of their property taxes. This service was expanded this year to provide relief to homeowners affected by increased property taxes in 2020, 2021, and 2022.
“Sticker shock is hitting Coloradans as they receive their property assessments. By expanding the Property Tax Deferral Program, we’re continuing to provide financial relief for homeowners,” 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.”
Homeowners can check eligibility at: colorado.propertytaxdeferral.com
This year, 51 homeowners applied under Active Military, 170 under Tax Growth, and 957 under Seniors, for a total of $3,685,648 in deferred tax payments for 2023.
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, accrues interest, and does not have to be repaid until a later date.
“We’re committed to doing all we can to alleviate rising property taxes,” Leah Marvin-Riley, Policy Director said. “The Property Tax Deferral program is one option that Coloradans can utilize, we encourage Coloradans to decide which program works best for them.”
Applications for 2023 were 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. Applications will open again on January 1, 2024.
Homeowners can visit colorado.propertytaxdeferral.com to learn more about Colorado’s expanded Property Tax Deferral Program.
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.
House Bill 23-1284
For all three categories of taxpayers who are eligible to defer the payment of real property taxes, current law specifies that the property for which the deferral is claimed cannot be income-producing. Beginning in the 2023 property tax year, the bill specifies that the prohibition against the property being income-producing does not apply if the taxpayer claiming the deferral is at least 65 years old, is a person called into military service, or is the surviving spouse of such a taxpayer.