(COLORADO) — The Colorado Department of the Treasury is expanding the Property Tax Deferral Program to provide help to homeowners affected by increased property taxes in 2020, 2021, and 2022.
The program has traditionally helped seniors and active military personnel continue to live in their homes by deferring the payment of their property taxes.
Homeowners can check their eligibility at Colorado’s Property Tax Deferral website. Homeowners need to know that the property must be owner-occupied, must not be income-producing, and that all property taxes for years before 2023, must be paid.
“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.”
The expansion of the program will allow all homeowners to defer a portion of property taxes if they exceed the property tax growth cap of 4%, averaged from the last two years.
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.
Applications for 2023 are open from Jan. 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.