The Property Tax Deferral Program is a program offered by the State of Colorado. It allows you to postpone your tax payments until you sell your property or your estate is settled after your death.
The State Treasurer’s office makes tax payments directly to the county on your behalf for the tax amount due. You can defer either the full amount or half amount of your taxes. The loan and accrued interest is logged as a lien against your property. The 2015 interest rate is 2.25%.
Requirements for Eligibility
- Applicant must be a senior who is 65 years or older, or a person called into military service pursuant to CRS 39-3.5-101 (1.8), on January 1 of the year in which the person files a claim.
- There cannot be delinquent tax liens against the property.
- Applicant must own and occupy the property as their primary residence.
- The property cannot be income producing.
- The total value of liens against the property (mortgages, deferrals, and/or deeds of trust) cannot exceed 75% (senior) or 90% (veterans) of actual value of the property.
- Mortgage lender agrees that the state’s interest in the property would take priority over all other interests.
- Properties that have a reverse mortgage are not eligible for tax deferral.
- The deferral amount must be paid upon sale or transfer of the property. The deferral amount can also be paid any time prior to the sale or transfer without affecting future eligibility.
Those who qualify must file an application with the Treasurer’s office each year. A completed application must be returned to the Treasurer’s Office no later than close of business March 30th.
To obtain an application you may also call our office at 720.523.6160.