Property tax Exemption for Qualifying Seniors

Who qualifies? Anyone who turned 65 by January 1st of the year they want to apply and have lived in their primary residence for at least ten consecutive years prior to January 1st. The exemption can ONLY be applied to your primary residence, not to additional homes you own. There are exceptions to the ‘ten year’ occupancy requirement listed on the county assessor’s website under ‘Senior Tax Exemption’.

How much is the exemption? At this time the exemption is 50% of the first $200,000 of the actual value of your home. The State Legislature controls the percentage allowed for this exemption and has the authority to raise or lower it depending on the state’s budget for that year.

Do I have to reapply each year? No, as long as you still own and occupy the same property the exemption carries over from year to year. If you pass away and your spouse is 60 years old as of January 1st of that year, he or she can qualify to continue the exemption as long as they meet all requirements, but must reapply with the county assessor’s office.

How do I apply? You can download an application from your county assessor’s web site or contact the assessor’s office and request a printed application.

Below I have listed the assessor’s website for counties within the Denver metropolitan area where you can access full details on requirements and exceptions for the Senior Tax Exemption.


http://www.co.adams.co.us/assessor http://www.denvergov.org/assessor
http://www.co.arapahoe.co.us/assessor http://www.douglas.co.us/assessor
http://www.co.broomfield.co.us/assessor http://www.co.jefferson.co.us/assessor
http://www.bouldercounty.org/assessor



Denise Wing, C.E.O.
Certified Mortgage Lender
Academy National Mortgage Corporation
303-987-0622
dwing@academynational.net

LOWER YOUR PROPERTY TAXES

According to the National Taxpayers Union, roughly one-third of all people who appeal their property assessments end up with lower taxes. Your chances are especially good in a time of declining property values. Assessors use data from the Multiple Listing Service (just like real estate agents do) to determine assessed values. However, in a slow market, sales data is simply not available and there is a good chance that the assessment is faulty.

Here’s what you need to do if you decide to appeal.

Don’t Delay – When you receive your assessment notice, you usually have only 30 to 60 days (sometimes an actual date is stated in the fine print) to let county assessor know that you plan to appeal. At this point, it’s ONLY a “notification” that you don’t agree with the dollar amount. The web-site for your county assessor will state the cut off date for appealing your taxes. At the bottom of this article I have listed the web-site address for counties within the metro area.

They will then provide you with a hearing date, which will give you time to gather your evidence as to why you think the assessment is too high. They should also provide you with a list of “allowed” documents that you can bring to the hearing.

Gather the Evidence – First, go to the assessor’s office to check out the data they have on your property. There may be mistakes in square footage, lot size, or other data may be inaccurate. Write down the addresses of homes similar to yours (in the neighborhood) and ask to see their information, too. Don’t worry, the information is public and others can see what YOUR property taxes are, too. Next, get sales data from a real estate agent and find out what homes sold for in the 24 months period ending June 30, 2006. You will also want to keep a file of information you receive from Real Estate agents of your neighborhood sales currently. You will be able to use this information for future years to protest your tax assessment.

Look for Unique Factors That Could Make a Difference – Are you next to high-tension electrical wires? A drainage ditch? On an extremely busy street versus your neighbor who lives on a cul-de-sac? Check to make sure the assessor made adjustments for negative factors.

Hire An Appraiser – Refer back to the list of documents that you might be required to present when your hearing is held. You may need an appraisal, which could run $300 or more. Word of Caution – If the appraisal or the comparable sales from the real estate agent comes back HIGHER, cancel your hearing appointment. They also have the ability to RAISE your property taxes at that hearing.

http://www.co.adams.co.us/assessor http://www.denvergov.org/assessor
http://www.co.arapahoe.co.us/assessor http://www.douglas.co.us/assessor
http://www.co.broomfield.co.us/assessor http://www.co.jefferson.co.us/assessor
http://www.bouldercounty.org/assessor



Denise Wing, C.E.O.
Certified Mortgage Lender
Academy National Mortgage Corporation
303-987-0622
dwing@academynational.net