Eligible Homeowners Can Pay Back Property Taxes with Low-Interest Loan
Jan. 7, 2025 (DENVER) - The Colorado Department of the Treasury is accepting applications for the Colorado Property Tax Deferral program through April 1, 2025. The program allows eligible homeowners to pay back property taxes with a low-interest loan.
“With higher costs for groceries, insurance, and other necessities, we know many residents are struggling to pay their property taxes on time,” said Colorado State Treasurer Dave Young. “The Colorado Property Tax Deferral program is a critical financial tool to keep thousands of Coloradans housed and provide families with much-needed relief.”
The program is open to seniors ages 65 and up, active military service members, and all homeowners whose property taxes have grown by 4% or more over the last two tax years (Tax Growth Cap). Coloradans can check their eligibility and apply for a loan after receiving their county tax bill through the program website.
Individual counties managed tax deferrals for seniors and service members until 2022, when the Colorado General Assembly voted to centralize the program and expand eligibility to more residents. Qualifying seniors and active military members defer the total property taxes owed, and those eligible for the Tax Growth Cap defer a portion of their taxes up to a $10,000 cumulative maximum.
"This program has helped many residents in Boulder County, especially those contending with rising property taxes while relying on a fixed income," said Paul Weissmann, the Boulder County Treasurer. "I encourage interested homeowners to speak with their heirs and consult a financial advisor to ensure a deferral is the right option for them."
Since 2022, the program has supported nearly 2,000 homeowners with an average loan of $4,500. About 80% of participants were seniors, followed by those in the Tax Cap Growth and Active Military groups.
“As a longtime El Paso County resident, I was surprised when our property tax bills began to put stress on our family budget,” said Susan Grant, who participated in the program for 16 years. “Being able to receive a low-interest loan and hold on to more of our money each spring lifted a big weight off our shoulders.”
The program is distinct from the state’s property tax exemption program, which reduces the taxable value of residences. Instead, the Property Tax Deferral program provides loans recorded as junior liens against participants’ properties. Homeowners repay the loan over time or when a non-qualifying event occurs, such as a property sale.
Eligible homeowners must file their application by April 1, 2025. Taxpayers who deferred payments in previous years must reapply to continue their loan(s), even if they opt out of the program in 2025.
For more information, visit the Colorado Property Tax Deferral program website or call the program’s toll-free number, 833-634-2513.
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About the Colorado Department of the Treasury
The Colorado Department of the Treasury is the constitutional guardian of the public’s funds. It is the Treasury’s duty to manage and account for the taxpayers’ dollars from the time they are received until the time they are disbursed. The Treasury’s staff is committed to safeguarding and managing the people’s monies with the same diligence and care as they do their own. For more information, visit colorado.gov/treasury.