New Law Restores Senior Property Tax Exemption in Colorado: Here's What You Need to Know

For many senior homeowners in Colorado, the Senior Property Tax Exemption has been a valuable benefit—offering significant tax relief. However, in the past, if you moved to a new home, you would lose this exemption due to the 10-year residency rule. But good news! A new law passed last year now allows qualifying seniors who moved in 2020 or later to have their exemption reinstated by submitting an application.

What Changed?

The passage of Senate Bill 24-111 established the Qualified Senior Primary Residence Classification, which temporarily restores the Senior Property Tax Exemption for eligible seniors in Colorado. This exemption is now available for tax years 2025 and 2026—but you must apply to receive the benefit.

Who Qualifies?

To be eligible for this temporary reinstatement, you must meet these criteria:

✅ Previously Received the Senior Property Tax Exemption – You must have qualified for and received the exemption in 2020 or later but are not currently receiving it.

✅ Current Homeownership & Occupancy – You must own and live in your new home as your primary residence.

How to Apply

📅 Application Deadline: March 15 of the tax year for which you are applying.

🔹 Where to Apply? Visit the El Paso County Assessor's Office for the official application form and detailed instructions.

📌 Late Applications: You can still apply until July 15, but those who submit after March 15 will not have appeal rights.

Why This Matters

Many seniors in Colorado were unaware of this important change because it hasn’t been widely publicized. If you or someone you know lost their property tax exemption due to moving, this could save them hundreds or even thousands in property taxes!

📞 Need Help?

I’m here to guide you through the real estate process, whether it’s buying, selling, or staying informed about important changes like this. If you have questions about senior property tax exemptions, relocating, or finding the perfect home in Colorado Springs, reach out today!

📌 Contact Nicole Strom: 📍 Website: www.NicoleStromRealtor.com
📞 Phone: 719-922-0102
📧 Email: [email protected]
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